Industrial Service Building with Drive-In
For Sale
$950,000
1245 State Avenue, Kansas City, KS 66102
Industrial service building with four drive-in doors, 15' clear height, and office/reception plus expansive service bays.
Property Size6,770 SF
Lot Size0.56 Acres
Days on Market41
Property Features for 1245 State Avenue
General Information
Standard status
Active
Size
6,770 SF
Lot size
0.56 Acres
Property subtype
Industrial Service
Zoning
MP-2
Occupancy
100%
Site & Location
Traffic Count
8,500 vehicles/day
Road Access
Yes
Warehouse & Industrial
Clear Height
15 ft
Drive-In Doors
4
Building Details
Building Size
6,770 SF
Year Built
1975
Stories
2
Construction
masonry
Listing Agency:
Windfield Real Estate
(816) 612-5191
Listed By:
Andrew Danner · License #MO #2004020991
Source:
Windfieldrealestate
Added: Jul 18
Changed: Aug 26
Last Checked: Aug 25 at 8:15PM
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 Windfield Real Estate
Investment Insights
Based on property information with market context.
1245 State Ave is a fully operational industrial service building built with masonry construction and designed for service-based operations. The facility includes four drive-in doors, approximately 15' clear height, and a versatile two-level layout with office/reception on the main floor and expansive open service bay areas below. Dedicated surface parking supports daily customer and workforce access.
The property sits on 0.56 acres along State Ave with direct frontage and prominent signage visibility. It is located at a signalized intersection of State Ave and N 13th St, in the Central KC KS/Fairfax Submarket. The listing reports about 8,500 vehicles passing daily and notes a Walk Score of 77 (Very Walkable). Kansas City International Airport is approximately 26 minutes away.
Zoned MP-2 (Manufacturing/Processing), the building is currently 100% occupied. Reported submarket vacancy is sub-3%, and the asset is offered for sale and lease.
The property sits on 0.56 acres along State Ave with direct frontage and prominent signage visibility. It is located at a signalized intersection of State Ave and N 13th St, in the Central KC KS/Fairfax Submarket. The listing reports about 8,500 vehicles passing daily and notes a Walk Score of 77 (Very Walkable). Kansas City International Airport is approximately 26 minutes away.
Zoned MP-2 (Manufacturing/Processing), the building is currently 100% occupied. Reported submarket vacancy is sub-3%, and the asset is offered for sale and lease.
Key Highlights
- 1975‑built industrial service building on 0.56 acres with direct frontage on State Ave and prominent signage
- 4 drive‑in doors and 15' clear height with expansive open service‑bay areas
- Two‑level layout with office/reception on the main floor plus service bay space below
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
$48,942
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
5.15%
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%
$978,840
$978.8K
Cap Rate 7%
$699,171
$699.2K
Cap Rate 9%
$543,800
$543.8K
Market Conditions
NOI Build-Up for 6,770 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
$60.9K $9.00/SF
− Vacancy
−$3.4K −$0.50/SF
EGI
$57.6K $8.50/SF
− OpEx
−$8.6K −$1.28/SF
NOI
$48.9K $7.23/SF
Area
Kansas City, KS
Vacancy
5.50%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$978,840
Cap Rate 7%
$699,171
Cap Rate 9%
$543,800
Alternative Uses
Best Use
Warehouse
$699.2K
$611.8K – $815.7K
NOI $48,942 @ 7.0% cap · market cap 5.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.12M
$981.4K – $1.31M
NOI $78,512 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15 ft
Clear height
4
Drive-in doors
8,500 VPD
Traffic count
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
548
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Industrial service building with four drive-in doors, 15' clear height, and office/reception plus expansive service bays.
Where is this warehouse located?
The property is located at 1245 State Avenue Kansas City, KS.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 1975‑built industrial service building on 0.56 acres with direct frontage on State Ave and prominent signage; 4 drive‑in doors and 15' clear height with expansive open service‑bay areas; Two‑level layout with office/reception on the main floor plus service bay space below
