Kansas City Multifamily Investment
For Sale
$1,800,000
3102 North 51st Terrace, Kansas City, KS 66104
18-unit complex near schools with recent renovations and strong occupancy.
Property Size12,600 SF
Price / SF$142.86
Days on Market258
Property Features for 3102 North 51st Terrace
General Information
Standard status
Active
Size
12,600 SF
Property subtype
Multifamily
Building Details
Year Built
1967
Listing Agency:
SVN | The Hurst Company
(816) 305-5587
Listed By:
Richard S. Hurst, CCIM · License #BR000049423
(816) 305-5587
Source:
Svn
Added: Nov 21, 2025
Changed: Jul 6
Last Checked: Aug 6 at 5:03AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SVN | The Hurst Company
Investment Insights
Based on property information with market context.
This 18-unit, two-story complex is located in Kansas City, Kansas, at the intersection of N. 51st Ter. and Leavenworth Rd. The property is situated adjacent to an elementary school and in close proximity to a middle and high school. Its location provides convenient access to I-635, facilitating travel throughout the city. The complex is also located within a 15-minute drive to the Legends Shopping District, NASCAR, Children's Mercy Soccer Complex, KC Live in downtown Kansas City, MO, and Zona Rosa. The property consists of 12,600 square feet. The complex features 14 two-bedroom units and 4 one-bedroom units. Each unit is equipped with a washer and dryer. Renovations were completed in 2021, including a new roof, stairs, and decking throughout the exterior of the building. All units were renovated in 2016. The property currently has a 90% occupancy rate. The location and rent range make it a suitable option for families or individuals seeking proximity to schools or work.
Key Highlights
- Excellent Location: Heart of Kansas City, KS, near major roads (I‑635) for easy city access.
- Recent Renovations: New roof, stairs, and decking completed in 2021.
- Washer/Dryer in Every Unit: Highly desirable amenity for renters.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$104,969
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.83%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,099,380
$2.1M
Cap Rate 7%
$1,499,557
$1.5M
Cap Rate 9%
$1,166,322
$1.2M
Market Conditions
NOI Build-Up for 12,600 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$204.1K $16.20/SF
− Vacancy
−$13.3K −$1.05/SF
EGI
$190.9K $15.15/SF
− OpEx
−$85.9K −$6.82/SF
NOI
$105.0K $8.33/SF
Area
Kansas City, KS
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,099,380
Cap Rate 7%
$1,499,557
Cap Rate 9%
$1,166,322
Alternative Uses
Best Use
Apartment 5plus
$1.50M
$1.31M – $1.75M
NOI $104,969 @ 7.0% cap · market cap 5.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,122 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
103
Businesses Nearby
Explore this area
Business Placement
Demographics for 66104, KS
27,509
Population
11,088
Households
2.5
Avg Household Size
34
Median Age
12%
College-Educated
79%
High-School Grad
16.2 sq mi
ZIP Area
1,698
Density / Sq Mi
$56,745
Median Household Income
$32,325
Median Earnings
$996
Median Rent
$117,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - 18-unit complex near schools with recent renovations and strong occupancy.
Where is this apartment building located?
The property is located at 3102 North 51st Terrace Kansas City, KS.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Excellent Location: Heart of Kansas City, KS, near major roads (I‑635) for easy city access.; Recent Renovations: New roof, stairs, and decking completed in 2021.; Washer/Dryer in Every Unit: Highly desirable amenity for renters.
