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 Market332
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
Listed By:
C. Sterling Scott, CCIM · License #MO #1999021979
(816) 215-1100
Source:
Svn
Added: Nov 21, 2025
Changed: Oct 15
Last Checked: Oct 16 at 6:43AM
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
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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 / Yr
$160,952
Cap Rate
7.00%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
278
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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.
