Rehabbed Multifamily Property in
7000 Cleveland Ave, Kansas City, MO 64132
34-unit apartment building with income upside in Kansas City.
Type:Multifamily
Property size:
14,643 SFPrice / SF:
$176/SF- Added:
- Mar 16, 2026
- Days on Market:
- 113
- Last Refresh:
- Mar 19 at 11:47 pm
Property Features for 7000 Cleveland Ave
General Information
- Standard status
- Active
- Size
- 14,643 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1963
Listing office Lutz Sales + Investments
Listing date Mar 16, 2026
Source Crexi
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 Lutz Sales + Investments
HighLights
- Rehabbed 34‑unit multifamily property with stable in‑place income and income upside potential.
- All units renovated with modern finishes including granite countertops, LVP flooring, dishwashers, central heat and A/C, and updated kitchens and bathrooms.
- Opportunity to convert common areas back to on‑site laundry for increased income and tenant convenience.
- Separately metered units with individual furnaces, water heaters, and A/C condensers for low maintenance costs.
- Ample off‑street parking for tenants.
- Ideal for workforce and voucher housing cash flow.
Overview
The Park Place Apartments is a 34-unit multifamily property in Kansas City. Originally built in 1963, the property has been updated with granite countertops and LVP flooring in all units. The property offers workforce and voucher housing cash flow with income upside. Every unit has been renovated with modern finishes, including luxury vinyl plank flooring, dishwashers, central heat and A/C, granite countertops, and updated kitchens and bathrooms. Tenants have access to ample off-street parking. Two common-area spaces provide additional upside, with the opportunity to convert them back to on-stie laundry. Each unit is separately metered and features its own furnace, water heater, and A/C condenser. The property has been thoughtfully updated through the years. The property size is 14643 square feet.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $305.7k | $20.88 |
| − Vacancy | −$19.9k | −$1.36 |
| EGI | $285.9k | $19.52 |
| − OpEx | −$128.6k | −$8.79 |
| NOI | $157.2k | $10.74 |
14,643 SF · lease $20.88/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.25M
$1.97M – $2.62M
NOI $157,230 @ 7.0% cap · market cap 6.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.49M
$3.05M – $4.07M
NOI $244,147 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Kansas City
- County
- Platte
- State
- Missouri
- Longitude
- -94.5432009
- Latitude
- 38.9994593
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - 34-unit apartment building with income upside in Kansas City.
Where is this apartment building located?
The property is located at 7000 Cleveland Ave Kansas City, MO.
What is the asking price?
The asking price for this property is $2,590,000.
What are key features of this property?
This property features: Rehabbed 34‑unit multifamily property with stable in‑place income and income upside potential.; All units renovated with modern finishes including granite countertops, LVP flooring, dishwashers, central heat and A/C, and updated kitchens and bathrooms.; Opportunity to convert common areas back to on‑site laundry for increased income and tenant convenience.
