Current Use by Public Records
- Warehouses
Property Details for 0 Merriam Ln
- Year built
- 1920
- Lot size
- 5.05 lot acres
- Property type
- Warehouses
- Property subtype
- Industrial properties
Description
This exceptional investment opportunity presents a 10,800-square-foot warehouse situated on a 5.05-acre lot in Merriam, Kansas. The property, located at 1129 Merriam Lane, boasts convenient access to major interstates I-35, I-635, and Highway 69. Built in 1920 and renovated in 1973, the warehouse features an 18-foot ceiling height, one loading dock, and two dock-high doors. Currently 100% leased to Forshaw, Inc. under a triple-net (NNN) lease, the property offers a strong, stable income stream. The five-year lease includes two five-year renewal options, ensuring long-term cash flow. Landlord responsibilities are limited to structural repairs/replacement and parking lot maintenance. The current Net Operating Income (NOI) stands at $70,632, yielding an 8.50% cap rate at the asking price of $830,964. Annual rent escalations are tied to the Consumer Price Index (CPI), providing further protection against inflation. The property is zoned M-3, offering flexibility for future use. This is a compelling investment opportunity with significant upside potential. The property's strong tenant, favorable lease terms, and strategic location make it an attractive addition to any portfolio.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Merriam
- County
- Johnson
- State
- Kansas
- Longitude
- -94.6959
- Latitude
- 39.0185
