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Ward Parkway Lanes 1523 W 89th St 25,433 SF Retail Building Kansas City, MO 64114 $3,531,000 ($138.84/SF) 7% Cap Rate
Investment Highlights
- 10+ years remaining on absolute net lease featuring 2.5% annual rental increases
- 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)
- Tenant just signed a long-term lease extension demonstrating their commitment to this location
- Below market rent – $9.72/SF
- Tenant operates a full bar on site with 1am liquor license and recently installed a new modern scoring/gaming system
Executive Summary
10+ years remaining on recently extended absolute net lease featuring 2.5% annual rental increases throughout the base term and 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
$3,531,000
Price Per SF
$138.84
Cap Rate
7%
NOI
$247,177
Tenancy
Single
Building Height
1 Story
Slab To Slab
11’
Building FAR
0.27
Lot Size
2.19 AC
Frontage
301’ on 89th St
Nearby Major Retailers
Property Taxes
| Parcel Number | 48-330-02-13-00-0-00-000 | Improvements Assessment | $343,056 |
| Land Assessment | $224,240 | Total Assessment | $567,296 |
Property Taxes
Parcel Number
48-330-02-13-00-0-00-000
Land Assessment
$224,240
Improvements Assessment
$343,056
Total Assessment
$567,296
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Ward Parkway Lanes | 1523 W 89th St
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