3201-3211 Broadway St
72 Units | Midtown KC | $409k In Place NOI
Marketing 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.
Clemons Real Estate is pleased to present Studios on Broadway, a stabilized 72-unit multifamily property in Midtown Kansas City. This turnkey investment offers a compelling entry basis of just over $80k per unit and a clear path to increased income. The asset spans three updated buildings totaling 38,000 SF and includes significant infrastructure upgrades, including TPO roofs, PVC plumbing, and copper electrical systems. With efficient operations and proven rent upside, Studios on Broadway is a high-yield asset positioned for consistent performance in a core Kansas City location.
Investment highlights
- Priced at just over $80k/unit with proven upside to $837 average rents
- Stabilized operating expense load of only $4,056 per unit annually
- Updated infrastructure: tpo roofs, pex plumbing, copper electrical
- Located in midtown kc near penn valley park, westport, and main street transit
- Scheduled NOI – Current net income over $409K
- Efficient Operations – Lean cost structure with durable income
- Updated Infrastructure – Major systems have been addressed
- Proven Rent Upside – Achievable increases with no further investment
- Prime Midtown Location – Central, walkable, and transit-oriented
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