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Listed by Nicholas Ambrosio • Peak Real Estate Partners, LLC
$ 4,250,000
Est. payment /mo
Active
9730 Locust ST Kansas City, MO 64131
2.01 Acres Lot
UPDATED:
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Linden
MLS Listing ID 2618362
Year Built 1984
Annual Tax Amount $24,073
Lot Size 2.010 Acres
Acres 2.01
Property Sub-Type Apartment
Source hmls
Property Description
The Holmesbrook Townhomes is a 28-unit townhome style community located in the Willow Creek neighborhood of Kansas City, MO. The property has seen over $350,000 in capital improvements throughout the duration of ownership (2022-present) and has received renovations in 23 out of the 28 units. Vast majority of the water heaters and HVAC have been replaced within the last four years leaving only five units in classic condition. This leaves investors with a small value add play to renovate the remaining units and bring rent up to market across the board. The property does have a LURA in place, lasting until 2032, but only 10 of the units are affected by it. However, 4/10 are labeled as “Low Income” which 2026 rent cap is higher than current market rent. 6/10 units are labeled as “Very Low Income” which 2026 rent cap is lower than current market rent.
The LURA is administered by Phoenix Revitalization Corp under the FDIC Affordable Housing Disposition Program -- it is not LIHTC and has no involvement from MHDC or KHRC. Compliance consists of straightforward annual income verification coordinated directly between Phoenix and the property manager. It is a fraction of the administrative lift associated with traditional affordable housing programs, and Phoenix's staff actively assists owners through the process.
The LURA is administered by Phoenix Revitalization Corp under the FDIC Affordable Housing Disposition Program -- it is not LIHTC and has no involvement from MHDC or KHRC. Compliance consists of straightforward annual income verification coordinated directly between Phoenix and the property manager. It is a fraction of the administrative lift associated with traditional affordable housing programs, and Phoenix's staff actively assists owners through the process.
Location
State MO
County Jackson
Zoning R2.5
Interior
Heating Forced Air
Cooling Electric
Fireplace N
Exterior
Parking Features false
Utilities Available Ind Water Heaters, Separate Meters
Roof Type Composition
Building
Story 2
Sewer Unknown
Water Private Meter
Structure Type Wood Siding
Schools
School District Center
Others
Acceptable Financing Cash, Conventional, 1031 Exchange
Listing Terms Cash, Conventional, 1031 Exchange
