Renovated Downtown Apartment
For Sale
Contact for pricing
804 Broadway Boulevard, Kansas City, MO 64105
Loft-style multifamily property with resident storage, coworking space, and fitness amenities in downtown Kansas City.
Property Size22,266 SF
Price / SF$213.33
Days on Market54
Property Features for 804 Broadway Boulevard
General Information
Standard status
Active
Size
22,266 SF
Class
A
Total Parking Spaces
99
Property subtype
Multifamily
Investment Type
Stabilized
Additional Details
Multifamily Units
30
Amenities
storage lockers
community room with co-working space
fitness center
in-unit washer/dryer
Building Details
Year Built
1909
Year Renovated
2015
Buildings
1
Units
30
Tenancy
Multi
Listed By:
Niko Vrentas · License #2023019061
Source:
Crexi
Added: Jul 31
Changed: Sep 9
Last Checked: Sep 21 at 6:58AM
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 Niko Vrentas
Investment Insights
Based on property information with market context.
Built in 1909 and renovated in 2015, this 22,266-square-foot multifamily property contains 30 loft-style apartments at 804 Broadway Boulevard in Kansas City. The residences feature modern finishes, high ceilings, and full-size side-by-side washers and dryers. Additional resident amenities include storage lockers, a community room with coworking space, and a fitness center.
A separate secure-access parking garage and upper-level surface lot with 99 total spaces are available for acquisition alongside the apartment property. The downtown setting places the building near employment, dining, entertainment, and cultural destinations in the central Kansas City area. The property is identified as a Class A multifamily asset and combines historic construction with a comprehensive modern renovation.
A separate secure-access parking garage and upper-level surface lot with 99 total spaces are available for acquisition alongside the apartment property. The downtown setting places the building near employment, dining, entertainment, and cultural destinations in the central Kansas City area. The property is identified as a Class A multifamily asset and combines historic construction with a comprehensive modern renovation.
Key Highlights
- 30‑unit multifamily property totaling 22,266 SF
- Renovated in 2015; original construction dates to 1909
- Loft‑style units with high ceilings and modern finishes
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
$239,082
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
5.03%
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%
$4,781,640
$4.8M
Cap Rate 7%
$3,415,457
$3.4M
Cap Rate 9%
$2,656,467
$2.7M
Market Conditions
NOI Build-Up for 22,266 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
$464.9K $20.88/SF
− Vacancy
−$30.2K −$1.36/SF
EGI
$434.7K $19.52/SF
− OpEx
−$195.6K −$8.79/SF
NOI
$239.1K $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%
$4,781,640
Cap Rate 7%
$3,415,457
Cap Rate 9%
$2,656,467
Alternative Uses
Best Use
Apartment 5plus
$3.42M
$2.99M – $3.98M
NOI $239,082 @ 7.0% cap · market cap 5.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.30M
$4.64M – $6.19M
NOI $371,247 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
30
Residential units
Location Intelligence
Trade Area within ½ mile
4,105
Businesses Nearby
Explore this area
Business Placement
Demographics for 64105, MO
6,424
Population
4,673
Households
1.4
Avg Household Size
30
Median Age
69%
College-Educated
99%
High-School Grad
0.8 sq mi
ZIP Area
8,030
Density / Sq Mi
$65,435
Median Household Income
$59,983
Median Earnings
$1,558
Median Rent
$228,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Loft-style multifamily property with resident storage, coworking space, and fitness amenities in downtown Kansas City.
Where is this apartment building located?
The property is located at 804 Broadway Boulevard Kansas City, MO.
What is the asking price?
The asking price for this property is $4,750,000.
What are key features of this property?
This property features: 30‑unit multifamily property totaling 22,266 SF; Renovated in 2015; original construction dates to 1909; Loft‑style units with high ceilings and modern finishes
