Rehabbed Multifamily Property in
For Sale
Contact for pricing
7000 Cleveland Ave, Kansas City, MO 64132
34-unit apartment building with income upside in Kansas City.
Property Size14,643 SF
Price / SF$176.88
Days on Market158
Property Features for 7000 Cleveland Ave
General Information
Standard status
Active
Size
14,643 SF
Class
B
Property subtype
Multifamily
Zoning
R-1.5
Occupancy
94%
Building Details
Year Built
1963
Buildings
2
Stories
3
Units
34
Listing Agency:
Lutz Sales + Investments
(913) 426-5576
Listed By:
Michelle Lutz · License #2018036086
Source:
Crexi
Added: Mar 16
Changed: Aug 15
Last Checked: Aug 18 at 11:54PM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$157,230
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
6.07%
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%
$3,144,600
$3.1M
Cap Rate 7%
$2,246,143
$2.2M
Cap Rate 9%
$1,747,000
$1.7M
Market Conditions
NOI Build-Up for 14,643 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
$305.7K $20.88/SF
− Vacancy
−$19.9K −$1.36/SF
EGI
$285.9K $19.52/SF
− OpEx
−$128.6K −$8.79/SF
NOI
$157.2K $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%
$3,144,600
Cap Rate 7%
$2,246,143
Cap Rate 9%
$1,747,000
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
139
Businesses Nearby
Explore this area
Business Placement
Demographics for 64132, MO
13,013
Population
6,006
Households
2.2
Avg Household Size
35
Median Age
11%
College-Educated
85%
High-School Grad
10.8 sq mi
ZIP Area
1,205
Density / Sq Mi
$43,798
Median Household Income
$31,632
Median Earnings
$1,094
Median Rent
$90,900
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?
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.
