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Kansas City, KS

1701 Minnesota Avenue

Address:
1701 Minnesota Avenue, Kansas City, Kansas 66102
Property Type:
Single Tenant
Price:
$650,000
Cap Rate:
7.70% cap
NOI:
$50,081
Square Feet:
10,700 sqft
Lot Size:
0.34 acres
Price Per Square Foot:
$60.75
Year Built:
1930/1995
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Investment Highlights

Investment Highlights

Investment Highlights

  • Adjacent to a High Barrier-to-Entry Submarket that has a Market Vacancy of 4.0 Percent
  • There is Currently No New Industrial/Flex Construction Being Built in this Submarket
  • Given the Low Vacancy Rate, Market Rent has Increased 7.4 Percent Year-Over-Year
  • Located 1.78 Miles from the Ramp to I-635, and 1.18 Miles from State Road 69
  • Triple-Net Lease in Place Minimizing Landlord Responsibilities
  • The Tenant, Adepto Medical, is an Infusion Pump Company Specializing in the Sale, Rental, and Repair of Infusion Pumps
  • Located on Minnesota Avenue with 124’ of Frontage

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1701 Minnesota Avenue in Kansas City, Kansas, leased to Adepto Medical. The subject property consists of approximately 10,700 square feet of flex space and is situated on 0.34 acres of land. The asset features 124’ of frontage along Minnesota Avenue. Major transportation channels are in close proximity to the property, with the onramp to Interstate 635 located just 1.78 miles away and State Road 69 situated 1.18 miles away. With an triple-net lease in place, the tenant is responsible for the building’s real estate taxes, insurance, and CAM. The tenant, Adepto Medical, specializes in the sale, rental, and repair of infusion pumps used to transfer fluids, medication, or nutrients into a patient’s circulatory system. Adepto Medical offers and services 60 makes and models of infusion pumps, and ships nationwide.

The property sits adjacent to Central KC KS/Fairfax, a high barrier-to-entry submarket with 16.1 million square feet of industrial space. For six years straight, the vacancy rate in the submarket has remained below 5.0 percent, concluding 2021 at 4.0 percent. Thanks to strong levels of demand, market rent growth hit 7.4 percent in 2021, representing the highest level on record. With no new industrial projects underway (including flex), rent growth should be unimpeded by new supply for the foreseeable future. Despite record rent growth, the submarket continues to offer a 27.0 percent discount in rent compared to the overall Kansas City industrial market (CoStar). As the overall market continues to boom, the submarket’s proximity to downtown Kansas City will likely make it an attractive opportunity for tenants considering relocation or expansion.

Metro Kansas City is located in the heartland of America, as it sits close to both the geographic and population centers of the United States, and serves as a major regional commercial, industrial, distribution, and cultural hub. Within a two-day drive, 85 percent of the nation’s population can be reached from Kansas. Kansas City, Kansas, known simply as “KC”, is the third-largest city in the state, the county seat of Wyandotte County, and the third-largest city of the Kansas City metropolitan area. Kansas City is the home to the General Motors Fairfax Assembly Plant, which manufactures the Chevrolet Malibu and the Buick LaCrosse. In addition, Associated Wholesale Grocers and Kansas City Steak Company are based within the city.

BROKER OF RECORD
COLBY HAUNESS
Kansas Broker of Record
7400 College Blvd., Ste. 105
Overland Park, KS 66210
P: (816) 410-1010
Colby.Haugness@marcusmillichap.com
Lic #: 00241410
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2022 Marcus & Millichap. All rights reserved. (Activity ID: ZAD0060060)