1551 North Courtney Road
- 1551 North Courtney Road, Independence, MO 64050
- Property Type:
- Multi Tenant
- Cap Rate:
- 7.70% cap
- Square Feet:
- 57,898 sqft
- Lot Size:
- 11.44 acres
- Price Per Square Foot:
• Located in an Opportunity Zone and in Unincorporated Jackson County, Therefore, No City Taxes
• High Barrier-to-Entry with 2.3% Vacancy in the Submarket
• Due to the Low Vacancy Rate in Submarket, Market Rent Increased by 4.7% Y-o-Y
• This Submarket is Landlocked and Currently has No New Industrial Construction Occurring
• Prime Location Only 1.23 Miles from State Road 291, which Feeds into I-435 and I-70
• Outside Storage is Available on this Property
• Current Ownership Willing to Stay on as Property Management
• Opportunity to Purchase Two Additional 10 Acre Parcels for Development, the Ownership LLC, or Both
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1551 North Courtney Road in Independence, Missouri. The subject property consists of approximately 57,898 square feet of space and is situated on 11.44 acres of land. The asset features five buildings with outside storage, and current ownership is willing to remain on site to serve as property management as part of the sale. The asset is owned under a limited liability corporation. In addition to the sale of the asset, there is an opportunity to purchase an additional two ten-acre parcels for development, purchase the ownership of the limited liability company, or both. Given its location within an unincorporated area of Jackson County, the property is not subject to city taxes and benefits from being situated within an opportunity zone. The property is primely positioned 1.23 miles from State Road 291, which feeds into Interstate 435 and Interstate 70.
Independence is a large submarket containing roughly 20.4 million square feet of industrial space. Logistics facilities dominates the inventory with 17.3 million square feet, followed by 2.9 million square feet of specialized space and 290,000 square feet of flex space. With only a 2.3 percent vacancy rate, Independence is a tough barrier to entry submarket. Due to a low vacancy rate, industrial rents have grown by 4.7 percent over the past 12 months, easily exceeding the 2.0 percent annual average over the past decade. Industrial rents in Independence average $4.70 per square foot, representing a significant advantage in pricing power over the Kansas City market that averages $5.79. Despite a low vacancy rate and high rent growth, there are no new industrial properties under construction as Independence is largely landlocked. The lack of new supply ensures that vacancy rates will remain low and rent growth high if current demand persists (CoStar).
The Kansas City metro sits close to both the geographic and population centers of the United States and serves as a major regional commercial, industrial and cultural hub. The market consists of 14 counties: Clay, Bates, Cass, Platte, Clinton, Caldwell, Jackson, Lafayette and Ray counties in Missouri; and Johnson, Linn, Miami, Leavenworth and Wyandotte counties in Kansas. The metro has roughly 2.1 million residents. Jackson is the most populous county with 709,000 people, followed by Johnson with 592,000 residents. Kansas City, Missouri, is the largest city with 488,000 citizens, followed by Overland Park, Kansas, with 189,000 people.