745 State AveKansas City, KS 66101

For Sale
Call for price

Distressed Office Loan, Huge Potential

Overview

Added:
Dec 11, 2024
Days on market:
94
This offering presents a unique opportunity to acquire a non-performing loan secured by a substantial office property in Kansas City, Kansas. The loan boasts a $5,300,000 unpaid principal balance (UPB) and a $7,799,390 full payoff amount, representing a significant discount. The underlying collateral is a two-building, Class B office complex, known as the New Brotherhood Building. The property comprises 160,716 square feet across nine stories, situated on a 43,996 square foot lot. Construction dates span 1911 and 1949, with the original building featuring five stories and the attached building adding nine more. The property includes 186 parking spaces and 40 individual units/suites. Currently vacant, the property is zoned C-D; Central Business District, offering redevelopment potential for office, multifamily, or mixed-use purposes. The property features 5 elevators and unique historical elements including custom-made boilers and a large water tank. The fee simple ownership and first mortgage lien position make this a compelling distressed asset acquisition. The property's address is 745 State Ave, Kansas City, KS 66101, and the APN is 105-062-10-0-20-03-007.00-0 and 105-062-09-0-10-01-022.00-0 and 105-062-10-0-20-03-005.00-0. This is an exceptional opportunity for investors seeking a value-add play in a prime Kansas City location. The property is expected to be vacant until September 20, 2024.

Highlights

  • $5,300,000 Unpaid Principal Balance (UPB).
  • $7,799,390 Total Loan Payoff.
  • First mortgage lien on a distressed, vacant, Class B office property.
  • 160,716 square feet in two buildings (5 and 9 stories) on a 43,996 square foot lot.
  • Located at 745 State Ave, Kansas City, KS 66101, with 186 parking spaces.
  • 40 units, built in 1911 and 1949, with C-D zoning in the Central Business District.

Property Details for 745 State Ave

Property type
Other office properties, Distressed commercial real estate
Square Feet
160,716 SF
Class
B
Year Built
1911
Buildings
2
Stories
9
Units
40

Location Insight

City
Kansas City
County
Wyandotte
State
Kansas
Latitude
39.1160659
Longitude
-94.629166
745 State Ave, Kansas City, Kansas

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745 State Ave
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