12100 State Line Rd Leawood, KS 66209-1201

Leawood Plaza, a 33,224-square-foot retail center in Leawood, Kansas (Johnson County, zip code 66209), presents a compelling value-add opportunity. Located on the west side of State Line Road, this Class B shopping center offers significant upside potential. Currently 75.5% occupied, the property features 8,132 square feet of readily leasable space and two month-to-month tenants below market rent, allowing for substantial NOI growth exceeding 70%. The average in-place rent is $16.23 per square foot, with eight tenants paying below market rates ($8.57 to $17.00 PSF), compared to market rates of $17.00 to $25.00 PSF along the State Line corridor. This presents a clear opportunity for rent increases upon lease renewal. The property boasts a strong tenant mix, including national brands like Edward Jones, State Farm, Papa Murphy's, Duck Donuts, and UPS, alongside a diverse range of service-based businesses. Four tenants (26.5% of the rent roll) have occupied the center for over 10 years, contributing to a weighted average lease term of 4.0 years. The center is shadow-anchored by Dan & Cassidy Towriss IDEA Space, a state-of-the-art learning center. Built between 1986 and 1987, the property comprises four single-story buildings on a 5.42-acre lot. The asking price is $5,650,000, with a current NOI of $351,529 and a pro-forma NOI of $597,647, representing a 6.22% cap rate and a pro-forma cap rate of 10.58%, respectively. This investment offers a blend of established tenants and significant potential for increased profitability.