2841 SE Croco Rd
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2841 SE Croco Rd
14,968 SF 82% Leased Retail Building Topeka, KS 66605 £1,834,425 (£123/SF) 7.52% Net Initial Yield
Executive Summary
- 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, Pending New Tenant (Contact Broker for Info), 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 | Pending New Lease - Contact Broker For Info | 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 $11.68/ 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
- 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, Pending New Tenant (Contact Broker for Info), 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 | Pending New Lease - Contact Broker For Info | 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 $11.68/ 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
Property Facts
Sale Type
Investment
Property Type
Retail
Building Size
14,968 SF
Building Class
B
Year Built
2009
Price
£1,834,425
Price Per SF
£123
Net Initial Yield
7.52%
NOI
£137,976
Percent Leased
82%
Tenancy
Multiple
Number of Floors
1
Slab to Slab
11 ft
Building FAR
0.18
Land Acres
1.91 AC
Zoning
C-2
Parking
40 Spaces (2.67 Spaces per 1,000 SF Leased)
Frontage
328 ft on Croco Rd
Amenities
- Drive Thru
Space Availability
- Space
- Size
- Space Use
- Position
- Available
- 1st Floor
- 3,300 SF
- Retail
- -
- Now
| Space | Size | Space Use | Position | Available |
| 1st Floor | 3,300 SF | Retail | - | Now |
1st Floor
| Size |
| 3,300 SF |
| Space Use |
| Retail |
| Position |
| - |
| Available |
| Now |
PROPERTY TAXES
| Parcel Number | 132-10-0-40-01-015-000 | Improvements Assessment | £0 |
| Land Assessment | £0 | Total Assessment | £429,193 |
PROPERTY TAXES
Parcel Number
132-10-0-40-01-015-000
Land Assessment
£0
Improvements Assessment
£0
Total Assessment
£429,193
-
Zachary Turner -
Power Broker Scott Wiles -
Power Broker Craig Fuller -
Erin Patton -
Marcus & Millichap
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2841 SE Croco Rd
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