8900 State Line Rd 84,962 SF 84% Leased Office Building Leawood, KS 66206 $9,948,781 CAD ($117.10 CAD/SF)

8900 State Line Road offers an exceptional investment opportunity in the highly desirable South Kansas City submarket. This 84,962-square-foot medical office building is situated on 5.40 acres along State Line Road, a major corridor providing excellent connectivity to Interstate 435 and the broader Kansas City metro. The property is currently 81.53% occupied by 30 tenants, anchored by Psychiatry Associates of Kansas City, which occupies 23.58% of the building.
The asset presents significant value-add potential with 15,696 square feet of vacancy available for lease at market rents. Recent capital improvements include updated common areas, new flooring, paint, and a conference room, along with 61% of tenant spaces renovated since 2019. The property features 340 parking spaces (97 covered), a 4.0 per 1,000 SF parking ratio, and two elevators serving five floors.
Investors will benefit from a stabilized cap rate of 9.93% and in-place NOI of $524,065, with upside through lease-up and rent growth. Additionally, the southern portion of the parking lot offers a development opportunity for a 44-unit multifamily project or additional commercial space without reducing existing parking.