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Bldg 1 625 N Carriage Pky 37,029 SF 100% Leased Retail Building Wichita, KS 67208 $3,366,464 ($90.91/SF) 10% Cap Rate
INVESTMENT HIGHLIGHTS
- Value-Add Investment Opportunity / Below Replacement Costs ($94 PSF)
- Above Market Return - Carriage at Village Parkway is priced at 10.0% cap rate (in-place)
- Ideally Located Shopping Destination - Near Downtown, Airport, and Wichita State University
- Carriage at Village Parkway is currently 75% occupied, allowing the new investor the ability to increase occupancy and income through lease-up.
- High Traffic / Main Thoroughfare Location
- There are over 214,980 permanent residents living within a 5 mile radius of the Subject Property
EXECUTIVE SUMMARY
Value-Add Investment Opportunity / Below Replacement Costs ($94 PSF)
Carriage at Village Parkway is currently 65% occupied, allowing the new investor the ability to increase occupancy and income through lease-up.
Above Market Return - Carriage at Village Parkway is priced at 10.0% cap rate (in-place)
High Traffic / Main Thoroughfare Location
The Subject Property is located off Central Avenue (31,487 VPD), which is a main thoroughfare road within the overall trade area and leads directly into Downtown Wichita
Located within 1 mile of US Route 400 (77,000 VPD)
Ideally Located Shopping Destination - Near Downtown, Airport, and Wichita State University
Located 1.5 Miles from Wichita State University
Located 3 Miles from Downtown Wichita
Located 8 Miles from Dwight D. Eisenhower National Airport
Infill / Dense Demographics
There are over 214,980 permanent residents living within a 5 mile radius of the Subject Property
Wichita Top Rankings
The Greater Wichita region is a region on the rise, regularly appearing at the top of national rankings across a wide range of industry and quality of life indicators.
#1 for Growth of Jobs Over the last 10 years; 2009-2019 (Brookings, 2020)
Top 10 in Growth of Business Productivity Over the last 10 years; 2009-2019 (Brookings 2020)
Named one of the Best-Ran Cities in the U.S. Based on financial stability, education, healthy, safety, economy, infrastructure and pollution (WalletHub 2023)
Wichita is the 4th Best City to Move to in 2024 based on housing, crime rates, air quality, quality of education, median income, employment rates, weather, entertainment establishments, average commute time and net migration to the city. (Forbes 2024)
Carriage at Village Parkway is currently 65% occupied, allowing the new investor the ability to increase occupancy and income through lease-up.
Above Market Return - Carriage at Village Parkway is priced at 10.0% cap rate (in-place)
High Traffic / Main Thoroughfare Location
The Subject Property is located off Central Avenue (31,487 VPD), which is a main thoroughfare road within the overall trade area and leads directly into Downtown Wichita
Located within 1 mile of US Route 400 (77,000 VPD)
Ideally Located Shopping Destination - Near Downtown, Airport, and Wichita State University
Located 1.5 Miles from Wichita State University
Located 3 Miles from Downtown Wichita
Located 8 Miles from Dwight D. Eisenhower National Airport
Infill / Dense Demographics
There are over 214,980 permanent residents living within a 5 mile radius of the Subject Property
Wichita Top Rankings
The Greater Wichita region is a region on the rise, regularly appearing at the top of national rankings across a wide range of industry and quality of life indicators.
#1 for Growth of Jobs Over the last 10 years; 2009-2019 (Brookings, 2020)
Top 10 in Growth of Business Productivity Over the last 10 years; 2009-2019 (Brookings 2020)
Named one of the Best-Ran Cities in the U.S. Based on financial stability, education, healthy, safety, economy, infrastructure and pollution (WalletHub 2023)
Wichita is the 4th Best City to Move to in 2024 based on housing, crime rates, air quality, quality of education, median income, employment rates, weather, entertainment establishments, average commute time and net migration to the city. (Forbes 2024)
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Retail
Building Size
37,029 SF
Building Class
B
Year Built
1984
Price
$3,366,464
Price Per SF
$90.91
Cap Rate
10%
NOI
$336,646
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.31
Lot Size
2.73 AC
Zoning
Limited Commercial
Parking
147 Spaces (1.38 Spaces per 1,000 SF Leased)
Frontage
430’ on N N Carriage Pky Pky
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 126-13-0-43-02-001.00D | Improvements Assessment | $304,075 |
| Land Assessment | $92,950 | Total Assessment | $397,025 |
