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Ward Parkway Lanes 1523 W 89th St 25,433 SF Retail Building Kansas City, MO 64114 $4,813,440 CAD ($189.26 CAD/SF) 6.47% Cap Rate
INVESTMENT HIGHLIGHTS
- 4+ years remaining on absolute net lease
- Covered land play - landlord has early termination right for future development
- Below market rent – $8.78/SF
- 2.5% annual rental increases throughout the base term, which increases to 3% throughout the option period
- Very strong unit level performance (ask Agent for more details)
- Ranks in the top 9% of “attractions” in the state of Missouri and top 10% of “leisure” properties nationwide in terms of annual visits (per Placer.ai)
EXECUTIVE SUMMARY
4+ years remaining on an absolute net lease featuring 2.5% annual rental increases throughout the base term and 3% annual increases throughout the option period. The subject property is located adjacent to Ward Parkway Center – a 550,000+ SF shopping center with 6.2M annual visitors, which ranks in the top 2% of all shopping centers in Missouri (per Placer.ai).
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
25,433 SF
Building Class
C
Year Built
1959
Price
$4,813,440 CAD
Price Per SF
$189.26 CAD
Cap Rate
6.47%
NOI
$311,377 CAD
Tenancy
Single
Building Height
1 Story
Slab To Slab
11’
Building FAR
0.27
Lot Size
2.20 AC
Frontage
301’ on 89th St
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 48-330-02-13-00-0-00-000 | Improvements Assessment | $481,760 CAD |
| Land Assessment | $314,905 CAD | Total Assessment | $796,665 CAD |
PROPERTY TAXES
Parcel Number
48-330-02-13-00-0-00-000
Land Assessment
$314,905 CAD
Improvements Assessment
$481,760 CAD
Total Assessment
$796,665 CAD
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Ward Parkway Lanes | 1523 W 89th St
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