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Topeka, KS

3231 Southeast 6th Avenue

Address:
3231 Southeast 6th Avenue, Topeka, KS 66607
Property Type:
Multi Tenant
Price:
$5,950,000
Cap Rate:
3.67% cap
NOI:
$234,621
Square Feet:
306,941 sqft
Lot Size:
42.23 acres
Price Per Square Foot:
$19.38
Year Built:
1987
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* By downloading the Marketing Package (Offering Memorandum) you hereby agree to the CONFIDENTIALITY AND BUYER REGISTRATION AGREEMENT.

Investment Highlights

Investment Highlights

Investment Highlights

  • 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

Investment Overview

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.

BROKER OF RECORD
COLBY HAUGNESS
Kansas Broker of Record
7400 College Boulevard, Suite 105,
Overland Park, KS 66210
Tel: (816) 410-1025
Colby.Haugness@marcusmillichap.com
License: KS 00241410
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. (Activity ID: ZAC0060256)