2308 Kansas Ave Garden City, KS 67846

Property Details for 2308 Kansas Ave

Year built

1987

Lot size

0.17 lot acres

Property size

7,588 SF

Property type

Office Properties & Spaces

Property subtype

Medical offices

Description

This 7,588 square foot medical office building in Garden City, Kansas, presents a compelling investment opportunity. The property is currently 100% occupied by a credit-rated DaVita under a Net Lease agreement with a corporate guarantee. The lease commenced November 1, 2023, and has a remaining term of approximately 3.9 years, with two 5-year renewal options at a 5% rent increase each. The current annual net operating income (NOI) is $42,525, representing a 6.25% cap rate on the asking price of $680,000 ($89.62/sq ft). Built in 1987, the property sits on a 0.17-acre lot and benefits from its location near CommonSpirit St. Catherine Hospital (less than 2 miles away) and Garden City Community College. The property is part of a larger shopping center with other established tenants. This investment offers a stable, long-term income stream with significant upside potential due to below-market rents and future rent increases. The property's strong tenant, long lease term, and strategic location make it an attractive addition to any portfolio. The building is situated in a growing community with a population exceeding 30,000 within a 1-mile radius and average household incomes exceeding $74,000. This presents a unique opportunity to acquire a well-located, income-producing asset with a proven track record of occupancy since March 25, 2013.

Location Insight

City

Garden City

County

Finney

State

Kansas

Longitude

-100.843

Latitude

37.9779