119 W 39th St

119 W 39TH ST is a 29-unit multifamily offering at 119 West 39th Street in Kansas City, MO 64111. Fully occupied and renovated in 2025, the Property gives an investor in-place income alongside a defined set of stabilized underwriting figures.

The two-building Property totals 30,000 SF on 0.18 acres. Built in 1925, it has an average unit size of 415 SF and average rent of $876 per month. The renovation addressed electrical, plumbing, sewer, foundation and interiors, shifting the buyer’s focus from a broad renovation program to the performance of the existing operation. Individually metered electric service and the completed systems work are relevant to that operating picture, while 100% occupancy keeps the current rent roll central to the acquisition.

In Midtown, the Property sits one block off Main Street and is walkable to the 39th Street KC Streetcar stop. The Main Street Extension connects Union Station through Midtown and the Plaza to UMKC, giving residents a transit option beyond the immediate neighborhood. That connection strengthens the location’s appeal for renters who value access along Main Street, while the nearby stop gives an investor a specific, property-level location advantage.

The asking price is $3,500,000, or $120,690 per unit. In-place NOI of $209,714 corresponds to a 5.99% cap rate; stabilized NOI of $246,744 corresponds to a 7.05% cap rate. In-place rents of $304,860 and market rents of $354,600 frame the income case without requiring a buyer to take on the completed renovation. Review the Offering Memorandum for the full investment presentation.