Listed by Clemons Real Estate
$9,250,000
Plaza Hill Manor
Details
APN 31-440-02-01-00-0-00-000, 31-440-03-01-00-0-00-000
Property Type Multifamily
Sub Type Apartment Building
Square Footage 79,956
Units 162
Cap Rate 6.30%
Occupancy 90%
Pro-Forma Cap Rate 9.11%
Pro-Forma NOI $842,382
Class C
Year Built 1950
Year Renovated 2015
Buildings 10
Stories 3
Acreage 5.324
Zoning R-1.5
Investment Type Value Add
Occupancy Date 02/25/2026
162 Units | 3.7% Assumable Debt | Major Rent Upside
Marketing description
Plaza Hill Manor presents a rare opportunity to acquire a stabilized 162-unit workforce housing community in Kansas City’s Oak Park Southeast neighborhood with attractive assumable financing in place. The property carries approximately $4.8 million of existing debt at a 3.7% interest rate, fixed through 2030, providing a significant cost-of-capital advantage in today’s lending environment. Long-term ownership has maintained consistent occupancy and operations, while rents remain materially below market benchmarks. With meaningful rent upside and direct exposure to ongoing corridor redevelopment, the asset offers both immediate yield support and long-term appreciation potential.
Investment highlights
- 162 units with 93% one-bedroom mix averaging 490 SF
- In-place rents ~$660–$700 with ~$250/unit monthly upside supported by comps
- Assumable ~$4.8M loan at 3.7% interest, maturing 2030
- Long-term ownership with strong maintenance history and stable operations
- Walkable location near transit, grocery, healthcare, parks, and major redevelopment
Listing Contacts
Listed by Clemons Real Estate
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Zoning
R-1.5 ResidentialMulti FamilyResidential 1.5
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