135 Andover RdAndover, KS 67002

Property Details for 135 Andover Rd

Year built

2000

Lot size

0.52 AC

Property size (Sq ft)

5,415 SF

Property type

Office buildings

APN

008-304-19-0-40-01-018.00-0

APU

83041904001018000

Description

This exceptional Class A medical office building, located at 135 S Andover Rd, Andover, KS 67002, presents a compelling investment opportunity. The 6,194 square foot building, constructed in 2000, sits on a 0.52-acre lot (22,651 square feet) and boasts a 7.64% cap rate. Currently 100% occupied under a NNN lease, the property generates an annual base rent of $52,087 ($4,341 monthly, $10.76 per square foot). The tenant, Grene Vision Group (EyeCare Partners), a leading provider of eye care services, has a long-standing presence in the community and has recently renewed their lease for an additional five years, with options for further renewal. This strategically located property is situated near other medical and professional offices and enjoys convenient access to US Route 400. The asking price is $900,000 ($145.30 per square foot). This property is ideal for investors seeking a stable, high-performing asset in a thriving medical market. The building is part of a larger portfolio of six medical offices in and around Wichita, KS, and may be purchased individually or as part of the portfolio. This is a rare opportunity to acquire a high-quality, fully occupied medical office building with significant long-term potential.

• CAP approach

  CAP return

  Valuation

  6%

  $936,338

  6.5%

  $864,312

  7%

  $802,576

• Comparable approach

  Method

  Valuation

  Relative Method

  $387,335

  Geo Method

  $387,335

• Alternative Use

  Use

  Valuation

  Residential

  $1,071,747

  Hospitality

  $981,715

  Educational

  $816,775

  Medical

  $844,865

  Retail

  $1,270,539

Location Insight

City

Andover

County

Butler

State

Kansas

Latitude

37.6856

Longitude

-97.1357

CBSA code

48620

CBSA name

WICHITA, KS METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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