4545 Emanuel Cleaver II Boulevard
- 4545 Emanuel Cleaver II Boulevard, Kansas City, MO 64130
- Property Type:
- Multi Tenant
- Cap Rate:
- 4.11% cap
- Square Feet:
- 33,415 sqft
- Lot Size:
- 1.2 acres
- Price Per Square Foot:
- Year Built:
- Below-Market Rent With Long-Term Tenant
- Great Location Being Two Miles from State Road 71 and Two Miles from I-70
- Very Strong Submarket with a 1% Vacancy Rate, and Rental Growth of 3.3% Y-o-Y
- Value-Add by Bringing Current Tenant Up to Market Rent and Leasing Remaining Space
- No New Industrial or Flex Buildings are Under Construction in this Submarket
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 4545 Emanuel Cleaver II Boulevard in Kansas City, Missouri. The subject property consists of approximately 33,415 square feet of space and is situated on 1.2 acres of land. The asset features a roof that was replaced 15 years ago per the seller. The property is partially leased to a long-time tenant with below-market rent. This provides the new owner a value-add opportunity by bringing the current tenant up to market rent and leasing the remaining space.
The subject property is in a great location within the Sports Complex submarket, situated only two miles both from State Road 71 and the onramp to Interstate-70. Sports Complex is a midsized submarket containing around 5.9 million square feet of industrial space. Like the metro, logistics facilities account for the largest proportion of local supply, covering 3.8 million square feet. The local inventory pool is rounded out by 1.6 million square feet of specialized space and 380,000 square feet of flex space. With a vacancy rate of just 1 percent, Sports Complex is a very strong submarket with market rents up 3.3 percent over the last year. With no new industrial or flex buildings currently under construction, the vacancy rate and rent growth should both remain strong for the foreseeable future. At $4.61 per square foot, the average rent in the submarket is 20 percent below the market average of $5.75 (CoStar), giving landlords space to be more aggressive in raising rents.
Only one deal has closed over the past year, and only a handful of properties generally trade in a normal year. 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.