Near Midtown Station Development (1.5K Units) 2850 State Ave 14,800 SF Retail Building Kansas City, KS 66102 $3,801,055 ($256.83/SF) 11% Cap Rate

We are pleased to market for sale the Walgreens property located at 2850 State Ave, Kansas City, KS 66102 ("The Property"). Walgreens has been operating at the site for over 19 years and has approximately ±3.5 years of firm term remaining before the 12 (5-Year) option periods. Walgreens operates on an absolute triple net lease, which provides for no landlord obligations whatsoever and calls for rental increases every five years for the first four options.
As the only freestanding Walgreens within a 5-mile radius, the Property serves 140,000+ residents in the Kansas City MSA (2.2M total population), ensuring consistent demand and long-term stability. Additionally, the Property is situated within the State Avenue Corridor Redevelopment Project and located 1 mile east of Midtown Station, a major mixed-use redevelopment featuring 1,500 new residences, 200,000 SF of commercial space, a hotel, and an innovation hub.
The Property benefits from a strong retail and industrial presence, with 4.2M SF of retail and over 45M SF of industrial space within 4 miles. The BNSF Railway Argentine Yard, 2.5 miles south, covers 780 acres and is one of the largest and busiest rail yards in the United States. BNSF recently announced a $3.8 billion capital investment plan for 2025. The Property is strategically located 3 miles from the Fairfax District, a 527-acre industrial hub with 10,000+ employees, anchored by Kellogg’s (producing 85% of the world’s Cheez-Its) and General Motors Assembly Plant, where GM is investing approximately $390 million to add production of the new Chevrolet Bolt EV.
Listed in conjunction with Brian Brockman, Bang Realty - Kansas Inc, 513-898-1551, wg@bangrealty.com, KS DRE Lic. 239819.