The Holmesbrook Townhomes is a 28-unit townhome style community located in the Willow Creek neighborhood of Kansas City, MO. The property has seen over $350,000 in capital improvements throughout the duration of ownership (2022-present) and has received renovations in 23 out of the 28 units. Vast majority of the water… Read More heaters and HVAC have been replaced within the last four years leaving only five units in classic condition. This leaves investors with a small value add play to renovate the remaining units and bring rent up to market across the board. The property does have a LURA in place, lasting until 2032, but only 10 of the units are affected by it. However, 4/10 are labeled as “Low Income” which 2026 rent cap is higher than current market rent. 6/10 units are labeled as “Very Low Income” which 2026 rent cap is lower than current market rent. The LURA is administered by Phoenix Revitalization Corp under the FDIC Affordable Housing Disposition Program -- it is not LIHTC and has no involvement from MHDC or KHRC. Compliance consists of straightforward annual income verification coordinated directly between Phoenix and the property manager. It is a fraction of the administrative lift associated with traditional affordable housing programs, and Phoenix's staff actively assists owners through the process. Read Less
Listing Snapshot
Days Online
0
Property Type
Apartment
Lot Size
2.01 Acres
Year Built
1984
MLS Number
2618362
Additional Details
Building
Construction Materials: "Wood Siding", Year Built: 1984
Cooling
Details: "Electric"
Heating
Heating: "Forced Air"
Home Owner's Association
Fee: 0, Dues Frequency: None
Lot
Size: 2.01
Property
Zoning: R2.5
Roof
Description: "Composition"
Sewer
Sewer: "Unknown"
Utilities
Water Source: "Private Meter", Utilities: "Ind Water Heaters", "Separate Meters"
Listing courtesy of Peak Real Estate Partners, LLC 913-221-3590
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