2201 Metropolitan Ave - Retail FOR SALE


Kansas City, KS 66106- Argentine
$1,196,000 USD
614-961-9943
2201 Metropolitan Ave, Kansas City, KS for Sale
$1,196,000 USD
Retail - FOR SALE
1/5
null | 7.75% Cap Rate

2201 Metropolitan Ave
Kansas City, KS 66106
Argentine


OVERVIEW

• 100% Occupied 4,265 Square Foot Strip Center in Kansas City, Kansas | KC-MSA Over 2.16m People • Shadowed by Walmart Neighborhood Market | Over 1.3 Million Customers Per Year | Ranked in the Top 11% in the nation For Foot-Traffic per Placer.Ai • Long Standing Strip Center and Major Recent Redevelopment Components | Included New Façade, Complete Interior Upgrades | New Roof and Parking Lot | Currently #1 Strip Center • All Tenants Recently Renewed Their Leases with Rental Increases | Weighted Average Lease Term Remaining Over 4.1 Years • Major Tenants Include: Cricket, MetroPCS, H&R Block, and El Centenario KC | Three Out of Four Tenants Have Annual Base Rental Increases | Increases Range from 3-5% YoY | Major Hedge Against Inflation • Strong Historical Occupancy Since Renovation in 2014/2015 | Cricket, MetroPCS, H&R Block Joined Immediately After Renovations | El Centenario KC Joined in 2017 | Over 9.43 Years of Weighted Average Tenancy • Staggered Lease Expirations with Lack of Option Terms | Cricket Leased into 5/2030 w/o Option Terms | Metro PCS Leased into 3/2030 with One, 5-Yr Option Term | El Centenario KC Leased into 9/2029 w/o Option Terms | H&R Block Leased into 4/30/2028 w One, 3-Year Option Term • Rent Levels Exemplify High Need for Space in Region Due to Lack of Options and High Barriers to Entry • Favorable NNN Lease Structures | Recapture of Tax, CAM, Insurance Expenses | Strong Portion of 3rd Party Management Fees Reimbursed by Tenants | Minimal Landlord Responsibilities and Ease of Management with Only 4 Tenants • Prime Location Along Metropolitan Avenue | Immediately Off Hwy 69 | Shadowed by Two Major Grocers Servicing the Region | Walmart (Top 11%) and El Mercado | El Mercado Sees Over 533k Customers Per Year Per Placer.Ai • Strategic Development Situated Away from Competing Retail Corridors | Caters Extremely Well to Neighborhoods | Zoning Restrictions and Lack of Developable Land Creates High Barriers to Entry for Future Competition • Dense & Mature Demographics | Population Counts of 6,525 within 1-Mile, 72,883 within 3-Miles, and 222,953 within 5-Miles | Average Household Income in Excess of $68,539 within 3-Miles • Kansas City MSA | 31st Largest MSA in the United States | Total Population Count Over 2.16m

FOR SALE DETAILS

PRICE

$1,196,000 USD

PRICE/SF

$284 USD /SF

CAP RATE

7.75%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1970

SPRINKLERS

-

PARKING SPACES

17

LAND DETAILS

LAND ACRES

0.33 AC

LAND SF

14,358 SF

ZONING

M2

APN/PARCEL ID

160716

ASK ABOUT THIS PROPERTY

Zachary TurnerMarcus & MillichapMore Info
614-961-9943

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Zachary TurnerMarcus & MillichapMore Info
614-961-9943

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.