3920 21st St Topeka, KS 66604-3357

Property Details for 3920 21st St

Year built

1987

Construction

CONCRETE BLOCKS

Lot size

0.72 lot acres

Property size

3,120 SF

Zone code

C4

Property type

Drive through restaurants

APN

142-03-0-40-14-006.00

APU

142030401400600

Description

This exceptional investment opportunity presents a fee-simple ownership of a 3,146 square foot retail building, currently leased to KFC under a triple-net (NNN) lease. Located at 3920 SW 21st St, Topeka, KS 66604, this property boasts a strong 5.75% cap rate, generating a substantial net operating income (NOI) of $58,049.64 annually. The lease, originally commenced on April 30, 2017, has a remaining term of 7 years, extending to April 29, 2032, providing long-term financial stability. Built in 1987 and renovated in 2017, the property sits on a 0.72-acre lot and includes 37 parking spaces, catering to the needs of the tenant and its customers. The C-4 zoning ensures flexibility for future uses. The property's prime location across from the Veterans Affairs campus (1,544 employees) and 1.2 miles from Washburn University (8,000 students and faculty) guarantees high visibility and a substantial customer base. The surrounding area benefits from a dense residential and daytime population, with 75,580 residents and 46,832 daytime workers within a 3-mile radius. The current annual rent is attractive and below current market rates for comparable tenants, offering significant potential for future rent increases. This passive income-generating asset presents a compelling investment opportunity with minimal landlord responsibilities. The property's APN is 1420304014006000. The asking price is $1,010,000.