- Triple Net Lease - No Landlord Responsibilities
- New 15 Year Lease With 2% Annual Rental Increases
- Strong Gas Sales Supported By Location Off Hwy 69
- One - Ten Year Option To Extend Initial Term
- Operator Has Personal Guarantee (Operates Nine Locations)
- Over 10,000 Residents Within Five Miles With An Average Household Income of $133,087
The investment consists of a 2,887 square foot, single tenant gas station and convenience store. The building was built in 1967 and sits on a 2.37 Acre parcel. The operator just signed a 15 year lease with one - ten year lease extension option. Currently there are over 14 years remaining. Each September 1st the rent will increase 2% throughout the existing term and during the option if picked up. The structure of the lease is triple-net leaving the landlord with no responsibilities whatsoever. The tenant pays for taxes, insurance, cam, repairs and replacements.
The operator of this location has nine stores and has signed a personal guarantee.
The subject property is located directly off highway 69 and is the only gas station directly off highway 69. Stilwell is a small unincorporated community in Johnson County Kansas. It is a southern outlying suburb of Kansas City. Within five miles of the subject property there are over 10,000 residents with an average household income of $133,087.