1935 Wanamaker RdTopeka, KS 66604

Property Details for 1935 Wanamaker Rd

Year built

2024

Lot size

2.54 AC

Property size (Sq ft)

15,600 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a fee-simple interest in a brand-new, 15,600 square foot La-Z-Boy storefront located at 1935 SW Wanamaker Rd, Topeka, KS 66604. The property sits on a 2.54-acre lot and includes 37 parking spaces. Secured by a corporate guaranteed, triple-net (NNN) lease with La-Z-Boy (NYSE: LZB), this single-tenant property boasts a 10-year initial term commencing October 10, 2024, and expiring October 31, 2034, with four 5-year renewal options. Rent increases by 10% every five years. Landlord responsibilities are limited to roof and parking lot replacement, and structural repairs. The tenant is responsible for all other maintenance and repairs. The property benefits from a new 20-year roof warranty and a concrete parking lot with a 20+ year useful life. The asking price is $5,614,000, representing a 7.00% cap rate and a net operating income (NOI) of $393,000. This prime outparcel enjoys high visibility in Topeka's #1 retail corridor, adjacent to West Ridge Mall, which is undergoing a major transformation. The location benefits from high traffic counts on SW Wanamaker Road and proximity to major retailers including Walmart, Chick-fil-A, Home Depot, Kohl's, Hobby Lobby, Chili's, Olive Garden, and Panda Express. The property is zoned PUD, C4 and was built in 2024. This is a strong investment opportunity in a thriving retail location with a stable, corporate tenant.

Location Insight

City

Topeka

County

Shawnee

State

Kansas

Latitude

39.0305

Longitude

-95.7632

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