THE HISTORIC CROMWELL BUILDING
Mixed Use | 6.08% CAP | 14,000 SqFt
Marketing description
The Cromwell Building (528 Walnut Street) represents a premier opportunity to acquire a fully stabilized, income-producing historic gem originally constructed in 1885. Located less than one block from the Kansas City Streetcar line, this multi-tenant urban asset perfectly merges timeless landmark architecture with exceptional real estate fundamentals.
The building configuration comprises a high-volume, well-established restaurant occupying the entire first floor and utilizing a highly functional, dry, high-ceiling basement structure. The second and third stories host 8 premium, individual office suites characterized by original exposed brickwork, pristine character hardwood flooring, historical tin ceilings, and dramatic floor-to-ceiling windows that flood the suites with natural light. Crucially, each individual office layout incorporates its own private bathroom facility—a rare utility asset that drastically minimizes tenant friction and secures permanent historical retention.
The asset functions as an incredibly clean, hands-off income instrument. Every single tenant is locked into a rolling 3-Year lease agreement, paired with a consecutive 1-Year renewal option. This provides long-term cash flow predictability with immediate structural upside.
Investment highlights
- Steps from the KC Streetcar system, establishing permanent tenant demand and long-term asset value protection
- Features a brand-new commercial roof and clean, fully modern HVAC systems (8 years old)
- Lease structure passes through operational and tax spikes directly to tenants, protecting net asset yields
- An irreplaceable, fully stabilized historic commercial asset constructed in 1885
- Positioned on a prime corner lot in the heart of the premier River Market submarket
- Premium retail and architectural office suites with an insulated net income lifecycle
- Every single tenant is locked into a rolling 3-Year lease agreement, paired with a consecutive 1-Year renewal option
- Triple Net (NNN) with Base Year pass-through framework
- Any future inflationary hikes in municipal property tax assessments, structural insurance, or CAM are seamlessly distributed across the tenant base
- 8 premium, individual office suites characterized by original exposed brickwork, pristine character hardwood flooring, historical tin ceilings, and dramatic floor-to-ceiling windows
- Each individual office layout incorporates its own private bathroom facility
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