3231 Southeast 6th Avenue
- 3231 Southeast 6th Avenue, Topeka, KS 66607
- Property Type:
- Multi Tenant
- Cap Rate:
- 3.67% cap
- Square Feet:
- 306,941 sqft
- Lot Size:
- 42.23 acres
- Price Per Square Foot:
- Year Built:
- 306,941-Square-Foot Manufacturing Asset Situated on 42.23 Acres
- Excess Land for Further Development and Outside Storage
- Features Two Dock-High Doors, Three Grade-Level Doors, 1,200 Parking Spaces, and Heavy Power
- 22% Occupancy with a Market Vacancy of 5.4% Creates Investment Opportunity
- Strategically Located Industrial Warehouse with Proximate Access to Major Freeways
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 3231 Southeast 6th Avenue in Topeka, KS (approximately one hour from Kansas City, KS). The subject property consists of approximately 306,941 square feet of office warehouse space and is situated on 42.23 acres of land. The asset features two dock-high doors, three grade-level doors, 1,200 parking spaces, and heavy power. With excess land, the property can support further development and outside storage. At 22 percent occupancy, the asset creates an investment opportunity to take advantage of the market’s low vacancy rate of 5.4 percent. The industrial warehouse is strategically located with proximate access to Interstates 70 and 470.
Industrial vacancies in the Topeka submarket remain unperturbed by the recent economic upheaval. In fact, the vacancy rate has edged downward by 180 basis points to 5.3 percent over the past four quarters. Annual net absorption came in at about 350,000 square feet, substantially above the five-year average. Rents grew 2.4 percent over the past 12 months, which is roughly in line with the average annual gain over the past decade. There is only one industrial property currently under construction in the Topeka submarket. The 10,000-square-foot building represents the first new construction in the submarket in more than three years (CoStar). With demand far outpacing existing and new supply, the Topeka submarket presents a sound opportunity for investors.
Kansas City, abbreviated as “KCK”, is the third-largest city in the State of Kansas, the county seat of Wyandotte County, and the third-largest city of the Kansas City metropolitan area. Kansas City is the home to the General Motors Fairfax Assembly Plant, which manufactures the Chevrolet Malibu and the Buick LaCrosse. In addition, Associated Wholesale Grocers and Kansas City Steak Company are based within the city. The largest employer is the University of Kansas Hospital. The adjoining University of Kansas Medical Center, including the schools of medicine, nursing, and allied health, is also among the city’s largest employers (with a student population of about 3,000). Kansas City was ranked in 2010 as the #7 best city in the U.S. to start over after foreclosure.