Midtown Kansas City Apartment
For Sale
Contact for pricing
Pending
206 W 34th St, Kansas City, MO 64111
Eight-unit apartment complex in desirable Midtown Kansas City neighborhood.
Property Size5,373 SF
Days on Market192
Property Features for 206 W 34th St
General Information
Standard status
Pending
Size
5,373 SF
Class
B
Property subtype
Multifamily
Building Details
Year Built
1921
Year Renovated
2025
Stories
3
Units
8
Listing Agency:
Peak Real Estate Partners
Listed By:
Nick Ambrosio · License #2019045481
Source:
Crexi
Added: Feb 9
Changed: Aug 8
Last Checked: Jul 26 at 8:27AM
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 Peak Real Estate Partners
Investment Insights
Based on property information with market context.
Located in the Broadway Gillham neighborhood of Midtown Kansas City, Missouri, 206 W 34th St is an 8-unit apartment complex. The property contains six 2-bedroom, 1-bathroom units and two studio units. The property has undergone renovations throughout its ownership, with the majority of renovations taking place in the last 3 years. The 2-bedroom units have been updated with new kitchen flooring, stainless steel appliances, quartz countertops, cabinets, and light fixtures. The bathrooms in these units feature new vanities, flooring, and resurfaced tubs. The basement studios have received minor upgrades, including new cabinets, LVP flooring in one unit, and new laminate countertops. Ample off-street parking is available for tenants. Approximately 80% of the windows have been recently replaced. The age of the roof is estimated to be 15 years old, and the ages of the HVAC systems vary. The property is located in close proximity to Downtown Kansas City, The Country Club Plaza, Westport, and other major entertainment districts.
Key Highlights
- Prime Midtown location near Downtown KC, Country Club Plaza, and Westport entertainment districts.
- Recently renovated 2BR units with new kitchens and bathrooms.
- Eight‑unit apartment complex with a mix of 2BR/1BA and studio units.
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
$57,693
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
6.59%
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%
$1,153,860
$1.2M
Cap Rate 7%
$824,186
$824.2K
Cap Rate 9%
$641,033
$641.0K
Market Conditions
NOI Build-Up for 5,373 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
$112.2K $20.88/SF
− Vacancy
−$7.3K −$1.36/SF
EGI
$104.9K $19.52/SF
− OpEx
−$47.2K −$8.79/SF
NOI
$57.7K $10.74/SF
Area
Kansas City, MO
Vacancy
6.50%
Lease Rate
$20.88 /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%
$1,153,860
Cap Rate 7%
$824,186
Cap Rate 9%
$641,033
Alternative Uses
Best Use
Apartment 5plus
$824.2K
$721.2K – $961.6K
NOI $57,693 @ 7.0% cap · market cap 6.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,586 @ 7.0% cap · market cap 10.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,854
Businesses Nearby
Explore this area
Business Placement
Demographics for 64111, MO
17,112
Population
12,430
Households
1.4
Avg Household Size
33
Median Age
64%
College-Educated
96%
High-School Grad
2.7 sq mi
ZIP Area
6,338
Density / Sq Mi
$61,802
Median Household Income
$49,942
Median Earnings
$1,184
Median Rent
$269,500
Median Home Value
Market
Vacancy Rate% for Multifamily 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?
Apartment building - Eight-unit apartment complex in desirable Midtown Kansas City neighborhood.
Where is this apartment building located?
The property is located at 206 W 34th St Kansas City, MO.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Prime Midtown location near Downtown KC, Country Club Plaza, and Westport entertainment districts.; Recently renovated 2BR units with new kitchens and bathrooms.; Eight‑unit apartment complex with a mix of 2BR/1BA and studio units.
