Turnkey Four-Unit Multifamily
For Sale
Contact for pricing
Pending
5106 Thompson Ave, Kansas City, MO 64124
Four well-maintained rental units with off-street parking and updated mechanical systems.
Property Size3,402 SF
Days on Market295
Property Features for 5106 Thompson Ave
General Information
Standard status
Pending
Size
3,402 SF
Class
C
Property subtype
Multifamily
Additional Details
Multifamily Units
4
Building Details
Buildings
1
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
Realty ONE Group Encompass
Listed By:
Steve Fennell jr. · License #7698227
Source:
Crexi
Added: Nov 14, 2025
Changed: Aug 24
Last Checked: Sep 5 at 1:41PM
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 Realty ONE Group Encompass
Investment Insights
Based on property information with market context.
This turnkey four-unit multifamily property offers four rental units designed for efficient long-term occupancy. The exterior is described as low-maintenance and the mechanical systems are noted as updated. The building includes off-street parking for residents.
Located at 5106 Thompson Ave in Kansas City, Missouri, the property is positioned for convenient access to neighborhood amenities. The public remarks also indicate proximity to major transit routes, Downtown Kansas City, and the Independence Avenue corridor.
For sale as a four-plex, the asset is presented as a stabilized income-producing opportunity with an on-site configuration of four separate units.
Located at 5106 Thompson Ave in Kansas City, Missouri, the property is positioned for convenient access to neighborhood amenities. The public remarks also indicate proximity to major transit routes, Downtown Kansas City, and the Independence Avenue corridor.
For sale as a four-plex, the asset is presented as a stabilized income-producing opportunity with an on-site configuration of four separate units.
Key Highlights
- Four‑unit multifamily (4‑plex) at 5106 Thompson Ave, Kansas City, MO 64124
- Four spacious rental units with efficient layouts
- Stable occupancy with potential to raise rents to market levels
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
$36,529
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
8.70%
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%
$730,580
$730.6K
Cap Rate 7%
$521,843
$521.8K
Cap Rate 9%
$405,878
$405.9K
Market Conditions
NOI Build-Up for 3,402 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
$71.0K $20.88/SF
− Vacancy
−$4.6K −$1.36/SF
EGI
$66.4K $19.52/SF
− OpEx
−$29.9K −$8.79/SF
NOI
$36.5K $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%
$730,580
Cap Rate 7%
$521,843
Cap Rate 9%
$405,878
Alternative Uses
Best Use
Multifamily LT 5
$566.9K
$496.1K – $661.4K
NOI $39,684 @ 7.0% cap · market cap 9.45%
Second Best
Apartment 5plus
$521.8K
$456.6K – $608.8K
NOI $36,529 @ 7.0% cap · market cap 8.70%
Theoretical Best
Office A
$810.3K
$709.0K – $945.4K
NOI $56,722 @ 7.0% cap · market cap 13.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
571
Businesses Nearby
Explore this area
Business Placement
Demographics for 64124, MO
12,754
Population
4,914
Households
2.6
Avg Household Size
31
Median Age
17%
College-Educated
71%
High-School Grad
1.7 sq mi
ZIP Area
7,502
Density / Sq Mi
$46,384
Median Household Income
$32,080
Median Earnings
$954
Median Rent
$109,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four well-maintained rental units with off-street parking and updated mechanical systems.
Where is this quadplex located?
The property is located at 5106 Thompson Ave Kansas City, MO.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Four‑unit multifamily (4‑plex) at 5106 Thompson Ave, Kansas City, MO 64124; Four spacious rental units with efficient layouts; Stable occupancy with potential to raise rents to market levels
