Retro Mixed-Use Redevelopment
For Sale
$2,530,000
5012 State Ave, Kansas City, KS 66102
Three-story mixed-use building with retail, residential, and office spaces.
Property Size16,647 SF
Lot Size72,658.00 Acres
Price / SF$151.98
Days on Market556
Property Features for 5012 State Ave
General Information
Standard status
Active
Size
16,647 SF
Lot size
72,658.00 Acres
Taxes and HOA fees
Annual Taxes
$79,428
Listing Agency:
Select Sites LLC
(816) 668-7276
Listed By:
Susan Scott · License #BR00219153
(816) 668-7276
Source:
Exprealty
Added: Feb 1, 2025
Changed: Aug 8
Last Checked: Aug 8 at 6:04AM
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 Select Sites LLC
Investment Insights
Based on property information with market context.
This well-maintained 3-story retro mixed-use masonry block building provides versatile space on a 72,658 square foot site. The property is located along a major roadway and offers potential to meet neighborhood retail and residential needs, presenting value-add opportunities for redevelopment or repositioning. The main level features 16,647 square feet, divisible into multiple retail storefronts, including a 5,900 square foot full-service restaurant space with 14-foot clear heights, suitable for retail and service establishments. Space is available for lease upon request. The upper level comprises 14,607 square feet with 31 studio-style residential units and 2 office spaces, offering housing and workspace solutions with 12-foot clear heights. The rear garden level provides 6,286 square feet suitable for office, quasi-retail, or storage uses. The building is elevator-served and situated on a well-traveled avenue, providing substantial visibility for businesses. It offers direct access to I-635, I-70, and I-435 for regional travel. The location is in an area with increasing investment and development, positioning it as a growth focal point. It is suitable for investors or owner-users to capitalize on its flexibility and potential.
Key Highlights
- High‑visibility location on a major roadway with direct access to I‑635, I‑70, and I‑435.
- Substantial value‑add opportunities for redevelopment or repositioning in a growing area of KCK.
- Versatile mixed‑use building with retail, residential (31 studio units), and office spaces.
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
$165,629
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
6.55%
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%
$3,312,580
$3.3M
Cap Rate 7%
$2,366,129
$2.4M
Cap Rate 9%
$1,840,322
$1.8M
Market Conditions
NOI Build-Up for 16,647 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
$299.6K $18.00/SF
− Vacancy
−$78.8K −$4.73/SF
EGI
$220.8K $13.27/SF
− OpEx
−$55.2K −$3.32/SF
NOI
$165.6K $9.95/SF
Area
Kansas City, KS
Vacancy
26.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$3,312,580
Cap Rate 7%
$2,366,129
Cap Rate 9%
$1,840,322
Alternative Uses
Best Use
Office B
$2.37M
$2.07M – $2.76M
NOI $165,629 @ 7.0% cap · market cap 6.55%
Second Best
Retail
$2.30M
$2.01M – $2.68M
NOI $160,922 @ 7.0% cap · market cap 6.36%
Theoretical Best
Office A
$2.76M
$2.41M – $3.22M
NOI $193,055 @ 7.0% cap · market cap 7.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
349
Businesses Nearby
Explore this area
Business Placement
Demographics for 66102, KS
30,730
Population
11,481
Households
2.7
Avg Household Size
31
Median Age
12%
College-Educated
71%
High-School Grad
11.5 sq mi
ZIP Area
2,672
Density / Sq Mi
$52,218
Median Household Income
$31,913
Median Earnings
$1,020
Median Rent
$105,000
Median Home Value
Market
Vacancy Rate% for Office 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?
Mixed-use property - Three-story mixed-use building with retail, residential, and office spaces.
Where is this mixed-use property located?
The property is located at 5012 State Ave Kansas City, KS.
What is the asking price?
The asking price for this property is $2,530,000.
What are key features of this property?
This property features: High‑visibility location on a major roadway with direct access to I‑635, I‑70, and I‑435.; Substantial value‑add opportunities for redevelopment or repositioning in a growing area of KCK.; Versatile mixed‑use building with retail, residential (31 studio units), and office spaces.
