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Electronics

Verizon - Wichita, KS

2037 N Amidon Ave, Wichita, KS 67203

Listing Price: $1,462,000

Cap Rate
6.80%
Tenant Name
Verizon
Years Remaining On Lease
2.7
Gross SF
3,000
Guarantor
Franchisee Guarantee
Rentable SF
3,000
Price/Gross SF
$487.33
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$33.15

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale a 3,000-square foot freestanding retail building, leased by a Verizon Wireless franchisee (Cellular Sales of Knoxville, Inc., 650+ stores nationwide). The property is situated on 0.69 acres on North Amidon Avenue, in Wichita, Kansas.

This Verizon operator has leased the premises since its initial build-to-suit construction in 2016. The tenant’s initial lease term expires on December 31, 2026. Should the tenant exercise its first five-year option, commencing January 1, 2027, the Net Operating Income will increase by ten percent, which would increase the property’s cash flow and value. The base rent at this store is less than the average Verizon store of a similar size. The base rents at the subject property are approximately $33 per square foot. Comparable Verizon stores have base rental rates of $50-$60 per square foot. The low rent at this store helps with the store’s profit margins, which increases the likelihood of the tenant renewing its lease.

This Verizon store is located in a densely populated retail corridor, with retailers including: Walmart Neighborhood Market, Chipotle, Planet Fitness, Starbucks, Freddy’s, McDonald’s, CVS, AT&T, and more.

Investment Highlights

  • 2.75 Years Remaining in Current Lease Term | NOI Increases by 10 Percent January 1, 2027 Should Tenant Renew
  • Shadowed by Walmart Neighborhood Market and Planet Fitness
  • Major Retail Corridor: Starbucks, Dillons, Aldi, Taco Bell, and Sweetbriar Shopping Center
  • High Traffic Location Along Amidon Avenue | 16,160 Vehicles Per Day
  • Great Location: Conveniently Situated One and a Half Miles From Interstate 235
  • Average Household Income Exceeds $62,000 Within 1 Mile of Subject Property
  • 180,629 Residents Within a 5-Mile Radius

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (816) 410-1010

    License(s) KS: 00241410

    Kansas

Financing By

Electronics

Verizon - Wichita, KS

Listing Price: $1,462,000

Cap Rate
6.80%
Tenant Name
Verizon
Years Remaining On Lease
2.7
Gross SF
3,000
Guarantor
Franchisee Guarantee
Rentable SF
3,000
Price/Gross SF
$487.33
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$33.15

Investment Highlights

  • 2.75 Years Remaining in Current Lease Term | NOI Increases by 10 Percent January 1, 2027 Should Tenant Renew
  • Shadowed by Walmart Neighborhood Market and Planet Fitness
  • Major Retail Corridor: Starbucks, Dillons, Aldi, Taco Bell, and Sweetbriar Shopping Center
  • High Traffic Location Along Amidon Avenue | 16,160 Vehicles Per Day
  • Great Location: Conveniently Situated One and a Half Miles From Interstate 235
  • Average Household Income Exceeds $62,000 Within 1 Mile of Subject Property
  • 180,629 Residents Within a 5-Mile Radius

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale a 3,000-square foot freestanding retail building, leased by a Verizon Wireless franchisee (Cellular Sales of Knoxville, Inc., 650+ stores nationwide). The property is situated on 0.69 acres on North Amidon Avenue, in Wichita, Kansas. This Verizon operator has leased the premises since its initial build-to-suit construction in 2016. The tenant’s initial lease term expires on December 31, 2026. Should the tenant exercise its first five-year option, commencing January 1, 2027, the Net Operating Income will increase by ten percent, which would increase the property’s cash flow and value. The base rent at this store is less than the average Verizon store of a similar size. The base rents at the subject property are approximately $33 per square foot. Comparable Verizon stores have base rental rates of $50-$60 per square foot. The low rent at this store helps with the store’s profit margins, which increases the likelihood of the tenant renewing its lease. This Verizon store is located in a densely populated retail corridor, with retailers including: Walmart Neighborhood Market, Chipotle, Planet Fitness, Starbucks, Freddy’s, McDonald’s, CVS, AT&T, and more.

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (816) 410-1010

    License(s): KS: 00241410

    Kansas

Financing By

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