Urish Center

Topeka | Kansas

Offering Summary

  • Status: active
  • Price: $3,095,000
  • Cap Rate: 8.00%
  • GLA: 20,602 SF
  • Net Operating Income: $247,599
  • Price/SF: $150
  • Year(s) Built: 2006
  • Lot Size (Acres): 2.85
  • Major Tenants: Tailgators, K&K Liquor Store, Sherwood Animal Clinic, Inc., Desi Delights, Topeka Chiropractic
  • 20,602 Square Foot Neighborhood Strip Center Located in Topeka, Kansas | State Capital with Over 233k People
  • High End Construction Built in in 2006 | Situated on Large 2.85 Acre Lot | Offered Well Below Replacement Cost at $150/SF
  • Strong Mixture of Diversified, Ecommerce-Proof Tenants | Bar/Grill, Liquor & Convenience, Medical, Salon, Home Décor, Tanning Spa, Grocery, and Donuts/Coffee
  • Major Tenants Include Tailgators, K&K Liquor Store, Topeka Chiropractic, Desi Delights Grocery, Paradise Donuts, Sunsations Spa & Tan, Create Hair Studio, and Cambridge Quartz & Granite
  • High Upside Potential Including:
    • Market to Market Rent Opportunity:
    • Well-Below Market Rents Averaging Only $11.85/SF
    • 36% of GLA/5-Tenants Lack Option Terms
    • WALT Only 1.63-Years
    • No Tenants Have More Than 1 Option Term Remaining (Spans 3 to 5 Year Terms)
    • Immediate Backfill Opportunities
    • Currently Two Spaces Available for Immediate Lease-Up – Including: • Sherwood Animal Clinic – Business Winding Down After Recent Passing of Owner (2,311 SF of End-Cap Space –
    • Ability to Install Drive-Thu
    • Suite #110 – Cambridge Quartz & Granite Relocated From This Space in 2025 Measures 2,541 SF
    • Seller Offering Master-Lease Oppurtunities on Both Spaces to Guarantee Rent for Period of Time – Ask Broker for Details
  • Favorable NNN Lease Structures | Recapture of Tax, CAM, Insurance Expenses | 3rd Party Management Fees Reimbursed by Tenants | Minimal Landlord Responsibilities
  • Strategic Development Situated Away from Competing Retail Corridors | Caters Extremely Well to Neighborhoods | Zoning Restrictions and Lack of Developable Land Creates High Barriers to Entry for Future Competition
  • Situated at Hard Corner/Roundabout Seeing Over 17,935 Vehicles Per Day
  • Dense & Mature Demographics | Population Counts of 5,115within 1-Mile, 38,616 within 3-Miles, and 79,640 within 5-Miles | Average Household Income in Excess of $103,000
  • Major Employers in Topeka Include: State of Kansas, Mars Wrigley (Invested Over $750m In Topeka Over Last 10-Years), BNSF Railway, CoreFirst Bank & Trust, Goodyear, Frito-Lay, Evergy, and University of Kansas Health Systems”
  • Topeka is the State Capital of Kansas | 37th Most Populus City in the United States | Less Than an Hour From Kansas City MSA
EXCLUSIVELY LISTED BY:

Zach Turner

Senior Director