115 Santa Maria Apartments

29-unit property located in the heart of midtown and steps from the Kansas City streetcar expansion. The building features a brick exterior and charming interior common space. Currently occupied mostly by voucher tenants, it has the potential to be converted into a trophy property in a desirable location. Combine one-bedroom units into larger two-bedrooms and potentially add in-unit laundry.The 29-unit building next door can also be purchased.

Why we love it: Upside on rents with strategic upgrades with several different strategies to add value. Walking distance from 39th street corridor, KU med, and Westport. Qualifies for MOBucks!

Challenges: Many of the tenants are currently voucher tenants. Heating is with boiler and window ACs–with renovations, could go to mini splits or central heat and air. The property currently has limited parking available.