1625 Wanamaker Rd Topeka, KS 66604

Property Details for 1625 Wanamaker Rd

Year built

1996

Construction

FRAME

Lot size

1.51 lot acres

Property size

3,912 SF

Zone code

C4

Property type

Drive through restaurants

APN

143-05-0-10-02-001.05

APU

143050100200105

Description

This exceptional investment opportunity presents a leased fee interest (land ownership) in a freestanding Chick-fil-A restaurant in Topeka, Kansas. The property boasts a 4,730 square foot building on a 1.51-acre lot, featuring a double drive-thru and ample 83-space parking. Built in 2010, the property benefits from a highly visible location at a signalized, hard corner intersection with over 30,000 vehicles passing daily. The current 15-year lease, commencing September 1, 2016, and expiring August 31, 2031, has approximately 6.8 years remaining, with six 5-year renewal options. The lease is an absolute NNN (triple net) structure, meaning zero landlord responsibilities. The tenant, Chick-fil-A, Inc., provides a corporate guarantee and has demonstrated long-term commitment with a planned 2023 remodel. The lease includes 10% rental increases every five years, ensuring consistent NOI growth and inflation protection. The property's strong location within a dense retail corridor, anchored by Kohl's and Barnes & Noble, and proximate to major interstates (I-70 and I-470), contributes to its high visibility and accessibility. The surrounding area boasts a robust demographic profile, with over 92,000 residents and 77,000 daytime employees within a 5-mile radius, and an average household income exceeding $96,000 within a 3-mile radius. The property's current NOI is $115,500, resulting in a 4.05% cap rate, and the asking price is $2,850,000 ($602.54 per square foot). The property is zoned C4: Commercial District and has an APN of 143-05-0-10-02-001.05. This is a truly exceptional, low-management investment opportunity with a strong tenant and significant upside potential.