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The Mills Building 901 S Kansas Ave 92,389 SF 100% Leased Office Building Topeka, KS 66612 $8,950,000 ($96.87/SF) 9.86% Cap Rate
INVESTMENT HIGHLIGHTS
- 100% leased to State of Kansas tenants
- Strategic location adjacent to the State Capitol and near I-70
- 11+ Year WALT
- Renovated in 2016
EXECUTIVE SUMMARY
Newmark Zimmer, as exclusive advisor, is pleased to present the Mills Building (the “Property”), located at 901 S Kansas Avenue, Topeka, Kansas. The property is 100% leased to five State of Kansas tenants with a 11+ Year WALT. The Property is being offered at a 9.86% cap rate, for $8,950,000 ($97.00/SF), offering compelling returns. The Property is 65% leased to the Kansas Department of Revenue (KDOR) through 2041–committing to over $17M of revenue for the property. Other tenants include the Kansas Attorney General and the Kansas Department of Administration.
Originally built in 1911, the property was renovated in 2016. The Property is located in Downtown Topeka, one block from the State Capitol, and three blocks from I-70. Office occupancy in Topeka has remained strong historically, averaging 4.5% in the last decade.
Originally built in 1911, the property was renovated in 2016. The Property is located in Downtown Topeka, one block from the State Capitol, and three blocks from I-70. Office occupancy in Topeka has remained strong historically, averaging 4.5% in the last decade.
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Building Size
92,389 SF
Building Class
B
Year Built/Renovated
1911/2016
Price
$8,950,000
Price Per SF
$96.87
Cap Rate
9.86%
NOI
$882,621
Percent Leased
100%
Tenancy
Multiple
Building Height
7 Stories
Typical Floor Size
13,198 SF
Building FAR
6.06
Lot Size
0.35 AC
Opportunity Zone
Yes
Zoning
C5 - Commercial
AMENITIES
- Signage
1 1
Walk Score®
Very Walkable (79)
Bike Score®
Very Bikeable (88)
PROPERTY TAXES
| Parcel Number | 109-31-0-40-13-001-000 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,453,600 |
PROPERTY TAXES
Parcel Number
109-31-0-40-13-001-000
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,453,600
CONTACTS
-
Michael VanBuskirk SIOR, CCIM,CRE -
Christopher Robertson, CCIM -
Raegen Kersey -
Newmark Zimmer
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VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
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The Mills Building | 901 S Kansas Ave
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