Address: 5101 North Belt Highway , St. Joseph, Missouri, United States 64506
Cap Rate: 7.09%
Lease Type: Triple Net (NNN)
Annual Rent: $167,000
Net Operating Income: $167,000
Lease Term Remaining: 9+ Years
Rental Increases: 10% Every Five Years Beginning Year 6
Options: Three (3), Five (5)-Year
Rentable Sq/Ft: 5,200 SF
Rent Sq/Ft: $32.12
Price Sq/Ft: $453
Lot Size: +/-1.51 Acres
Marcus & Millichap is pleased to present the exclusive listing for a two-tenant retail property located at 5101 North Belt Highway in Saint Joseph, Missouri. The subject property consists of 5,200 square feet of building space and sits on a 1.51-acre lot.
Aspen Dental is one of the tenants in the building and occupies 3,500 square feet of the total building space. The Aspen Dental space is subject to a ten-year triple-net (NNN) lease with more than nine years remaining.
The property also features 1,700 square feet of vacant retail space, which is has been assigned a pro-forma rent of $34,000. This modest and under-market$20.00/square foot in rent provides a future landlord with significant upside upon securing a tenant for the space.
The subject investment property is situated on North Belt Highway, which boasts daily traffic counts exceeding 18,839. There are more than 67,089 individuals residing within a five-mile radius of the subject property and more than 99,478 individuals residing within a ten-mile radius.
The subject property benefits from being well-positioned in a highly dense retail corridor consisting of national and local tenants, shopping centers, and universities all within close proximity of this property. Major national tenants include: Walmart, Lowes, Sam’s Club, Target, Home Depot, T.J. Maxx, Five Below, Dicks Sporting Goods, Aldi, Walgreens, Petco, Pet Smart, Ulta, Best Buy, Kohls, Chick fil-a, Chipotle, Starbucks, Olive Garden, Ihop, Hardees, Culver, as well as many others. Within a five-mile radius of this Aspen Dental property are 20 local schools: 10 elementary schools, four middle schools, three high schools and three private schools with a total combined enrollment of 10,000 students. Located less than 6 miles away from the subject property is Missouri Western State University with more than 5,145 students enrolled.
St. Joseph is a city in and the county seat of Buchanan County, Missouri, located on the Missouri River. With a total population of more than 76,780, St. Joseph is the eighth largest city in the state, and the third largest city in the Northwest Missouri. Located 50 miles from St. Joseph is the bustling city of Kansas City, Missouri. Kansas City is the largest city in the state of Missouri with an estimated population of 488,943. The city is composed of several neighborhoods, including the River Market District in the north, the 18th and Vine District in the east, and the Country Club Plaza in the south. Kansas city is known for its long tradition of jazz music, culture, and cuisine. The Federal Government is the largest employer in the Kansas City metro area. More than 146 federal agencies maintain a presence there. Kansas city is one of ten regional office cities for the US government. Located here is the Kansas City plant, which is the National Nuclear Security Administration facility operated by Honeywell. Honeywell produces and assembles 85% of the non-nuclear components of the United States nuclear bomb arsenal. Ford Motor Company operates a large manufacturing facility in Claycomo at the Ford Kansas City Assembly plant, which builds the Ford F-150.
Broker of Record: Bradley Barham – License # 2005038930