1116 23Rd St Lawrence, KS 66046

This exceptional multi-tenant retail property in Lawrence, Kansas, presents a compelling investment opportunity. Located at 1116 W 23rd St, this 7,622 square foot, single-story building sits on a 0.66-acre lot and boasts 100% occupancy across three units. Currently generating a Net Operating Income (NOI) of $102,695, the property offers a strong 7.75% capitalization rate and an asking price of $1,330,000 ($174.49/sq ft). Built in 1986 and zoned CS, the property benefits from a highly desirable location less than a mile from the University of Kansas, serving a large student population exceeding 28,000. The strong demographics of the area, with over 97,432 residents within a 5-mile radius and an average household income of $83,900, further enhance its appeal. The property is shadow-anchored by a high-performing Dillons grocery store and enjoys excellent visibility and accessibility from West 23rd Street, experiencing over 30,039 vehicles per day. Current tenants include Boost Mobile, with 1.7 years remaining on their lease. This value-add opportunity allows for potential rent increases or future re-tenanting. The property's strategic location, strong tenant base, and high cap rate make it an attractive investment for discerning buyers.