Flex Space with Secured
For Sale
$2,500,000
1621 Se Summit Street, Lees Summit, MO 64081
Office and warehouse improvements combine with fenced outdoor storage and dual-road access in a planned industrial setting.
Property Size12,000 SF
Lot Size3.40 Acres
Price / SF$208.33
Days on Market94
Property Features for 1621 Se Summit Street
General Information
Standard status
Active
Size
12,000 SF
Lot size
3.40 Acres
Zoning
Planned Industrial
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Warehouse Space
8,250 SF
Office Build-Out
3,750 SF
Power
400 amps
Three-Phase Power
Yes
Additional Details
Asking Price
$2,500,000
Taxes and HOA fees
Annual Taxes
$24,876
Amenities
conference room
kitchen
Building Details
Buildings
1
Building Size
12,000 SF
Construction
Engineered Steel Construction
Tenancy
Single
Listing Agency:
Midwest Land Group
(816) 703-9066
Listed By:
Will Wiest · License #2014042751
(816) 703-9066
Source:
Exprealty
Added: May 29
Changed: Aug 30
Last Checked: Aug 30 at 12:56PM
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 Midwest Land Group
Investment Insights
Based on property information with market context.
This flex property combines a 12,000-square-foot facility with substantial outdoor storage and parking across a 3.4+/- acre site. The building includes 3,750 square feet of office area and 8,250 square feet of warehouse space, with 20+ office spaces, three restrooms, a reception area, kitchen, conference room, and a demising wall between warehouse areas. Six 12x14 overhead doors serve the warehouse, which has 18-foot sidewalls, engineered steel construction, and 400AMP 3 Phase Electrical Service.
A gated security fence encloses 2.9 acres containing the facility, 70,000 square feet of outdoor yard storage, and 10,000 square feet of concrete parking. The property also includes 92,000 square feet (2.11 acres) of yard/storage space and a separate 22,000-square-foot vacant lot with access from SE 16th St Terr. Two designated entrances provide access from separate roads. The site is zoned Planned Industrial and offers connectivity to US-50 and I-470, with frontage context near the intersection of Hwy 50 and 291 South in Lee's Summit, Missouri.
A gated security fence encloses 2.9 acres containing the facility, 70,000 square feet of outdoor yard storage, and 10,000 square feet of concrete parking. The property also includes 92,000 square feet (2.11 acres) of yard/storage space and a separate 22,000-square-foot vacant lot with access from SE 16th St Terr. Two designated entrances provide access from separate roads. The site is zoned Planned Industrial and offers connectivity to US-50 and I-470, with frontage context near the intersection of Hwy 50 and 291 South in Lee's Summit, Missouri.
Key Highlights
- 3.4+/- acre site with a 12,000 sqft office and warehouse facility
- 3,750 sqft of office space and 8,250 sqft of warehouse space
- Six 12x14 overhead doors with 18 foot sidewalls
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
$138,528
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
5.54%
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%
$2,770,560
$2.8M
Cap Rate 7%
$1,978,971
$2.0M
Cap Rate 9%
$1,539,200
$1.5M
Market Conditions
NOI Build-Up for 12,000 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
$230.4K $19.20/SF
− Vacancy
−$17.3K −$1.44/SF
EGI
$213.1K $17.76/SF
− OpEx
−$74.6K −$6.22/SF
NOI
$138.5K $11.54/SF
Area
Lees Summit, MO
Vacancy
7.50%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
35.00%
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%
$2,770,560
Cap Rate 7%
$1,978,971
Cap Rate 9%
$1,539,200
Alternative Uses
Best Use
Flex RnD
$1.98M
$1.73M – $2.31M
NOI $138,528 @ 7.0% cap · market cap 5.54%
Second Best
Office B
$1.81M
$1.59M – $2.11M
NOI $126,846 @ 7.0% cap · market cap 5.07%
Theoretical Best
Specialty Retail
$3.05M
$2.66M – $3.55M
NOI $213,192 @ 7.0% cap · market cap 8.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
339
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 64081, MO
24,903
Population
10,778
Households
2.3
Avg Household Size
43
Median Age
51%
College-Educated
98%
High-School Grad
13.0 sq mi
ZIP Area
1,916
Density / Sq Mi
$103,490
Median Household Income
$61,338
Median Earnings
$1,449
Median Rent
$333,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Office and warehouse improvements combine with fenced outdoor storage and dual-road access in a planned industrial setting.
Where is this flex space located?
The property is located at 1621 Se Summit Street Lees Summit, MO.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 3.4+/- acre site with a 12,000 sqft office and warehouse facility; 3,750 sqft of office space and 8,250 sqft of warehouse space; Six 12x14 overhead doors with 18 foot sidewalls
