600 33Rd St Wichita, KS 67204

Property Details for 600 33Rd St

Year built

2022

Lot size

0.85 lot acres

Property size

9,180 SF

Property type

Retail space

Property subtype

Storefront properties

Description

This exceptional investment opportunity presents a 9,180-square-foot, single-tenant retail building in Wichita, Kansas, currently leased to Family Dollar. The property, constructed in 2022, sits on a 0.85-acre lot at 600 W 33rd St N, boasting excellent visibility due to its corner location on Arkansas Avenue and West 33rd Street North, with combined daily traffic of 3,626 vehicles. Its strategic location, approximately one mile south of I-235 (46,463 VPD) and one mile west of I-135, further enhances its accessibility and visibility. The property benefits from a strong demographic profile, situated in a middle-class area with over 140,455 residents within a five-mile radius and an average household income exceeding $65,300. Proximity to Wichita State University (approximately 3.5 miles) with nearly 17,000 students adds to the property's appeal. The current lease with Family Dollar is a 10-year net lease, commencing September 8, 2022, and expiring September 30, 2032, with six five-year renewal options and rental increases at each option period. The property offers a compelling 8.00% cap rate and a Net Operating Income (NOI) of $107,468. The asking price is $1,340,000, representing a below-replacement cost opportunity, making it an attractive redevelopment prospect. The surrounding area features a mix of national and local retailers, including Aldi, Walmart, Starbucks, Dillons, and several restaurants, creating a vibrant retail environment. This property offers a secure, high-yield investment with significant long-term potential.