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Multifamily

Historic Residences at Dutch Hill

900 E 29th St, Kansas City, MO 64109

Listing Price: Request For Offer

Number of Units
36
Occupancy
95.0%
Gross SF
25,338

Investment Overview

The Historic Residences of Dutch Hill (“The Property”) is a well-located, Class B+ Garden/Low Rise multifamily asset consisting of 36 units across 4 buildings built between 1912-1923 in the Midtown area of Kansas City, MO. The current Sellers did an extensive renovation including gut-rehabbed interiors in 2006-07 using Historic Tax Credits. Ten units have been renovated again in 2020-21 proving out additional upside through renovations on the remainder of the units for the next buyer. The Property is improved with wood frame construction with stone and concrete foundations with basements. The Property features flat TPO roofs that were replaced in 2007. Appliances and mechanical systems in the units are all electric powered and paid by the tenant. The cost of water/sewer/trash removal is also the responsibility of the tenants through a utility reimbursement program, ranging from $25-$40 per month. The 24 units in the three buildings on 29th Street are managed by a third-party management company, Clemons Real Estate, and the 12 studio units at 2834 Harrison St are managed by Tiehen Group. The unit mix consist of twelve (12) studios, fifteen (15) one-bedroom / one-bathroom units, six (6) two-bedroom / one-bath units, and three (3) two-bedroom / two-bathroom units. All units share a parking lot with 36 spots. Kansas City is the largest city in Missouri and the core city in the Kansas City metropolitan area, which spans both Kansas and Missouri. It sits at the confluence of the Missouri and Kansas rivers and is the cultural hub of the region. The Property is in the Longfellow neighborhood of Midtown. It is 0.6 miles East of Main St, giving residences walking distance to the new KC Streetcar extension with a completion date of 2025. It is also 0.6 miles West of U.S. Highway 71, which runs North/South through the Kansas City Metro providing tenants quick and easy access to amenities as well as other local highways. The Property is less than half a mile Southeast of Crown Center, a shopping and entertainment district with Sea Life Kansas City Aquarium, LEGOLAND Discovery Center, Crown Center Ice Terrace, Sheraton and Westin Hotels, two theaters, Halls KC Department Store, and over 40 shopping and dining options. Crown Center is also anchored by Hallmark’s Corporate Headquarters. Top employment drivers in the Kansas City MSA include Children’s Mercy Hospital & Clinics (8,382 employees), Cerner Corporation (6,879 employees), Honeywell (5,000 employees), Saint Luke’s Health System (4,638 employees), Internal Revenue Service (4,600 employees), Truman Medical Centers (3,579 employees), Burns & McDonnell (2,907 employees), Research Medical Center (2,496 employees), University of Missouri-Kansas City (2,427 employees), Hallmark Cards, Inc. (2,262 employees) and the Federal Reserve Bank of Kansas City (2,218 employees).

Investment Highlights

  • Full exterior/interior renovation in 2007
  • Value-Add Opportunity - rent growth based on competitive property analysis
  • Within a mile from some of the region's largest employers

Exclusively Listed By

Broker of Record

  • Brad Barham

    First Vice President Investments

    (314) 889-2500

    License(s) MO: 2013016939

    Missouri

Multifamily

Historic Residences at Dutch Hill

Listing Price: Request For Offer

Number of Units
36
Occupancy
95.0%
Gross SF
25,338

Investment Highlights

  • Full exterior/interior renovation in 2007
  • Value-Add Opportunity - rent growth based on competitive property analysis
  • Within a mile from some of the region's largest employers

Investment Overview

The Historic Residences of Dutch Hill (“The Property”) is a well-located, Class B+ Garden/Low Rise multifamily asset consisting of 36 units across 4 buildings built between 1912-1923 in the Midtown area of Kansas City, MO. The current Sellers did an extensive renovation including gut-rehabbed interiors in 2006-07 using Historic Tax Credits. Ten units have been renovated again in 2020-21 proving out additional upside through renovations on the remainder of the units for the next buyer. The Property is improved with wood frame construction with stone and concrete foundations with basements. The Property features flat TPO roofs that were replaced in 2007. Appliances and mechanical systems in the units are all electric powered and paid by the tenant. The cost of water/sewer/trash removal is also the responsibility of the tenants through a utility reimbursement program, ranging from $25-$40 per month. The 24 units in the three buildings on 29th Street are managed by a third-party management company, Clemons Real Estate, and the 12 studio units at 2834 Harrison St are managed by Tiehen Group. The unit mix consist of twelve (12) studios, fifteen (15) one-bedroom / one-bathroom units, six (6) two-bedroom / one-bath units, and three (3) two-bedroom / two-bathroom units. All units share a parking lot with 36 spots. Kansas City is the largest city in Missouri and the core city in the Kansas City metropolitan area, which spans both Kansas and Missouri. It sits at the confluence of the Missouri and Kansas rivers and is the cultural hub of the region. The Property is in the Longfellow neighborhood of Midtown. It is 0.6 miles East of Main St, giving residences walking distance to the new KC Streetcar extension with a completion date of 2025. It is also 0.6 miles West of U.S. Highway 71, which runs North/South through the Kansas City Metro providing tenants quick and easy access to amenities as well as other local highways. The Property is less than half a mile Southeast of Crown Center, a shopping and entertainment district with Sea Life Kansas City Aquarium, LEGOLAND Discovery Center, Crown Center Ice Terrace, Sheraton and Westin Hotels, two theaters, Halls KC Department Store, and over 40 shopping and dining options. Crown Center is also anchored by Hallmark’s Corporate Headquarters. Top employment drivers in the Kansas City MSA include Children’s Mercy Hospital & Clinics (8,382 employees), Cerner Corporation (6,879 employees), Honeywell (5,000 employees), Saint Luke’s Health System (4,638 employees), Internal Revenue Service (4,600 employees), Truman Medical Centers (3,579 employees), Burns & McDonnell (2,907 employees), Research Medical Center (2,496 employees), University of Missouri-Kansas City (2,427 employees), Hallmark Cards, Inc. (2,262 employees) and the Federal Reserve Bank of Kansas City (2,218 employees).

Exclusively Listed By

Broker of Record

  • Brad Barham

    First Vice President Investments

    (314) 889-2500

    License(s): MO: 2013016939

    Missouri

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