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29844896
29844897

3010 E Kansas Ave, Garden City, KS 67846

DS
IL IL 475.134920
Marcus & Millichap - Chicago Oak Brook
SM
IL 475.179469
Marcus & Millichap - Chicago Oak Brook
Listed by Marcus & Millichap - Chicago Oak Brook
$1,838,000
100 days on market
Updated 10 days ago
Opportunity zone

Verizon - Garden City, KS

Details
Property Type Retail
Sub Type Storefront
Square Footage 3,500
Cap Rate 6.5%
NOI $119,438
Occupancy 100%
Tenancy Single
Brand/Tenant Verizon Wireless
Lease Type NN
Lease Term 25.7
Lease Expiration 10/31/2035
Remaining Term 9.4
Rent Bumps Yes
Lease Options Two, Five-Year
Price per SqFt $525
Broker Co-Op Yes
Year Built 2010
Acreage 0.740
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 02/19/2010
Ownership Fee Simple

New 10-Year Lease Extension | Outparcel to Sam’s Club and The Home Depot

Investment highlights

Brand New 10-Year Lease Extension

  • Verizon Wireless has occupied the subject property since 2010 and recently renewed its lease for an additional 10-year term.

  • The lease includes 5% rental increases every five years during the base lease term and each option period.

  • The subject property was constructed in 2010 as a build-to-suit, designed to accommodate the tenant’s specific operational needs.

One of Verizon Wireless’s Largest Authorized Retailers (800+ Locations)

  • Cellular Sales operates 800+ locations in 40+ states.

  • The tenant employs over 7,000 team members.

  • Cellular sales was founded in 1993 and is currently headquartered in Knoxville, TN.

Located in Garden City’s Primary Retail Corridor

  • The subject property is an outparcel to Sam’s Club and The Home Depot.

  • Other neighboring national tenants include Walmart Supercenter, Menards, Hobby Lobby, Petco, Ross, Ulta Beauty, T.J. Maxx and many more.

  • Verizon benefits from exposure to more than 10,000 vehicles per day along East Kansas Avenue.

Garden City Serves as a Major Economic Center in Southwest Kansas

  • Meat processing and food manufacturing remain major employers, including large plants such as Tyson Fresh Meats and expansions in beef processing facilities.

  • Garden City attracts shoppers from a multi-state area including eastern Colorado and the Oklahoma/Texas panhandles because it is one of the largest retail hubs in the western part of Kansas.

  • The Garden City region and Finney County sit in a productive agricultural area of southwest Kansas and the Arkansas River valley.

Listing Contacts

DS
IL IL 475.134920
Marcus & Millichap - Chicago Oak Brook
SM
IL 475.179469
Marcus & Millichap - Chicago Oak Brook
Listed by Marcus & Millichap - Chicago Oak Brook

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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$119,438.00
$9,953.17/mo

Valuation Metrics

0
DSCR
6.5%
Cap Rate
6.5%
ROI

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Additional Information

Name
Colby Haugness
License
00241410
Brokerage
Marcus & Millichap
Title
Broker of Record
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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