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8900 State Line Rd
Leawood, KS 66206
Office Property For Sale
Investment Highlights
- Located in one of Kansas City’s most sought-after submarkets with strong demographics and accessibility.
- Proximity to Ward Parkway Mall and numerous retail and dining amenities.
- Development potential for additional multifamily or commercial space on-site.
- Recent renovations include updated common areas and tenant spaces since 2019.
Executive Summary
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.
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.
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
84,962 SF
Building Class
B
Year Built/Renovated
1972/2021
Price
$9,566,921 CAD
Price Per SF
$112.60 CAD
Percent Leased
85%
Tenancy
Multiple
Building Height
5 Stories
Typical Floor Size
16,992 SF
Slab To Slab
11’
Building FAR
0.36
Lot Size
5.40 AC
Zoning
CPO
Parking
340 Spaces (4 Spaces per 1,000 SF Leased)
Property Taxes
| Parcel Number | HF251235-1022 | Improvements Assessment | $1,629,403 CAD |
| Land Assessment | $442,633 CAD | Total Assessment | $2,072,036 CAD |
Property Taxes
Parcel Number
HF251235-1022
Land Assessment
$442,633 CAD
Improvements Assessment
$1,629,403 CAD
Total Assessment
$2,072,036 CAD
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