Leased Retail Shopping
For Sale
Contact for pricing
401 E Poyntz Ave, Manhattan, KS 66502
Fully leased shopping center anchored by Academy Sports + Outdoors, with five additional national retailers in place.
Property Size119,087 SF
Price / SF$176.34
Days on Market160
Property Features for 401 E Poyntz Ave
General Information
Standard status
Active
Size
119,087 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Building Details
Year Built
1974
Year Renovated
2018
Buildings
1
Stories
1
Units
5
Tenancy
Multi
Listing Agency:
Crossroads Real Estate Group
Listed By:
Holly Mills · License #MO 2004031968
(816) 298-9998
Source:
Crexi
Added: Mar 30
Changed: Aug 14
Last Checked: Sep 1 at 12:23AM
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 Crossroads Real Estate Group
Investment Insights
Based on property information with market context.
Plaza De Maria is a meticulously maintained shopping center offering 119,087 square feet of retail space anchored by Academy Sports + Outdoors. The property is fully leased to a lineup of five nationally recognized retailers, including Boot Barn, Ross Dress for Less, Five Below, and Old Navy.
The center is located at 401 E Poyntz Ave in Manhattan, Kansas, serving the Greater Manhattan trade area. It is described as being positioned near major transportation routes, supporting accessibility for residents in Manhattan and surrounding counties.
With its anchor tenant and an in-place tenant mix, Plaza De Maria presents a straightforward, occupied retail investment profile with the majority of space serving national retail brands.
The center is located at 401 E Poyntz Ave in Manhattan, Kansas, serving the Greater Manhattan trade area. It is described as being positioned near major transportation routes, supporting accessibility for residents in Manhattan and surrounding counties.
With its anchor tenant and an in-place tenant mix, Plaza De Maria presents a straightforward, occupied retail investment profile with the majority of space serving national retail brands.
Key Highlights
- 119,087‑SF shopping center in Manhattan, Kansas, built in 1974
- Anchored by Academy Sports + Outdoors
- Fully leased with a lineup of five additional national retailers
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
$1,189,553
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
5.66%
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%
$23,791,060
$23.8M
Cap Rate 7%
$16,993,614
$17.0M
Cap Rate 9%
$13,217,256
$13.2M
Market Conditions
NOI Build-Up for 119,087 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
$1.77M $14.88/SF
− Vacancy
−$72.7K −$0.61/SF
EGI
$1.70M $14.27/SF
− OpEx
−$509.8K −$4.28/SF
NOI
$1.19M $9.99/SF
Area
Riley County, KS
Vacancy
4.10%
Lease Rate
$14.88 /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%
$23,791,060
Cap Rate 7%
$16,993,614
Cap Rate 9%
$13,217,256
Alternative Uses
Best Use
Retail
$16.99M
$14.87M – $19.83M
NOI $1,189,553 @ 7.0% cap · market cap 5.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$27.25M
$23.85M – $31.79M
NOI $1,907,671 @ 7.0% cap · market cap 9.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,243
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 66502, KS
44,384
Population
20,700
Households
2.1
Avg Household Size
28
Median Age
46%
College-Educated
95%
High-School Grad
221.7 sq mi
ZIP Area
200
Density / Sq Mi
$52,363
Median Household Income
$22,091
Median Earnings
$953
Median Rent
$217,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Shopping center - Fully leased shopping center anchored by Academy Sports + Outdoors, with five additional national retailers in place.
Where is this shopping center located?
The property is located at 401 E Poyntz Ave Manhattan, KS.
What is the asking price?
The asking price for this property is $21,000,000.
What are key features of this property?
This property features: 119,087‑SF shopping center in Manhattan, Kansas, built in 1974; Anchored by Academy Sports + Outdoors; Fully leased with a lineup of five additional national retailers
