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- Well Maintained Senior LIHTC/ Market Rate Property Placed in Service in 2013
- Opportunity to Provide Senior Services with Space for Nursing, Counseling, and Cafeteria/Kitchen
- Excellent Location Adjacent to St. Margaret’s Park and within a Few Miles from the City Center of Kansas City
- Current Rents are Below Max Net Rents on 50% and 60% Units
- Strong Historical Occupancy with a 2016 Vacancy Rate of Under 5%
759 Vermont Avenue
Kansas City, KS 66101
City View at St. Margaret’s is a 111-unit housing community for Seniors located in Kansas City, KS. Within blocks of the property you will find parks, shopping, restaurants, schools, entertainment, and public transportation.
The Property was rehabbed and placed in service in 2013 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place with Kansas Housing Resources Corporation (KHRC), which requires 56 units to be rented to income qualifying tenants earning no more than 40%, 50%, and 60% of the Area Median Income. The remaining units are to be rented at Market Rate. The property is still within the initial tax credit compliance period. A qualified purchaser can be a non-profit or for-profit entity that agrees to maintain the affordable housing units and to fulfill all requirements of an existing regulatory agreement and Limited Partnership Agreement.
Residents benefit from a multitude of community amenities including an elevator, community room, laundry facility, rooftop decks, courtyard, picnic area, chapel, community classes, and on-site management. Unit amenities include an open floor plan with full appliance package, and walk-in closets in some units. Excellent opportunity to provide senior services such as counseling, nursing, and cafeteria service by utilizing currently vacant space.