510 Walnut St
Kansas City, MO 64106
Gillis Opera House · Office Property For Sale

500 Walnut Street presents a rare opportunity to acquire or lease a historic mixed-use investment property in the heart of Kansas City's River Market.? The 37,183-square-foot asset features a diverse mix of established office and retail tenants, generating stable in-place cash flow while offering significant upside through the lease-up of approximately 10,600 square feet of vacant third-floor office space.

Positioned directly along the KC Streetcar line and just steps from City Market, the property benefits from one of Kansas City's most walkable and sought-after urban neighborhoods. The River Market continues to experience substantial public and private investment, with more than $1 billion in surrounding developments further strengthening the area's long-term growth trajectory.

Additional investment highlights include long-term tenant commitments, historic character, and an attractive balance of dependable current income and value-add leasing potential. Whether seeking a stabilized downtown investment or an opportunity to increase NOI through strategic leasing, 500 Walnut offers a compelling opportunity in one of Kansas City's premier mixed-use districts.
Investment Highlights
Premier River Market Location – Located in the heart of Kansas City's River Market, directly on the KC Streetcar line and just steps from City Market, restaurants, retail, and downtown amenities.
Stable In-Place Cash Flow – Diverse mix of established office and retail tenants provides dependable income with long-term lease commitments.
Immediate Value-Add Opportunity – Approximately 10,600 SF of vacant third-floor office space creates a clear path to increasing occupancy and growing NOI.
Historic Mixed-Use Asset – Well-maintained historic building offering authentic brick-and-timber character that continues to attract office and retail tenants.
Streetcar Connectivity – Direct access to the KC Streetcar provides seamless connectivity to the River Market, Crossroads, Power & Light District, Crown Center, and Union Station.
Over $1 Billion in Nearby Development – Surrounded by transformative public and private investment, including Current Landing, the River Market Hotel, and the proposed Bellwether mixed-use development.
Strong Long-Term Leasing History – The current vacant third floor was occupied by two tenants for a combined 27 years, both of whom vacated only after outgrowing the space—demonstrating sustained demand for quality office space in the building.
New 20-year TPO roof system being installed.