6421 Manchester Ave - Apartments FOR SALE


Kansas City, MO 64133- East Swope Highlands
$2,500,000 USD
301-706-4619
6421 Manchester Ave, Kansas City, MO for Sale
$2,500,000 USD
Apartments - FOR SALE
1/17
null | Request Cap Rate

6421 Manchester Ave
Kansas City, MO 64133
East Swope Highlands


HIGHLIGHTS

  • STARTING BID $2,500,000 | Park Highlands Apartments | 184 Units (HAP/LIHTC) | 68% Occupied | AUCTION OCTOBER 19-21
  • 184-Unit Community Near Kansas City Core Eight buildings span ±124,088 SF on 8.30 acres, with I-435 access and downtown 10 miles away.
  • Lease-Up Potential at 67.4% Occupancy The 83 LIHTC-only apartments are 57.8% occupied, offering a clear path toward stabilization.
  • $1.19M Invested in Property Improvements Seller upgrades from 2023–June 2026 include interiors, appliances, flooring, HVAC, and exteriors.
  • Section 8 Support Across 101 Apartments HUD project-based rental assistance runs through November 2033; all 184 units carry LIHTC limits.
  • Pending HAP Request Targets 32.1% Growth If approved as submitted, annual contract income would rise by $223,932, from $698,088 to $922,020.

OVERVIEW

Colliers present Park Highlands, a 184-unit garden-style multifamily community in Kansas City, Missouri. Built in 1982, the property spans eight buildings totaling approximately 124,088 SF on 8.30 acres, 10 miles from downtown with access to I-435, Missouri Route 350, Swope Park and the Blue Parkway retail corridor. All 184 units are subject to a LIHTC Land Use Restriction Agreement limiting occupancy to households at or below 60% AMI; 101 units also receive HUD Project-Based Section 8 assistance under a HAP contract through November 2033. Overall occupancy is 67.4%, with HAP-supported apartments at 75.2% and the 83 LIHTC-only residences at 57.8%, creating a defined lease-up opportunity. Ownership has submitted a budget-based HAP rent increase request to HUD/MHDC that remains pending approval. If approved as submitted, annual contract income across the 101 covered units would rise from approximately $698,088 to $922,020, an increase of $223,932 (+32.1%) not reflected in current income. The seller completed approximately $1.19 million in capital improvements from 2023 through June 2026, including interiors, appliances, flooring, HVAC and exterior/building systems. Amenities include a community room, playground, laundry, picnic area and parking, with on-site management and maintenance. Lease-up and the proposed subsidy adjustment offer two avenues for revenue growth.

FOR SALE DETAILS

PRICE

$2,500,000 USD

PRICE/SF

$20 USD /SF

# OF UNITS

184

PRICE/UNIT

$13,587

CAP RATE

Request Cap Rate

% LEASED

68%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Auction - Park Highlands Apts | 184 Units

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1984

PARKING SPACES

-

LAND DETAILS

LAND ACRES

8.25 AC

LAND SF

359,588 SF

ZONING

R4, Kansas City

APN/PARCEL ID

45-330-01-23-01-0-00-000,45-330-01-23-02-0-00-000

ASK ABOUT THIS PROPERTY

Adam SklaverMarcus & MillichapMore Info
301-706-4619

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Adam SklaverMarcus & MillichapMore Info
301-706-4619

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.