16521 W 119th St
Olathe, KS 66061
Starbucks · Retail Property For Sale

Marcus & Millichap is pleased to present a free standing, corporate guaranteed *NNN Starbucks with a drive-through window and outdoor seating located in the Olathe Gateway shopping center at 16521 W 119th Street in Olathe, Kansas. The subject property was constructed in 2007 and consists of roughly 1,828 rentable square feet of building space situated on two parcels totaling approximately 0.62-acres. The subject property also benefits from two brand new electric vehicle charging stations installed by Charge Point, the world’s largest and most open electric vehicle charging network. Starbucks has spent the last 10 years operating in this location, and has become a seasoned business in the area. The initial 10 year *NNN lease commenced in February 2008 upon completion of the Olathe Gateway shopping center. Starbucks has recently exercised the first two (2) of six(6) five-year options, extending the current term through January 31, 2028. The current annual rent of $78,300 begins on February 1, 2018 and increases by 10% to $86,130 starting February 1, 2023 through January 31, 2028. There are four (4) additional five-year options after the current term, lasting through January 31, 2048. Each five-year option has a strong 10% rental increase. Olathe Gateway, an 85 acre development is home to a new entertainment lifestyle center located in the upper-middle class Kansas City suburb of Olathe, Kansas. Olathe is one of the fastest growing cities in the nation, and was named Thirteenth Best City in which to live in the US by Money Magazine. There are many aspects that make Olathe a premier city, such as; nationally recognized school system, safe and affordable neighborhoods, excellent business climate, abundant parks and recreational opportunities, etc. Olathe Gateway benefits from excellent access to Interstates 35 (directly adjacent to offering) and 435, US Highways 56 and 169, and State Highways K-7, K-10, and K-150. In addition, the Kansas City International Airport is only 25 miles north of the subject property. This offering presents a wonderful passive investment opportunity to acquire fee simple interest in a recently renewed corporate guaranteed 10 year *NNN lease with four (4) additional five year options and 10% rental increases every five years. *Landlord shall maintain, repair and make replacements to the Premises and the Shopping Center. Such repairs, replacements and maintenance shall include (without limitation) (a) the upkeep of the roof, roof membrane and roof systems (gutters, downspouts and the like), foundation, exterior walls, interior structural walls, and all structural components of the Premises and the Shopping Center and (b) the maintenance and repair of all parking areas, sidewalks, landscaping and drainage systems on the Property and all utility systems (including mechanical, electrical, and HVAC systems) and plumbing systems which serve the Shopping Center as a whole and not a particular tenant’s premises. Landlord may allocate the cost of such maintenance and repairs equitably among all tenants.