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Plaza West Shopping Center 601 N West St 121,382 SF 55% Leased Retail Building Wichita, KS 67203 $6,645,000 ($54.74/SF) 8.18% Cap Rate
Investment Highlights
- Priced well below replacement cost ($54.74 PSF), Plaza West is offered at an attractive 8.18% CAP Rate with room to grow the NOI.
- The current vacancy in the submarket is 1.4%, well below market averages, which is a strong indicator that rents will be rising.
- Located at the lighted signalized intersection of N West Street and W Central Avenue with over 41,458 combined vehicles per day.
- The 121,382 SF shopping center is 82% occupied, offering immediate cash flow with upside through lease-up of remaining spaces at market rents.
- Plaza West rents are currently averaging $6.67 PSF, and the market rate is $11.55/SF (per CoStar), offering investors significant upside.
- Dillons Grocery, Walgreens, Wendy’s, Subway, and AutoZone, supporting consistent consumer traffic on the retail corridor.
Executive Summary
Sands Investment Group is pleased to exclusively offer for sale the 121,382 SF Plaza West Shopping Center located at 601 N West Street in Wichita, KS. Priced well below replacement cost at $54.74 PSF, Plaza West is offered at an attractive 8.18% CAP Rate with significant potential to grow NOI. The 121,382 SF shopping center is currently 82% occupied, providing immediate in-place cash flow with additional upside through the lease-up of remaining spaces at market rents, making this a compelling value-add retail investment opportunity.
In Cooperation With Sands Investment Group Kansas, LLC - Lic. #CO00002897 BoR: Max Freedman - Lic. KS #241927
In Cooperation With Sands Investment Group Kansas, LLC - Lic. #CO00002897 BoR: Max Freedman - Lic. KS #241927
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
121,382 SF
Building Class
B
Year Built
1973
Price
$6,645,000
Price Per SF
$54.74
Cap Rate
8.18%
NOI
$543,351
Percent Leased
55%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.34
Lot Size
8.30 AC
Zoning
LC, Wichita
Parking
450 Spaces (3.71 Spaces per 1,000 SF Leased)
Frontage
199’ on N West St
Amenities
- Dedicated Turn Lane
- Pylon Sign
- Signalized Intersection
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Aquatic Pets
- Retailer
- 5,400 SF
- $6.56
- Triple Net
- Sep 2027
- Book-A-Holic
- Retailer
- 8,660 SF
- $7.62
- Triple Net
- Dec 2026
- Buffet City
- Accommodation and Food Services
- 7,500 SF
- $4.85
- Triple Net
- Mar 2032
- Crystal Nails
- Professional, Scientific, and Technical Services
- 2,000 SF
- $12.00
- Triple Net
- Aug 2026
- Habitat for Humanity
- Retailer
- 31,000 SF
- $3.50
- Triple Net
- Jun 2028
- Little Caesars Pizza
- Accommodation and Food Services
- 1,450 SF
- $9.50
- Triple Net
- Mar 2028
- NAPA Auto Parts
- Retailer
- 7,500 SF
- $7.20
- Triple Net
- Nov 2037
- Premier Barber Lounge
- Professional, Scientific, and Technical Services
- 1,200 SF
- $6.44
- Triple Net
- May 2027
- Sun Spa Massage
- Professional, Scientific, and Technical Services
- 2,000 SF
- $11.74
- Triple Net
- Feb 2029
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Aquatic Pets | Retailer | 5,400 SF | $6.56 | Triple Net | Sep 2027 | |
| Book-A-Holic | Retailer | 8,660 SF | $7.62 | Triple Net | Dec 2026 | |
| Buffet City | Accommodation and Food Services | 7,500 SF | $4.85 | Triple Net | Mar 2032 | |
| Crystal Nails | Professional, Scientific, and Technical Services | 2,000 SF | $12.00 | Triple Net | Aug 2026 | |
| Habitat for Humanity | Retailer | 31,000 SF | $3.50 | Triple Net | Jun 2028 | |
| Little Caesars Pizza | Accommodation and Food Services | 1,450 SF | $9.50 | Triple Net | Mar 2028 | |
| NAPA Auto Parts | Retailer | 7,500 SF | $7.20 | Triple Net | Nov 2037 | |
| Premier Barber Lounge | Professional, Scientific, and Technical Services | 1,200 SF | $6.44 | Triple Net | May 2027 | |
| Sun Spa Massage | Professional, Scientific, and Technical Services | 2,000 SF | $11.74 | Triple Net | Feb 2029 |
Space Availability
- Space
- Size
- Space Use
- Position
- Available
- 126
- 15,000 SF
- Retail
- In-Line
- Now
- 144
- 2,289 SF
- Retail
- -
- Now
- 222
- 3,200 SF
- Retail
- In-Line
- Now
- 232
- 3,618 SF
- Retail
- In-Line
- Now
| Space | Size | Space Use | Position | Available |
| 126 | 15,000 SF | Retail | In-Line | Now |
| 144 | 2,289 SF | Retail | - | Now |
| 222 | 3,200 SF | Retail | In-Line | Now |
| 232 | 3,618 SF | Retail | In-Line | Now |
126
| Size |
| 15,000 SF |
| Space Use |
| Retail |
| Position |
| In-Line |
| Available |
| Now |
144
| Size |
| 2,289 SF |
| Space Use |
| Retail |
| Position |
| - |
| Available |
| Now |
222
| Size |
| 3,200 SF |
| Space Use |
| Retail |
| Position |
| In-Line |
| Available |
| Now |
232
| Size |
| 3,618 SF |
| Space Use |
| Retail |
| Position |
| In-Line |
| Available |
| Now |
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Moderately bikeable
60/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 136-23-0-11-01-003.00 | Improvements Assessment | $957,960 |
| Land Assessment | $220,700 | Total Assessment | $1,178,660 |
Property Taxes
Parcel Number
136-23-0-11-01-003.00
Land Assessment
$220,700
Improvements Assessment
$957,960
Total Assessment
$1,178,660
Contacts
-
Ethan Offenbecher -
Baker Baine -
Zuhare Rizvon -
Max Freedman -
Sands Investment Group Austin, LLC
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Plaza West Shopping Center | 601 N West St
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