Miscellaneous

Senseney Music

2300 E Lincoln St, Wichita, KS 67211

Listing Price: $1,667,000

Cap Rate
9.50%
Tenant Name
Senseney Music
Years Remaining On Lease
3.6
Guarantor
Personal Guarantee
Rentable SF
26,450
Lease Type
Double Net
Rent Per Square Feet
$6.35

Investment Overview

Marcus & Millichap is pleased to present 2300 East Lincoln Street in Wichita, Kansas. This single tenant net lease property is 100 percent occupied by Senseney Music, a local retailer of musical instruments, repair services an music education. Senseney Music has been in business since 1984 and at this location since 1996.The tenants primary customers are schools within the Wichita school system, along with the general retail public. The property consists of 26,450 net lease square feet. It is a stand alone building that sits on 2.49 acres and is surrounded by plenty of parking. 2300 East Lincoln Street had a new roof installed in 2010, the parking lot resurfaced in 2014 and new boilers installed in 2013. The property is located just off of East Lincoln Street and less than 1,000 feet from Interstate-135, making it very accessible. The building was constructed in 1972 as a build-to-suit for a financial institution. It has 13,255 square feet on the main floor with a full finished basement, which also contains a vault. The tenant has occupied the property for 26 years and has four years remaining on the current lease term, as well as “fair market value” escalations in the two, ten-year option periods, creating future upside potential. The current rent is two to three dollars below current market rents. Wichita is the largest city in the state of Kansas and accommodates the headquarters of numerous nationally recognized companies and installations including Koch Industries, Cessna Aircraft, Spirit Aerosystem, Bombardier Learjet, and McConnell Air Force Base. It is also home of Wichita State University, Kansas State University, and University of Kansas. Wichita metro is home to over 8,000 engineers and engineering technicians, one of the highest per capita in the United States. Considering the 100 largest metro areas in the United States, Wichita is number one in manufacturing jobs; number three in percent of manufacturing jobs classified as “high-tech” (2014); number 22 in jobs classified as science, technology, engineering and math (2013). Money Magazine recently listed Wichita as “one of the best cities in the United States to live”. This investment opportunity is being offered at a 9.50 percent capitalization rate going in with a 15.38 percent cash-on-cash return on current financial operations.

Investment Highlights

  • Very Accessible Via Interstate-135
  • 15.38 Percent Cash-on-Cash
  • Several Recent Capital Improvements Already Completed
  • Lease is Personally Guaranteed by Tenant
  • Contains an On-Site Vault (Previously a Bank)
  • Current Rent is Two Dollars per Square Foot Below Market Rent
  • Built-In Upside with "Fair Market Value" Escalations in Two 10- Year Option Periods
  • Well Known, Established Local Tenant in Occupancy for 25 Years

Exclusively Listed By

  • Barry Higgins

    Senior Vice President Investments

    Email Barry

    License(s): CO: EA748415

    Denver

  • Daniel Greenamyre

    Senior Associate

    (816) 410-1028

    Email Daniel

    License(s): KS: SP00236311

    Kansas City

Broker of Record

  • Colby Haugness

    First Vice President Investments

    License(s): KS: 00241410

    Kansas

Listing Price: $1,667,000

Cap Rate
9.50%
Tenant Name
Senseney Music
Years Remaining On Lease
3.6
Guarantor
Personal Guarantee
Rentable SF
26,450
Lease Type
Double Net
Rent Per Square Feet
$6.35

Investment Highlights

  • Very Accessible Via Interstate-135
  • 15.38 Percent Cash-on-Cash
  • Several Recent Capital Improvements Already Completed
  • Lease is Personally Guaranteed by Tenant
  • Contains an On-Site Vault (Previously a Bank)
  • Current Rent is Two Dollars per Square Foot Below Market Rent
  • Built-In Upside with "Fair Market Value" Escalations in Two 10- Year Option Periods
  • Well Known, Established Local Tenant in Occupancy for 25 Years

Investment Overview

Marcus & Millichap is pleased to present 2300 East Lincoln Street in Wichita, Kansas. This single tenant net lease property is 100 percent occupied by Senseney Music, a local retailer of musical instruments, repair services an music education. Senseney Music has been in business since 1984 and at this location since 1996.The tenants primary customers are schools within the Wichita school system, along with the general retail public. The property consists of 26,450 net lease square feet. It is a stand alone building that sits on 2.49 acres and is surrounded by plenty of parking. 2300 East Lincoln Street had a new roof installed in 2010, the parking lot resurfaced in 2014 and new boilers installed in 2013. The property is located just off of East Lincoln Street and less than 1,000 feet from Interstate-135, making it very accessible. The building was constructed in 1972 as a build-to-suit for a financial institution. It has 13,255 square feet on the main floor with a full finished basement, which also contains a vault. The tenant has occupied the property for 26 years and has four years remaining on the current lease term, as well as “fair market value” escalations in the two, ten-year option periods, creating future upside potential. The current rent is two to three dollars below current market rents. Wichita is the largest city in the state of Kansas and accommodates the headquarters of numerous nationally recognized companies and installations including Koch Industries, Cessna Aircraft, Spirit Aerosystem, Bombardier Learjet, and McConnell Air Force Base. It is also home of Wichita State University, Kansas State University, and University of Kansas. Wichita metro is home to over 8,000 engineers and engineering technicians, one of the highest per capita in the United States. Considering the 100 largest metro areas in the United States, Wichita is number one in manufacturing jobs; number three in percent of manufacturing jobs classified as “high-tech” (2014); number 22 in jobs classified as science, technology, engineering and math (2013). Money Magazine recently listed Wichita as “one of the best cities in the United States to live”. This investment opportunity is being offered at a 9.50 percent capitalization rate going in with a 15.38 percent cash-on-cash return on current financial operations.

Exclusively Listed By

  • Barry Higgins

    Senior Vice President Investments

    Email Barry

    License(s): CO: EA748415

    Denver

  • Daniel Greenamyre

    Senior Associate

    (816) 410-1028

    Email Daniel

    License(s): KS: SP00236311

    Kansas City

Broker of Record

  • Colby Haugness

    First Vice President Investments

    License(s): KS: 00241410

    Kansas

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