4930 4940 Paseo 4935 Lydia Development Update

[Askia Howell]

Investment Info:

Small multi-family (2-4 units) commercial investment investment in Kansas City.

Purchase price: $135,000

This deal is for three lots (4930 Paseo, 4940 Paseo, 4935 Lydia) with an existing SFH in need of rehab to the studs or scraping. I'm working with the City of Kansas City on determining the highest and best use, which will hopefully lead to building 1-3 new multi-family structures (ideally duplex, triplex, or quadplex).

What made you interested in investing in this type of deal?

The land is blocks away from Rockhurst University, UMKC, and the Plaza. Paseo is a historic street in Kansas City so it's an opportunity to contribute to revitalizing Kansas City.

How did you find this deal and how did you negotiate it?

This deal was found on the MLS and was negotiated with help from my team leads at Keller Williams.

How did you finance this deal?

This deal was financed through State Bank of Missouri as a Commercial Loan through my REI, Alpha Baller Real Estate, LLC.

How did you add value to the deal?

To date, we've cleaned up the title issues, maintained the land/property, and worked with the City of Kansas City to determine a new highest and best use based on the revised Midtown Plaza Area Plan.

What was the outcome?

We are still working on this deal. Potential outcomes include develop and hold/rent, lease to developer, and joint venture.