Retail Building in Legends
For Sale
Contact for pricing
10306 Troup Ave, Kansas City, KS 66111
Retail building in high-profile tourism district with redevelopment potential.
Property Size9,800 SF
Price / SF$284.69
Days on Market1858
Property Features for 10306 Troup Ave
General Information
Standard status
Active
Size
9,800 SF
Class
B
Property subtype
Retail
Zoning
CP2
Lease Type
NNN
Building Details
Year Built
2003
Buildings
1
Stories
1
Units
1
Listing Agency:
KW Commercial Prairie Village
Listed By:
Ben Hassine · License #2021003276
Source:
Crexi
Added: Jul 29, 2021
Changed: Aug 24
Last Checked: Aug 28 at 8:20PM
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 KW Commercial Prairie Village
Investment Insights
Based on property information with market context.
This retail building, distinguished by its bronze dome, is situated in the Legends Outlets tourism district of Kansas City, Kansas, an area that attracts over 22 million visitors. The property overlooks a variety of retail outlets and entertainment venues, including Banana Republic, Coach, Express, Adidas, Nike, Gap, H&M, J.Crew, Tommy Hilfiger, Under Armour, and Victoria's Secret. It is also near Cerner, Nebraska Furniture Mart, Cabela’s, NASCAR, Kansas City Sporting Stadium, and a casino, along with over 100 other designer outlets, retail establishments, dining options, and entertainment venues. The property offers redevelopment potential, with the possibility of expanding the building through the addition of a second floor. The building size is 9800 square feet. It is suitable for both users and investors.
Key Highlights
- Owner financing available
- High‑profile location in Legends Outlets Tourism District, attracting 22 million visitors annually
- Overlooking major retailers and entertainment venues
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
$94,734
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
3.40%
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%
$1,894,680
$1.9M
Cap Rate 7%
$1,353,343
$1.4M
Cap Rate 9%
$1,052,600
$1.1M
Market Conditions
NOI Build-Up for 9,800 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
$141.1K $14.40/SF
− Vacancy
−$5.8K −$0.59/SF
EGI
$135.3K $13.81/SF
− OpEx
−$40.6K −$4.14/SF
NOI
$94.7K $9.67/SF
Area
Kansas City, 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%
$1,894,680
Cap Rate 7%
$1,353,343
Cap Rate 9%
$1,052,600
Alternative Uses
Best Use
Retail
$1.35M
$1.18M – $1.58M
NOI $94,734 @ 7.0% cap · market cap 3.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,651 @ 7.0% cap · market cap 4.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
398
Businesses Nearby
683k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 26%
Dining 26%
Home Improvements & Furnishings 24%
Superstores 16%
Nebraska Furniture Mart
Home Improvements & Furnishings
135,303 visits/mo
0.1 miles
Sam's Club
Superstores
110,187 visits/mo
0.4 miles
Bass Pro Shops
Apparel
84,061 visits/mo
0.4 miles
T.J. Maxx
Apparel
64,915 visits/mo
0.2 miles
Dutch Bros. Coffee
Dining
32,118 visits/mo
0.2 miles
Demographics for 66111, KS
10,506
Population
4,200
Households
2.5
Avg Household Size
38
Median Age
19%
College-Educated
87%
High-School Grad
23.2 sq mi
ZIP Area
453
Density / Sq Mi
$67,117
Median Household Income
$36,974
Median Earnings
$989
Median Rent
$131,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail building in high-profile tourism district with redevelopment potential.
Where is this retail space located?
The property is located at 10306 Troup Ave Kansas City, KS.
What is the asking price?
The asking price for this property is $2,790,000.
What are key features of this property?
This property features: Owner financing available; High‑profile location in Legends Outlets Tourism District, attracting 22 million visitors annually; Overlooking major retailers and entertainment venues
