Executive Summary

• RECO Real Estate Advisors is pleased to present the Inn Knob Noster, a two-story, 84-room independent hotel located in Johnson County, Missouri, just minutes from Whiteman Air Force Base and Warrensburg. The property represents a highly compelling adaptive reuse opportunity in a market with no new hotel supply, stable economic fundamentals, and growing demand for attainable housing and specialized living solutions. Situated on nearly two acres of commercially zoned land (C2) with 111 surface parking spaces and excellent visibility, this property can be repositioned into a range of income-producing uses — including multifamily apartments, affordable or workforce housing, veterans or transitional housing, or senior living / assisted care. Backed by market stability, public-private housing incentives, and a supportive zoning framework, this asset provides investors, developers, and mission-driven organizations a chance to repurpose existing hospitality infrastructure into modern reside

Investment Highlights

• Prime Conversion Opportunity: 84-room hotel structure ideal for conversion into 50–60 multifamily units or specialty housing.
• Strong Market Fundamentals: Missouri North hospitality submarket has zero properties under construction
• Attractive Entry Pricing: Recent submarket transactions average $54,570 per room, significantly below replacement cost for new construction
• High Accessibility: Immediate proximity to major employment and institutional anchors — Whiteman Air Force Base, University of Central Missouri, and Johnson County government centers.
• Ample Site Area: 1.96 acres with excess land for expansion, community amenities, or outdoor recreation.
• Favorable Zoning (C2): Allows for a wide range of uses, including residential, institutional, or healthcare-related facilities subject to conditional approval.
• Repositioning Potential: Perfect footprint for multifamily, extended-stay, senior housing, or supportive living with minimal structural modification.
• Public Program Compatibility: Eligible for HUD, LIHTC, CDBG, or veterans housing funding under Missouri’s adaptive reuse initiatives.

Redevelopment Potential

• The property’s 84-room configuration, C2 zoning, ample land, and surface parking make it a strong candidate for adaptive reuse into any of the following:
• Multifamily or Workforce Housing: 50–60 self-contained units with shared amenities.
• Senior or Assisted Living: Single-level access, on-site parking, and amenity adaptability.
• Veterans or Transitional Housing: Alignment with HUD-VASH, state veterans housing initiatives, or local service partnerships.
• Institutional / Healthcare Use: Community clinic, recovery center, or educational housing facility.
• With 1.96 acres and a 0.27 FAR, the site offers expansion capability for community facilities, recreation areas, or additional modular housing structures.

Redevelopment Advantages

• Cost Efficiency: Existing structure and utilities minimize upfront costs relative to new builds.
• Speed to Market: 6–9 months estimated timeline to occupancy post-permitting for conversion projects
• Incentive Compatibility: Potential access to CDBG, HOME, HUD 221(d)(4), or state redevelopment grants
• Favorable Market Timing: With no new hotel supply and ongoing demand for attainable housing, this property is ideally timed for adaptive reuse execution.

Conversion Pathways

• Extended-Stay / Workforce Lodging Ideal for military personnel, government contractors, and long-term workers supporting Whiteman AFB. Extended-stay operations generate higher weekday occupancy, stable cash flow, and lower turnover costs, making this one of the most immediate repositioning opportunities.
• Student / Faculty Housing (UCM) Just 15 minutes from the University of Central Missouri (12,788 students), the asset can be converted into 70–80 furnished micro-units targeting graduate students, adjunct faculty, or international programs. Modern student housing is limited in the market, allowing a repositioned property to achieve strong pre-leasing and predictable annual occupancy.
• Workforce / Affordable Multifamily Repurpose the rooms into long-term rental housing serving the region’s growing workforce, including base employees, contractors, and logistics workers. This approach taps into steady rent demand, limited multifamily supply, and the affordability needs of Johnson County.
• Medical Office / Outpatient Clinic Conversion The property’s layout and location are suitable for medical tenants, including outpatient clinics, therapy centers, specialty care providers, or veteran-focused medical services. Proximity to Western Missouri Medical Center and the healthcare needs of Whiteman AFB personnel create a strong case for multi-suite medical office conversion with long-term leases and institutional appeal.
• Senior Living / Assisted Living Adaptation The 84-unit configuration is ideal for assisted living, memory care, or independent senior living, especially as the region’s aging population grows. Hotel-to-senior-living conversions are a proven national trend, offering significantly lower build-out costs, faster delivery, and strong resident demand—particularly in military-adjacent towns where veteran senior care is in demand.
• Reflag & Reposition (Hotel) Renovate and rebrand into a midscale or extended-stay hotel, capturing military per-diem travelers, government contracts, and university visitation. This path preserves the hospitality use while upgrading ADR, RevPAR, and brand recognition.
• Hybrid Redevelopment Model Maximize performance by splitting the property into dual income streams: Lodging for government contracts, weekly stays, and contractor housing Multifamily, student, or senior living for long-term stabilized occupancy