550 129th St Bonner Springs, KS 66012-9210
- Drug stores
- 14,736 SF
- 2.53 lot acres
Current Use by Public Records
- Drug stores
Property Details for 550 129th St
- Year built
- 2009
- Construction
- BRICK
- Lot size
- 2.53 lot acres
- Property size
- 14,736 SF
- Property type
- Drug stores
- APN
- 400700
- APU
- 400700
Description
This exceptional investment opportunity presents a 14,820-square-foot Walgreens pharmacy located at 550 South 129th Street, Bonner Springs, Kansas 66012. The property sits on a substantial 2.53-acre lot and benefits from a long-term, absolute NNN lease with a corporate guarantee from Walgreens, providing significant passive income. With approximately 10.2 years remaining on the lease (expiring January 30, 2035), this investment offers exceptional stability and predictable cash flow. The property boasts a strong NOI of $407,712 and an attractive 8.00% cap rate, making it an ideal addition to any diversified portfolio. The location is highly desirable, situated at a signalized intersection with approximately 31,000 vehicles per day, and surrounded by a thriving retail environment including Walmart, Price Chopper, and other national retailers. The area also features new developments, including a brand-new Old Dominion Freight Line facility, and is within close proximity to various multifamily communities. The average household income within a three-mile radius is approximately $85,000, indicating a strong and affluent demographic. Built in 2010, this property offers a rare combination of long-term lease security, strong tenant credit, and a prime location within a rapidly growing area. The asking price is $5,096,400, representing a price per square foot of $343.89. This is a truly exceptional opportunity for investors seeking a stable, high-performing asset with significant long-term potential.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $2,375,000
- 6.5%
- $2,190,000
- 7%
- $2,035,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $2,093,000
Market price range: $746k - $2.09M -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $1,440,000 Current use
- RESTAURANT
- $2,220,000 Change: +54% Conversion: Easy
- OFFICE BUILDING
- $1,855,000 Change: +29% Conversion: Easy
- AUTO REPAIR, GARAGE
- $1,680,000 Change: +17% Conversion: Difficult
- WAREHOUSE, STORAGE
- $1,310,000 Change: -9% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Bonner Springs
- County
- Wyandotte
- State
- Kansas
- Longitude
- -94.8804
- Latitude
- 39.0877
- CBSA code
- 28140
- CBSA name
- KANSAS CITY, MO-KS METROPOLITAN STATISTICAL AREA
