500 Jackson St Mexico, MO 65265

Property Details for 500 Jackson St

Property size

119,291 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

The West Plaza is a 119,291 square foot neighborhood shopping center in Mexico, Missouri, the Audrain County seat. Strategically located near downtown, this multi-tenant property sits at the signalized intersection of S. Muldrow St. and W. Monroe St., offering multiple access points. Currently featuring Dollar General, Hardee's/Carl's Jr., Subway, and Ace Hardware across five buildings, the center presents a compelling value-add investment opportunity. With approximately 41,864 square feet of leasable retail/office space and a 10,891 square foot outlot available for development, lease, or sale, there's significant potential for increased income. The property boasts a 10% cap rate based on current in-place income, reflecting approximately 35% vacancy. The asking price is $4,499,692, translating to approximately $37.72 per square foot. Below-market rents averaging approximately $6.32 per square foot offer substantial upside through lease-up, renewals, and outlot development. Established tenants, some with a history dating back to the 1970s, demonstrate the property's enduring appeal. The property consists of 15 units across one story, and is zoned for commercial use. This offering presents a rare chance to acquire a well-positioned retail center with significant upside potential in a stable market.