1710 Palace DrGarden City, KS 67846

Property Details for 1710 Palace Dr

Year built

1998

Construction

FRAME

Lot size

2.09 AC

Property size (Sq ft)

27,936 SF

Property type

Office buildings

APN

273-08-0-40-16-016.00-0

APU

2730804016016000

Description

This fee-simple office building in Garden City, Kansas, offers a compelling investment opportunity. The 27,705 square-foot property, built in 1998, features a single-story, Class B building on a 2.09-acre lot with ample parking. Currently 100% occupied by two tenants, it boasts a strong 7% cap rate and a stabilized NOI of $261,410. The primary tenant, the Kansas Department for Children and Families (AA- Fitch Credit Rating), occupies 76.8% of the space under a 10-year lease (expiring February 27, 2034) with a five-year renewal option. The secondary tenant, Saint Francis Community Services, leases the remaining space with a lease expiring June 30, 2026, and three four-year renewal options, each with a 5% rent increase. Both leases are modified gross, with the primary tenant responsible for a significant portion of property taxes, utilities, and snow removal. The property is strategically located on a main thoroughfare with high visibility and traffic counts, surrounded by retail amenities and near Garden City Community College. The strong tenant base, long-term leases, and prime location make this a highly attractive investment opportunity. The asking price is $3,735,000, representing a price per square foot of $134.81. The property is zoned for commercial use and offers excellent visibility and access. The surrounding area boasts a high average household income and a large daytime population.

• CAP approach

  CAP return

  Valuation

  6%

  $4,363,620

  6.5%

  $4,027,960

  7%

  $3,740,250

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,418,320

  Geo Method

  $3,361,260

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $7,800,080

  Retail / Commercial

  $4,025,300

  Mixed-Use / Specialty

  $4,031,010

  Hospitality / Lodging

  $2,983,540

  Institutional / Educational

  $4,197,800

  Residential Income

  $4,911,420

  Multifamily

  $5,779,270

  Automotive / Energy

  $3,598,110

  Parking / Income-Based Land

  $1,221,840

  Restaurant / Food Service

  $2,139,370

  Healthcare / Senior Housing

  $4,113,150

Location Insight

City

Garden City

County

Finney

State

Kansas

Latitude

37.9762

Longitude

-100.852

CBSA code

23780

CBSA name

GARDEN CITY, KS MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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