1935 Wanamaker Rd Topeka, KS 66604
- Retail properties
- 15,600 SF
- 2.54 lot acres
Current Use by Public Records
- Retail properties
Property Details for 1935 Wanamaker Rd
- Year built
- 2024
- Lot size
- 2.54 lot acres
- Property size
- 15,600 SF
- Property type
- Retail properties
- Property subtype
- Retail space
Description
This exceptional investment opportunity presents a fee-simple interest in a brand-new, 15,600 square foot La-Z-Boy storefront located at 1935 SW Wanamaker Rd, Topeka, KS 66604. The property sits on a 2.54-acre lot and includes 37 parking spaces. Secured by a corporate guaranteed, triple-net (NNN) lease with La-Z-Boy (NYSE: LZB), this single-tenant property boasts a 10-year initial term commencing October 10, 2024, and expiring October 31, 2034, with four 5-year renewal options. Rent increases by 10% every five years. Landlord responsibilities are limited to roof and parking lot replacement, and structural repairs. The tenant is responsible for all other maintenance and repairs. The property benefits from a new 20-year roof warranty and a concrete parking lot with a 20+ year useful life. The asking price is $5,614,000, representing a 7.00% cap rate and a net operating income (NOI) of $393,000. This prime outparcel enjoys high visibility in Topeka's #1 retail corridor, adjacent to West Ridge Mall, which is undergoing a major transformation. The location benefits from high traffic counts on SW Wanamaker Road and proximity to major retailers including Walmart, Chick-fil-A, Home Depot, Kohl's, Hobby Lobby, Chili's, Olive Garden, and Panda Express. The property is zoned PUD, C4 and was built in 2024. This is a strong investment opportunity in a thriving retail location with a stable, corporate tenant.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Topeka
- County
- Shawnee
- State
- Kansas
- Longitude
- -95.7632
- Latitude
- 39.0305
