2300 E Lincoln St
Wichita, KS 67211
Senseney Music · Retail Property For Sale

This property is exclusively listed by Barry Higgins (303) 328-2012. Please contact him for more information. Marcus & Millichap is pleased to present 2300 East Lincoln Street in Wichita, Kansas. The tenant is Senseney Music which is a local music store that retails musical instruments and provides repair services to musicians. Senseney Music has been in business since 1984 by an experienced music educator. The tenant provides products and services to not only private parties but also local school systems. The asset is 26,450 square feet of double net leased space. The property is a stand alone building that sits on 2.49 acres and is surrounded by parking. 2300 East Lincoln Street had a new roof installed in 2010, the parking lot resurfaced in 2014 and new boilers installed in 2013. The property is located just off of East Lincoln Street and less than 1,000 feet from Interstate-135, making it very accessible for local and out of town clients. The building was constructed in 1972 as a build-to-suit for a financial institution featuring 13,255 square feet on the main floor with a full finished basement, which also contains a vault. The asset would be easily divisible to accommodate perhaps four tenants with the open floor plan. The landlord has minimal exposure with most of the larger ticket improvements already completed. The tenant has occupied the property since 1996 and has five years remaining on the current lease term, as well as “fair market value” escalations in the option periods, creating future upside potential. Wichita is a growing mid-western city of 389,000 people and accommodates the headquarters of numerous nationally recognized companies and installations including Cessna Aircraft, Koch Industries, Spirit Aerosystem, Bombardier Learjet, and McConnell Air Force Base. It is also home of Wichita State University, Kansas State University, and University of Kansas. Wichita metro is home to over 8,000 engineers and engineering technicians which is one of the highest concentrations in the United States. Considering the 100 largest metro areas in the United States, Wichita is number one in manufacturing jobs on a percent of all jobs; number three in percent of manufacturing jobs classified as “high-tech” (2014); number 22 in jobs classified as science, technology, engineering and math (2013). Money magazine listed Wichita as “one of the best cities in the United States to live”. This opportunity is being offered at a 9.05 percent capitalization rate going in with a 12.50 percent cash-on-cash return on current financials.