2601 S Oliver - Office FOR SALE


Wichita, KS 67210- Southeast Wichita
$11,000,000 USD
859-907-2006
2601 S Oliver, Wichita, KS for Sale
$11,000,000 USD
Office - FOR SALE
1/6
null | 7.8% Cap Rate

2601 S Oliver
Wichita, KS 67210
Southeast Wichita


HIGHLIGHTS

  • Secure Long-Term Lease Through 2035
  • Built-In Rental Growth
  • Rare Modified NNN Lease Structure
  • Recently Renovated

OVERVIEW

The Ficke Team of Colliers is pleased to present the exclusive investment opportunity to acquire The State of Kansas Department for Children and Families – Wichita Regional Headquarters office located at 2601 South Oliver Street in Wichita, KS. The Kansas DCF Regional Headquarters offers investors over 97,532 square feet of office space and is 100% leased to the Kansas Department for Children and Families (DCF) providing investors with a premium credit investment vehicle (S&P AA-) encumbered by 20 year total lease term inclusive of two (5-year) renewal options. Originally constructed in 1961, the property was previously occupied by Boeing and the U.S. Postal Service prior to the State of Kansas taking occupancy on July 1, 2015 following an extensive renovation-to-suit for DCF’s Regional Headquarters. The property’s roof and structure were built with reinforced concrete and a new Carlisle roof installed in September 2019. The subject property is one of four total DCF Regional Headquarter locations throughout Kansas and oversees the DCF mission in the following 4 counties: Sedgwick, Butler, Pratt and Cowley. Generating approximately $857,538 in annual Net Operating Income with below-market rents in place, investors will realize significant cash-flow with minimal operating expense exposure due to the modified-NNN lease structure. Tenant bears sole responsibility for operating costs including utilities, property management, repairs and maintenance, parking lot maintenance, landscaping, snow removal, irrigation system maintenance, and janitorial. Owner responsibilities include roof, structure, HVAC replacement, and liability insurance. All other items will be billed to the Tenant. Investors will realize significant upside as the rents increase every 5 years inclusive of the two (5-year) option periods available in the current lease.

FOR SALE DETAILS

PRICE

$11,000,000 USD

PRICE/SF

$113 USD /SF

CAP RATE

7.8%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Department For Children & Families

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

C

YEAR BUILT

1961

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

16.56 AC

LAND SF

721,354 SF

ZONING

LC

APN/PARCEL ID

211-02-0-14-01-001.01,211-02-0-14-01-002.01

ASK ABOUT THIS PROPERTY

Geoff FickeColliersMore Info
859-907-2006

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Geoff FickeColliersMore Info
859-907-2006

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.