12100 State Line Rd Leawood, KS 66209-1201
- Community centers
- 5,550 SF
Current Use by Public Records
- Community centers
Property Details for 12100 State Line Rd
- Year built
- 1986
- Property size
- 5,550 SF
- Property type
- Community centers
- APN
- HP70000000 0002
- APU
- HP700000000002
Description
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.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $615,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $960,000
- 6.5%
- $885,000
- 7%
- $820,000
-
Alternative Use
- Use
- Estimation
- NEIGHBORHOOD: SHOPPING CENTER
- $375,000 Current use
- RESTAURANT
- $1,025,000 Change: +173% Conversion: Difficult
- OFFICE BUILDING
- $785,000 Change: +109% Conversion: Moderate
- RETAIL STORES
- $410,000 Change: +9% Conversion: Easy
- AUTO REPAIR, GARAGE
- $405,000 Change: +8% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Leawood
- County
- Johnson
- State
- Kansas
- Longitude
- -94.6081
- Latitude
- 38.9097
- CBSA code
- 28140
- CBSA name
- KANSAS CITY, MO-KS METROPOLITAN STATISTICAL AREA
