Building Details

Building Size 2,500 SF

Year Built 1946

Buildings 1

Tenancy Single

Listing Agency: Matthews Real Estate Investment Services

Listed By: Cameron Davodi · License #02237200 (CA) Show Phone

Source: Matthews

Added: Apr 12 Changed: Sep 8 Last Checked: Sep 24 at 6:31AM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Matthews Real Estate Investment Services

Investment Insights

Based on property information with market context.

This fee-simple offering includes the land and building occupied by a freestanding veterinary clinic under a triple-net lease. Heartland Veterinary Partners is the tenant, with more than 3 years remaining in its second renewal option. The lease provides flat 3% increases at the beginning of each option period and assigns limited responsibilities to the landlord.

The property fronts Broadmoor Street and has a facade sign along the street. It is positioned near Target, CVS Pharmacy, and HyVee, with the Johnson Drive and Broadmoor Street intersection generating 18,501 vehicles daily. The surrounding 5-mile trade area includes 254,922 residents and 139,583 daytime employees, with average household income of $126,470. The veterinary practice has operated at this location for over 70 years.

Key Highlights

• Freestanding veterinary clinic with fee‑simple land and building ownership
• Triple‑net lease with more than 3 years remaining in the second renewal option
• Lease includes flat 3% increases at the start of each option period

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$24,167

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

5.01%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$483,340 $483.3K

Cap Rate 7%

$345,243 $345.2K

Cap Rate 9%

$268,522 $268.5K

Market Conditions

NOI Build-Up for 2,500 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$36.0K $14.40/SF

− Vacancy

−$1.5K −$0.59/SF

EGI

$34.5K $13.81/SF

− OpEx

−$10.4K −$4.14/SF

NOI

$24.2K $9.67/SF

Area

Johnson County, KS

Vacancy

4.10%

Lease Rate

$14.40 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$483,340

Cap Rate 7%

$345,243

Cap Rate 9%

$268,522

Alternative Uses

Best Use

Retail

$345.2K

$302.1K – $402.8K (±1% cap)

NOI $24,167 @ 7.0% cap · market cap 5.01%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$605.0K

$529.4K – $705.9K (±1% cap)

NOI $42,353 @ 7.0% cap · market cap 8.79%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Storefront properties

Suggested Use

Top Pick Dental Office Auto Parts Store Real Estate Agency Parking Lot & Garage Hotel & Motel Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

18,501 VPD

Traffic count

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

687

Businesses Nearby

211k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Dining 77% Apparel 10% Shops & Services 8% Groceries 3%

Chick-fil-A Dining

43,013 visits/mo 0.4 miles

Culver's Dining

21,966 visits/mo 0.4 miles

McDonald's Dining

20,014 visits/mo 0.4 miles

Panera Bread Dining

13,393 visits/mo 0.3 miles

Rally House Apparel

13,100 visits/mo 0.3 miles

Demographics for 66202, KS

16,827

Population

9,308

Households

1.8

Avg Household Size

37

Median Age

51%

College-Educated

97%

High-School Grad

5.3 sq mi

ZIP Area

3,175

Density / Sq Mi

$72,148

Median Household Income

$51,557

Median Earnings

$1,228

Median Rent

$264,400

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this nnn properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

NNN property - Fee-simple ownership includes the land and building under a triple-net lease with limited landlord responsibilities.

Where is this nnn property located?

The property is located at 5915 Broadmoor St Mission, KS.

What is the asking price?

The asking price for this property is $482,040.

What are key features of this property?

This property features: Freestanding veterinary clinic with fee‑simple land and building ownership; Triple‑net lease with more than 3 years remaining in the second renewal option; Lease includes flat 3% increases at the start of each option period