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    Property profile & analytics

    10700 Parallel Pkwy Kansas City, KS 66109

    • Turn key restaurants
    • 7,440 SF
    • 1.45 lot acres
    For Lease
    View listing
    Last Sale
    Feb 18, 2022
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US33-0353958
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Turn key restaurants

    Property Details for 10700 Parallel Pkwy

    Year built
    2010
    Lot size
    1.45 lot acres
    Property size
    7,440 SF
    Property type
    Turn key restaurants
    APN
    401706
    APU
    401706

    Description

    This exceptional 7,440-square-foot former Red Lobster restaurant presents a unique opportunity for lease or ground lease in Kansas City, Kansas. Situated on 1.46 acres at 10700 Parallel Parkway, this single-tenant property boasts 115 parking spaces, ensuring ample convenience for patrons. The building is located within the Plaza at the Speedway, a thriving 850,000-square-foot power retail center. This high-traffic location benefits from strong co-tenancy with established national brands including Walmart Supercenter, Kohl's, Sam's Club, Taco Bell, Olive Garden, Chick-fil-A, Jack in the Box, and Wendy's. The property's existing restaurant infrastructure offers significant advantages for a quick and efficient build-out, minimizing costs and time to market. Its prime location within a bustling retail center guarantees high visibility and accessibility, attracting a large customer base. This turnkey opportunity is ideal for established restaurant operators seeking a strategic expansion or new ventures looking to capitalize on a proven location in a high-demand market. The property is located in Wyandotte County, Kansas, with a zip code of 66109. This is a rare chance to acquire a well-positioned restaurant space in a premier retail destination.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $1,115,000
      Current use
      OFFICE BUILDING
      $930,000
      Change: -17% Conversion: Moderate

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Kansas City
    County
    Wyandotte
    State
    Kansas
    Longitude
    -94.8274
    Latitude
    39.1291
    CBSA code
    28140
    CBSA name
    KANSAS CITY, MO-KS METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $112,645
    $286,145
    $356,253
    $642,398
    -
    $1,144,580
    $1,425,010
    $2,569,590

    Comparable in this City

    • Value Estimation
      $1,000,000
      7,401 SF

      10670 Parallel Pkwy

      RESTAURANT • 7,401 SF
      10670 Parallel Pkwy, Kansas City, KS 66109-3645
      View Details
    • Value Estimation by Request
      1,440 SF

      3336 107th St

      RESTAURANT • 1,440 SF
      3336 107th St, Kansas City, KS 66109
      View Details
    • Value Estimation by Request
      1,824 SF

      7541 Leavenworth Rd

      RESTAURANT • 1,824 SF
      7541 Leavenworth Rd, Kansas City, KS 66109-1218
      View Details
    • Value Estimation by Request
      3,671 SF

      8919 Leavenworth Rd

      RESTAURANT • 3,671 SF
      8919 Leavenworth Rd, Kansas City, KS 66109-1418
      View Details
    • Value Estimation
      $630,000
      3,790 SF

      10780 Parallel Pkwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,790 SF
      10780 Parallel Pkwy, Kansas City, KS 66109-3647
      View Details
    • Value Estimation
      $720,000
      4,662 SF

      10770 Parallel Pkwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 4,662 SF
      10770 Parallel Pkwy, Kansas City, KS 66109-3647
      View Details

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    Similar Nearby for Lease

    • Contact for pricing
      215,240 SF

      Power Retail Shopping Center Space

      850,000 sq ft retail center near major attractions.
      10722 Parallel Pkwy, Kansas City, KS 66109
      View Details
    • Contact for pricing
      7,555 SF

      Retail Space Near Kansas Speedway

      Retail space in a shopping center with high visibility.
      10700 Parallel Pkwy, Kansas City, KS 66109
      View Details
    • $35 SF/Yr

      Retail Pad Site For Lease

      New retail pad site in a power retail shopping center.
      10650 Parallel Pkwy, Kansas City, KS 66109
      View Details
    • Contact for pricing

      Prime Land Parcel For Rent

      Land parcel with high traffic and immediate highway access.
      10940 Parallel Pkwy, Kansas City, KS 66109
      View Details
    • Contact for pricing

      Industrial Land Near I-70/I-435

      Industrial land for lease, build-to-suit, or user land sales.
      N 99Th St, Kansas City, KS 66109
      View Details
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    Kansas City, KS 66109
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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