2031 6th Ave Emporia, KS 66801-6464

Property Details for 2031 6th Ave

Year built

2023

Lot size

0.50 lot acres

Property type

Industrial properties

Property subtype

Industrial live-work properties

APN

195-16-0-20-05-002.02-0

APU

1951602005002020

Description

This exceptional investment opportunity presents a brand-new, 3,000 square foot medical office building in Emporia, Kansas. Located at 2031 W 6th Ave, this property boasts a 100% occupancy rate with a long-term, absolute triple-net (NNN) lease to Xpress Wellness Urgent Care, a tenant recently acquired by Goldman Sachs. The lease commenced August 1, 2023, and extends through July 31, 2038, with a remaining term of approximately 13.7 years. The lease includes annual rent bumps of 1.25% beginning in year three, and three five-year option periods. The tenant provides a corporate guarantee, ensuring a secure investment. The property features a 20-year roof warranty and sits on a 0.44-acre lot. The asking price is $2,251,714, representing a compelling cap rate of 7.00% and a price per square foot of $750.57. The strong demographics of the area, with over 23,979 residents and an average household income exceeding $61,837 within a three-mile radius, further enhance the investment potential. Emporia's strategic location at the intersection of US Route 50 and Interstates 335 and 35 provides excellent accessibility. The property benefits from a vibrant commercial environment, with neighboring tenants including well-known national and regional brands such as Tyson Fresh Meats, O'Reilly Auto Parts, and many more. This is a rare opportunity to acquire a high-quality, net-leased medical office building with significant long-term growth potential. The Net Operating Income (NOI) is $157,620. The building was constructed in 2023.