2548 S Seneca St Wichita, KS 67217

Property Details for 2548 S Seneca St

Year built

1965

Lot size

0.50 lot acres

Property size

4,000 SF

Property type

Strip malls

Property subtype

Neighborhood centers

APN

087-213-05-0-22-04-015.01

APU

87213050220401501

Description

This exceptional investment opportunity presents a fee-simple, 4,000 square foot retail property in Wichita, Kansas, currently 100% occupied by a Little Caesars and a Wingstop, both top-performing franchisees in the state according to Placer.AI. The property boasts a strong location with over 31,000 vehicles per day passing the intersection of Seneca Street and Pawnee Avenue. Built in 2022 and recently renovated, the single-story building is situated on a half-acre lot and benefits from an absolute NNN lease structure with a remaining term of 11 years, expiring September 30, 2035. The lease includes a 5% rent increase every five years, providing built-in growth potential. The current Net Operating Income (NOI) is $118,980, with a pro-forma NOI of $124,929, yielding a 6.50% cap rate and a pro-forma cap rate of 6.83%. The asking price is $1,830,000, translating to $457.50 per square foot. The property's strategic location is further enhanced by its proximity to Wichita State University, Newman University, and Friends University, ensuring a consistent customer base. This is a rare opportunity to acquire a high-performing, well-located, and stable NNN investment property with significant upside potential. The property is zoned for commercial use.