503 Barnett Avenue, Kansas City, KS 66101

Property Description

The Barnett mixed-used portfolio is a 3 building, 6 unit offering situated in the historic Strawberry Hill neighborhood in Downtown Kansas City, Kansas. KU Medical’s Strawberry Hill Campus anchors the north part of the neighborhoods making it one of the most popular pockets in the KCK submarket. All buildings are on one parcel, with four addresses and one master meter for water across all buildings. The lot includes 2 single-family rental houses built in 1930 (610 N. 5th Street & 509 Barnett Avenue) and one commercial mixed-use building built in 1916 (612 N. 5th Street & 503 Barnett Avenue). The commercial space serves as a neighborhood bar, Dewey’s (opened May 2024), while the west (rear) and upper-level offer 3 apartment/rental units. The lot provides 4 tandem spaces on the northwest side and street parking. The houses and bar are separately metered for gas and electric and the apartment units in the commercial building are all-electric units. The rental unit mix is comprised of 5 two-bedroom/one-bathroom rentals with an approximate unit size of 800 square-feet (+/-). The single-family rentals feature central air, hardwood floors, fully equipped kitchens, washer/dryer hookups (basements) and vinyl windows. The rentals in the commercial building feature hardwoods, central air and/or mini-splits, good natural light and are all electric. The buildings are currently owner-operated and have Section 8/housing vouchers tenants occupying some units. The Barnett portfolio has excellent commuter accessibility to highways/interstates and Kansas City’s central commerce corridor. The asset presents an appeal to both the stabilized and value-add investor. Buyer could continue to manage properties as-is with small incremental improvements or look to rehab the single-family rentals/apartments increasing rents to market. A value-add project could also include splitting up the parcel and water metering to mitigate cost and individually sell off holdings.