Description
2013 N SUMMIT ST is a 40,260 SF retail center at 2013 North Summit Street in Arkansas City, KS. Fully leased to Dollar Tree and Westlake Ace Hardware, the Property pairs national retail tenancy with a 9.4 years weighted average lease term.
Built in 1976 on 4.14 acres, the center gives an investor an established retail footprint anchored by tenants serving everyday shopping and home improvement needs. Dollar Tree has occupied space since 2015, and Westlake Ace Hardware since 1998; both have recently renewed their leases. The Property has 100% occupancy, while its 3,487 square feet of decommissioned space is included in Westlake Ace Hardware’s pro rata share. That space creates a distinct opportunity to examine additional rentable area without treating it as current vacancy.
The center sits along the west side of Highway 77 in Arkansas City, where its retail setting includes Walmart and Tractor Supply Co. nearby. Summit Street connects the Property to a concentration of national retailers and restaurants, placing its tenants among other established shopping destinations. The location recorded 11,809 cars per day, giving investors a concrete measure of passing traffic. Arkansas City is also home to Cowley College, adding another identifiable institution within the community the center serves.
The asking price is $2,670,000, or $66 PSF, with in-place NOI of $200,291 and an in-place cap rate of 7.50%. For a buyer focused on existing income, the fully leased center and 9.4 years weighted average lease term define the starting position. The decommissioned space offers a separate avenue to examine alongside that income stream. Review the Offering Memorandum for the tenancy and transaction detail behind the opportunity.
