Turnkey 22-Unit Apartment
For Sale
$2,300,000
1302 South 32nd Street, Kansas City, KS 66106
Cash-flowing 22-unit apartment building with recent renovations in Kansas City.
Property Size19,320 SF
Price / SF$119.05
Days on Market264
Property Features for 1302 South 32nd Street
General Information
Standard status
Active
Size
19,320 SF
Property subtype
Multifamily
Building Details
Building Size
19,320 SF
Year Built
1971
Listing Agency:
SVN | Encompass Commercial, LLC
(816) 215-1100
Listed By:
C. Sterling Scott, CCIM · License #MO #1999021979
(816) 215-1100
Source:
Svn
Added: Nov 21, 2025
Changed: Aug 10
Last Checked: Aug 12 at 4:49AM
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 | Encompass Commercial, LLC
Investment Insights
Based on property information with market context.
Oak Tree Flats presents an opportunity to acquire a turnkey 22-unit apartment building. This property is suited for investors seeking a cash-flowing asset with potential for value enhancement through operational efficiencies and lease adjustments. The property benefits from recent renovations, mitigating immediate capital expenditure risks. The apartment building offers quiet apartment living, backing up to a residential neighborhood. Its location provides convenient access to various parts of the city via major highways. Situated in the Argentine submarket, it is located just north of Overland Park and west of Downtown Kansas City. The property features spacious floor plans, a newer roof, and updated mechanical systems. The property size is 19,320 square feet and has proven rents.
Key Highlights
- Turnkey 22‑unit property providing immediate cash flow.
- Recently remodeled, mitigating CapEx risk.
- Newer roof and mechanicals.
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
$160,952
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
7.00%
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%
$3,219,040
$3.2M
Cap Rate 7%
$2,299,314
$2.3M
Cap Rate 9%
$1,788,356
$1.8M
Market Conditions
NOI Build-Up for 19,320 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
$313.0K $16.20/SF
− Vacancy
−$20.3K −$1.05/SF
EGI
$292.6K $15.15/SF
− OpEx
−$131.7K −$6.82/SF
NOI
$161.0K $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%
$3,219,040
Cap Rate 7%
$2,299,314
Cap Rate 9%
$1,788,356
Alternative Uses
Best Use
Apartment 5plus
$2.30M
$2.01M – $2.68M
NOI $160,952 @ 7.0% cap · market cap 7.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.20M
$2.80M – $3.73M
NOI $224,054 @ 7.0% cap · market cap 9.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
176
Businesses Nearby
Explore this area
Business Placement
Demographics for 66106, KS
24,085
Population
9,226
Households
2.6
Avg Household Size
35
Median Age
16%
College-Educated
84%
High-School Grad
18.9 sq mi
ZIP Area
1,274
Density / Sq Mi
$56,294
Median Household Income
$39,734
Median Earnings
$944
Median Rent
$154,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Cash-flowing 22-unit apartment building with recent renovations in Kansas City.
Where is this apartment building located?
The property is located at 1302 South 32nd Street Kansas City, KS.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Turnkey 22‑unit property providing immediate cash flow.; Recently remodeled, mitigating CapEx risk.; Newer roof and mechanicals.
