Listed by Sands Investment Group Austin - Offenbecher, Sands Investment Group, Sands Investment Group Austin
$6,645,000
Plaza West Shopping Center - Wichita, KS
Details
Property Type Retail
Sub Type Shopping Center
Square Footage 121,382
Cap Rate 8.18%
NOI $543,351
Occupancy 82%
Tenancy Multi
Brand/Tenant Dollar Tree, Habitat for Humanity
Price per SqFt $55
Year Built 1973
Acreage 8.300
Investment Type Net Lease
Wichita, KS Retail Center | 8.18% CAP | Value-Add | $54.74 PSF
Marketing description
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.
Investment highlights
- High Yield With a Low Going-In Basis: 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.
- Value-Add Opportunity: The 121,382 SF shopping center is 82% occupied, offering immediate cash flow with upside through lease-up of remaining spaces at market rents.
- Low Vacancy Trade Area: The current vacancy in the submarket is 1.4%, well below market averages, which is a strong indicator that rents will be rising.
- Below-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 through rent increases to market rates.
- Great Access and Visibility: Located at the lighted signalized intersection of N West Street and W Central Avenue with over 41,458 combined vehicles per day, the property benefits from strong visibility and accessibility.
- Nearby National Tenants Include: Dillons Grocery, Walgreens, Wendy’s, Subway, and AutoZone, supporting consistent consumer traffic on the retail corridor.
- Strong Demographics: The property serves a dense trade area of over 189,000 residents within 5-miles with average household incomes approaching $73,345.
- Strong Dollar Tree Location: Dollar Tree ranks in the top 79% nationally and top 89% in Kansas (per PlacerAI).
Listing Contacts
Listed by Sands Investment Group Austin - Offenbecher, Sands Investment Group, Sands Investment Group Austin
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$543,351.00
$45,279.25/mo
Valuation Metrics
0
DSCR
8.18%
Cap Rate
8.18%
ROI
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