2841 SE Croco Rd - Storefront FOR SALE


Topeka, KS 66605
$2,325,000 USD
614-360-9032
2841 SE Croco Rd, Topeka, KS for Sale
$2,325,000 USD
Storefront - FOR SALE
1/6
null | 7.73% Cap Rate

2841 SE Croco Rd
Topeka, KS 66605


OVERVIEW

- 100% Occupied 14,968 Square Foot Neighborhood Center in Topeka, Kansas - High End Construction Built in in 2009 | Situated on 1.91 Acres | Offered Well Below Replacement Cost - Favorable NNN Lease Structures | Full Recapture of Tax, CAM, Insurance Expenses | 3rd Party Management Fees Reimbursed by Tenants | Minimal Landlord Responsibilities - Strong Mixture of Diversified, Ecommerce-Proof Tenants | National, Regional and Local Brands | Banking, Restaurant, Food, Salon, Entertainment, and Insurance - Major Tenants Include CoreFirst Bank, Great Clips, Papa John’s, 8 Iron Therapy, Yolk House, and State Farm - Anchored by CoreFirst Bank | Headquartered in Topeka | Occupied Space Since Original Construction | Includes Dual Lane Drive-Thru | 57% Deposit Growth Since 2019 -Recent Lease Signings | Major Upgrades to Tenant Base | Papa John’s Brand-New 10-Year Lease | Yolk House Brand-New Lease | Modest Rent Levels - Weighted Average Lease Term Remaining of Over 4.75-Years | Majority of Tenant have Base-Term Contractual Rent Bumps | Strong NOI Growth Over Time - Modest Rent Levels Averaging Only $12.01/ SF NNN | Staggered Lease Expirations & Prominent Rental Bumps in All Options - Strategic Development Situated Away from Competing Retail Corridors | Caters Extremely Well to Neighborhoods | Zoning Restrictions and Lack of Developable Land Creates High Barriers to Entry for Future Competition - Hard Corner/Signalized Intersection Location Seeing Over 17,460 Vehicles Per Day - Dense & Mature Demographics | Population Counts of 4,818 within 1-Mile, 27,715 within 3-Miles, and 68,352 within 5-Miles | Average Household Income in Excess of $89,508 - Major points of Interest in the Immediate Vicinity Include Bettis Sports Complex, Lake Shawnee, Dollar General, Sonic, Great Clips, and an Array of Food Providers - Topeka is the State Capitol of Kansas | 37th Most Populous City in the United States | Less Than an Hour From Kansas City MSA

FOR SALE DETAILS

PRICE

$2,325,000 USD

PRICE/SF

$155 USD /SF

CAP RATE

7.73%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2009

SPRINKLERS

-

PARKING SPACES

40

LAND DETAILS

LAND ACRES

1.91 AC

LAND SF

83,200 SF

ZONING

C-2

APN/PARCEL ID

132-10-0-40-01-015-000

ASK ABOUT THIS PROPERTY

Zachary TurnerMarcus & MillichapMore Info
614-360-9032

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Zachary TurnerMarcus & MillichapMore Info
614-360-9032

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.