3201-3211 Broadway St
- Priced at just over $80k/unit with proven upside to $843/mo average rents
- Stabilized operating expense load of only $3,906 per unit annually
- Updated infrastructure: TPO roofs, PEX plumbing, copper electrical
- Located in Midtown KC near Penn Valley Park, Westport, and Main Street transit
Property Description
Studios on Broadway presents a unique opportunity to acquire a 72-unit, all-studio multifamily asset in the heart of Midtown Kansas City. Spread across three contiguous 3-story buildings totaling 38,000 SF, the property has undergone extensive capital improvements, including updated copper electrical systems with new 100A panels, full PEX water lines, and PVC drain stacks. All roofs were replaced with TPO systems between 2016 and 2018, and double-pane vinyl windows have been installed throughout. Units average 433 SF and are split between two efficient studio layouts that support lean operations. In-place rents of $786 average trail proven stabilized rents of $837, with no additional improvements needed to bridge the gap. In place NOI of $409K, reflecting a highly efficient cost structure of just $4,056 per unit. Individual electric metering, gas hot water, and updated infrastructure make this a reliable, low-touch asset. At $80,556 per unit, Studios on Broadway offers investors a solid yield today with clear near-term upside in a demand-driven urban corridor.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $5,800,000 |
| No. of Units: | 72 |
| Year Built: | 1921 |
| Lot Size: | 0.59 Acres |
| Opportunity Zone: | No |
| Price per unit: | $80,556 |
| Property Website | Click Here |
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