Listed by CP Partners
$1,690,000
Verizon
Details
Property Type Retail
Sub Type Storefront
Square Footage 2,400
Net Rentable (SqFt) 2,400
Cap Rate 7.5%
NOI $126,720
Occupancy 100%
Tenancy Single
Brand/Tenant Verizon Wireless, Verizon
Lease Type Net
Lease Term 10
Lease Expiration 05/31/2029
Remaining Term 3
Rent Bumps Yes
Lease Options Three, 5-year
Year Built 2019
Buildings 1
Stories 1
Acreage 0.790
Parking Spaces 16 spaces
Parking Per SqFt 6.67
Investment Type Net Lease
Lease Commencement 05/23/2019
Retail | 7.50% CAP | 2,400 SqFt
Marketing description
Long-term lease to the largest authorized Verizon retailer in the U.S. with 3+ years remaining in the base term and three, 5-year options to extend at 10% rental increases. Subject property is located in Lawrence – a densely populated college town home to the University of Kansas (30,770 students).
Investment highlights
- 3+ years remaining in the base term with three, 5-year extension options
- 10% rental increases at start of each option providing a hedge against inflation
- 2019 build-to-suit construction with 15-year roof warranty in place (~10 years remaining)
- Standalone visibility on W 6th Street – 23,000 VPD
- Affluent submarket – $115,000 average household incomes within a 1-mile radius of the subject property
- Home to University of Kansas – 30,700 students
Listing Contacts
Listed by CP Partners
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Loan Amount
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Annual Debt Service
$--
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Annual Cash Flow
$126,720.00
$10,560.00/mo
Valuation Metrics
0
DSCR
7.5%
Cap Rate
7.5%
ROI
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