Ground Lease to Casey's - Topeka
$1,890,000
1404 Southwest 17th Street, Topeka, KS 66604
5
Cap Rate
94,536
NOI
Details:
Description:
Offered for sale is a .85 acre parcel leased to Casey's (NASDAQ: CASY) who improved the site with a 4,583 sf convenience store with gas. It's part of a multi-tenant, neighborhood retail center, Campus Center, currently being redeveloped. The center was originally developed in 1967 with a Kwik Shop convenience store that operated uninterrupted until late 2024 when it was closed to make way for this newly constructed Casey's. Since this is a ground lease, and Tenant funded all improvements, the acquisition price is less than half of a comparable built-to-suit investment. This allows investors to control well over $4m worth of real estate for under $2m.
Casey's hard corner location shares the intersection with Washburn University, Apartments, Hotels, and neighborhood retailers while being surrounded by single family homes.
Low cost basis
Low Risk, High Security - $1,890,000 purchases this land that Tenant paid to improve with more than $2m of value
10% rent bumps every 5 years
Year Built 2025
Fortune 500 Tenant with a market cap of approximately $20B as of July - 2025
Documents:
| Title | ||
|---|---|---|
| Casey's Offering Memorandum - final | ||
| CoPilot lease abstract | ||
| Tenants Right of First Offer disclosure |
Location
Gallery
