3240 Harrison StKansas City, MO 64109

Property Details for 3240 Harrison St

Year built

1968

Lot size

0.47 AC

Property type

Apartment buildings

Description

This exceptional 22-unit apartment building in Kansas City, Missouri's vibrant Midtown neighborhood presents a compelling investment opportunity. Boasting a 7.94% pro-forma cap rate and a strong pro-forma NOI of $262,106, this property offers significant potential for return. The building, constructed in 1968 and fully renovated in 2020, features a mix of one- and two-bedroom units, all currently 100% occupied, commanding average rents of $1,138 (below market average of $1,324). Upgrades include new roofs, mechanical, electrical, and plumbing systems, along with renovated interiors featuring new flooring, cabinets, stainless steel appliances, and granite countertops. Energy-efficient rooftop solar panels further reduce operating costs. Situated on a 0.47-acre lot, the three-story building is zoned R-1.5 and benefits from a walk score of 82, placing it within easy walking distance of the Main Street expansion of the KC Streetcar and numerous shops and restaurants. Kansas City's robust multifamily market, with 3.7% year-over-year rent growth, significantly outpaces the national average. The asking price is $3,300,000 ($150,000 per unit), and 4.10% assumable financing is available. This is a high-quality asset in a prime location, offering a rare combination of strong cash flow, significant upside potential, and a desirable Midtown address.

Location Insight

City

Kansas City

County

Jackson

State

Missouri

Latitude

39.0672

Longitude

-94.5735

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