No Tenant Specified

4794 E 13th St N

4794 E 13th St N, Wichita, KS 67208

Listing Price: $1,650,000

Cap Rate
9.05%
Tenant Name
American Freight
Years Remaining On Lease
1.60
Guarantor
No Guarantee
Rentable SF
36,000
Lease Type
Modified Gross
Rent Per Square Feet
$6.00

Investment Overview

The subject property is a 36,000 square-foot single tenant asset located in the heart of Wichita, Kansas. The tenant is American Freight, a national tenant with 300 locations which wholesale quality furniture and appliances directly to retail distribution. American Freight is a privately held company which was just acquired by Franchise Group, Inc. (NASDAQ: FRG) for $450 million. Franchise Group, Inc. also recently acquired Sears Outlet, which will now be part of American Freight, distributing appliances as well as furniture. The improvements were originally built by Walmart as one of their Neighborhood Grocery in 2011. It sits on 3.71 acres of ground with traffic counts in excess of 30,000 vehicles per day. There is a loading dock which includes two roll-up doors at the rear of the building. Wichita is the largest city in the state of Kansas with a population of 389,000 and accommodates the headquarters of numerous nationally recognized companies and installations including Koch Industries, NETAP, Cessna Aircraft, Spirit AeroSystems, Beechcraft Aircraft, Bombardier Learjet, and McConnell Air Force Base. Wichita is also home to Wichita State University, with 16,000 students and just one half-mile north of the subject property. The Wichita metro is home to over 8,000 engineers and engineering technicians which is one of the highest concentrations in the United States. Considering the 100 largest metro areas in the United States, Wichita is #1 in manufacturing jobs on a percent of all jobs; #3 in percent of manufacturing jobs classified as “high-tech” (2014); #22 in jobs classified as science, technology, engineering and math (2013). Money magazine listed Wichita as “one of the best cities in the United States to live”. This investment opportunity offers the investor a solid national tenant with a substantial below market rental rate, located on a huge parcel with high traffic counts, priced at a yield-driven capitalization rate of 9.05 percent.

Investment Highlights

  • National Tenant With 300 Locations in 40 States
  • Acquired By Franchise Group in 2020 for $450 M
  • Franchise Group: (NASDAQ: FRG) $1B Market Cap
  • Rebranded from Sears Outlet to American Freight
  • Regional Distribution Center of Mattress. Furniture, and Appliances
  • Priced at $45 per Square Foot | Substantially Below Replacement Cost
  • Half Mile From Wichita State University: 16,000 Students
  • Traffic Count of 31,336 Vehicles per Day

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

No Tenant Specified

4794 E 13th St N

Listing Price: $1,650,000

Cap Rate
9.05%
Tenant Name
American Freight
Years Remaining On Lease
1.60
Guarantor
No Guarantee
Rentable SF
36,000
Lease Type
Modified Gross
Rent Per Square Feet
$6.00

Investment Highlights

  • National Tenant With 300 Locations in 40 States
  • Acquired By Franchise Group in 2020 for $450 M
  • Franchise Group: (NASDAQ: FRG) $1B Market Cap
  • Rebranded from Sears Outlet to American Freight
  • Regional Distribution Center of Mattress. Furniture, and Appliances
  • Priced at $45 per Square Foot | Substantially Below Replacement Cost
  • Half Mile From Wichita State University: 16,000 Students
  • Traffic Count of 31,336 Vehicles per Day

Investment Overview

The subject property is a 36,000 square-foot single tenant asset located in the heart of Wichita, Kansas. The tenant is American Freight, a national tenant with 300 locations which wholesale quality furniture and appliances directly to retail distribution. American Freight is a privately held company which was just acquired by Franchise Group, Inc. (NASDAQ: FRG) for $450 million. Franchise Group, Inc. also recently acquired Sears Outlet, which will now be part of American Freight, distributing appliances as well as furniture. The improvements were originally built by Walmart as one of their Neighborhood Grocery in 2011. It sits on 3.71 acres of ground with traffic counts in excess of 30,000 vehicles per day. There is a loading dock which includes two roll-up doors at the rear of the building. Wichita is the largest city in the state of Kansas with a population of 389,000 and accommodates the headquarters of numerous nationally recognized companies and installations including Koch Industries, NETAP, Cessna Aircraft, Spirit AeroSystems, Beechcraft Aircraft, Bombardier Learjet, and McConnell Air Force Base. Wichita is also home to Wichita State University, with 16,000 students and just one half-mile north of the subject property. The Wichita metro is home to over 8,000 engineers and engineering technicians which is one of the highest concentrations in the United States. Considering the 100 largest metro areas in the United States, Wichita is #1 in manufacturing jobs on a percent of all jobs; #3 in percent of manufacturing jobs classified as “high-tech” (2014); #22 in jobs classified as science, technology, engineering and math (2013). Money magazine listed Wichita as “one of the best cities in the United States to live”. This investment opportunity offers the investor a solid national tenant with a substantial below market rental rate, located on a huge parcel with high traffic counts, priced at a yield-driven capitalization rate of 9.05 percent.

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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