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
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
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
Map
Zoning
LC CommercialSpecial CommercialLimited Commercial
View municipality zoning documents Upgrade to see the zone description and what's allowed on this property
Upgrade to search and view land use codes
View all 124 uses
View all 124 uses Last updated Apr 9, 2026 For deeper zoning details, reports are available at Zoneomics
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Name
License
Title
Is there information that looks off?
