2548 Seneca StWichita, KS 67217

Property Details for 2548 Seneca St

Year built

1965

Lot size

0.50 AC

Property size (Sq ft)

4,000 SF

Property type

Strip malls

Property subtype

Neighborhood centers

APN

087-213-05-0-22-04-015.01

APU

87213050220401501

Description

This exceptional investment opportunity presents a fee-simple, 4,000 square foot retail property in Wichita, Kansas, currently 100% occupied by a Little Caesars and a Wingstop, both top-performing franchisees in the state according to Placer.AI. The property boasts a strong location with over 31,000 vehicles per day passing the intersection of Seneca Street and Pawnee Avenue. Built in 2022 and recently renovated, the single-story building is situated on a half-acre lot and benefits from an absolute NNN lease structure with a remaining term of 11 years, expiring September 30, 2035. The lease includes a 5% rent increase every five years, providing built-in growth potential. The current Net Operating Income (NOI) is $118,980, with a pro-forma NOI of $124,929, yielding a 6.50% cap rate and a pro-forma cap rate of 6.83%. The asking price is $1,830,000, translating to $457.50 per square foot. The property's strategic location is further enhanced by its proximity to Wichita State University, Newman University, and Friends University, ensuring a consistent customer base. This is a rare opportunity to acquire a high-performing, well-located, and stable NNN investment property with significant upside potential. The property is zoned for commercial use.

• CAP approach

  CAP return

  Valuation

  6%

  $906,247

  6.5%

  $836,535

  7%

  $776,783

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,212,826

  Geo Method

  $1,212,826

• Alternative Use

  Use

  Valuation

  Residential

  $705,649

  Hospitality

  $646,371

  Educational

  $537,773

  Medical

  $556,268

  Retail

  $836,535

Location Insight

City

Wichita

County

Sedgwick

State

Kansas

Latitude

37.648

Longitude

-97.3521

CBSA code

48620

CBSA name

WICHITA, KS METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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