Goddard School - LoopNet · 2019. 11. 26. · OPPORTUNITIES Anthony Martino started Goddard School franchise in 1988 (after starting AAMCO Transmissions in 1967, now with 600+ locations,

www.cbre.us/kansascity

15040 W 138TH STREET, OLATHE, KS 66051

Capital Markets | Investment Properties

FOR SALE

Goddard School

+ Lease to a new early childhood school while collecting rent from Goddard.

+ Repurpose the property to a single or multi-tenant office use.

OPPORTUNITIES

Anthony Martino started Goddard School franchise in 1988 (after starting AAMCO Transmissions in 1967, now with 600+ locations, and MAACO autobody and paint in 1972, now with 500+ locations). With 500+ schools Goddard is now Entrepreneur Magazines #1 Childcare Franchise in the USA.

Olathe was 1 of only 2 schools Anthony held in his personal real estate portfolio underscoring the value of the location. The locations success has funded the construction of a new facility nearly twice as big. Goddard vacates April 30, 2020.

Olathe, KS (Kansas City metro)

PRICE - $1,400,000

PROPERTY HIGHLIGHTS

+ Built in 2001

+ 6,768 sf building

+ 39 parking spaces (5.76/1,000 sf)

+ List Price = $1,400,000

+ Current rent -$28 psf nnn ($15,824/mo)

+ Expires 4-30-2020, tenant will vacate

+ New Roof 2019






+ Built in 2001

+ 6,768 sf building

+ 39 parking spaces (5.76/1,000 sf)

+ List Price = $1,400,000

+ Current rent -$28 psf nnn ($15,824/mo)

+ Expires 4-30-2020, tenant will vacate

+ New Roof 2019

+ Currently use - Goddard School

+ Current capacity 110 kids

+ 1.15 acre lot zoned “C2”

+ Sold debt free

+ Construction - concrete slab, wood frame, brick/stucco exterior, insulated glass

+ Central Heating Ventilation & Air Conditioning

+ Located 1.5 miles east of I-35 providing prompt access to the metropolitan highway system with some of the lowest commute times in the country

+ * 135th & Blackbob intersection o Retail – 939,000 sf of retail, 1% vacant, average asking base rent is $24.39 psf nnn o Office – 73,000 sf, 1.1% vacant, average asking base rent is $21.50 psf nnn Source: CoStar Survey November 2019

PROPERTY HIGHLIGHTS






Imagery ©2019 Google, Imagery ©2019 Maxar Technologies, U.S. Geological Survey, USDA Farm Service Agency, Map data ©2019 200 ft

15040 W 138th St

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Immediate surroundings include valuable services and amenities – post office, multiple grocery stores, Walmart, multiple banks, multiple fast food and casual dining, auto repair, multiple hospitals, 356 multi-family units, single family neighborhoods, approximately 75,000 sqft of office buildings, multiple car washes, self-storage, plus over 900,000 sqft of other retail services.

8TH LARGEST GROWTH RATE FOR NORTH AMERICA TECH TALENT LABOR POOLSFROM 2013 TO 2018.

450 BASIS-POINTS (OVER LAST 5 YEARS)

OFFICE MARKET OCCUPANCY

INCREASE

STRONG U.S. OFFICE MARKET

The Kansas City office market is comprised of 52.4 million square feet. Class A space accounts for 20.5 million square feet, about 39% of the market’s total inventory. Our market vacancy rate sits at 13.2%. Year-to-date 2019 total net absorption reached 374,050 sq. ft., nearly twice the 2018 net absorption total. The suburban market Year-to-date net absorption of 326,505 sq. ft. exceeded both 2017’s and 2018’s net absorption total for the year.

Overall asking rates have steadily increased since 2017 ending Q3 2019 at $20.59. Asking rates in the overall market increased by 5.3% ($1.03) year-over-year. Tightening market conditions continue to influence asking lease rates as vacancy rates have declined for four consecutive years.

SF SUBMARKET

17.4 M South Johnson County

12.4 M Downtown

5.4 M North Johnson County

4.5 M North Kansas City

3.9 M South Kansas City

3.3 M Plaza

3.1 M East Kansas City

1.4 M Midtown

0.9 M Kansas City, KS

KANSAS CITY OFFICE SUBMARKETS (SF)

Source: CBRE Research, Q1 2018

37.5% (32.5% NATIONAL AVG.)

WORKFORCE WITH BACHELORS DEGREE OR

HIGHER

MARKETVIEW KANSAS CITY OFFICE

Source: CBRE Research, Q1 2018.

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Vacancy Rate (%) Asking Lease Rate ($/SF)

$10.00

$11.00

$12.00

$13.00

$14.00

$15.00

$16.00

$17.00

$18.00

10.0

12.0

14.0

16.0

18.0

20.0

22.0

24.0

26.0

28.0

30.0

2013 2014 2015 2016 2017 Q1 2018

Vacancy Rate Asking Lease Rate

HIGHEST GAIN OF TECH TALENT IN THE MIDWEST AS OF 2018.

Lease Rate Vacancy Rate2013 $16.75 15.1%2014 $17.39 14.0%2015 $17.91 13.8%2016 $18.24 12.7%2017 $19.30 12.8%2018 $19.67 13.3%

Q3 2019 $20.59 13.2%

11.0%

11.5%

12.0%

12.5%

13.0%

13.5%

14.0%

14.5%

15.0%

15.5%

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

2013 2014 2015 2016 2017 2018 Q32019Lease Rate Vacancy Rate

VACANCY RATES AND ASKING LEASE RATES






NAME INDUSTRY EMPLOYEES

Sprint Information 6000

Black & Veatch Engineering 3100

Johnson County Community College Education Services 2400

OptumRx Health Care & Social Assistance 2000

Waddell & Reed Financial Inc. Finance & Insurance 1369

Overland Park Regional Medical Center Health Care & Social Assistance 1300

City of Overland Park Government 1200

YRC Worldwide Transportation & Logistics 1000

US Bank Banking 850

Quintiles Health Care & Social Assistance 750

Farmers Insurance Finance & Insurance 2,000+

Garmin Technology 2,000+

Johson County Government Government 2,000+

Olathe Health Health Care & Social Assistance 2,000+

Honeywell Aerospace Manufacturer 1,000 to 1,999

City of Olathe Government 500 to 999

FAA/Air Route Traffic Control Government & Public Administration 500 to 999

MidAmerica Nazarene University Education Services 500 to 999

Sysco Food Services of Kansas City, Inc. Accomodation & Food Services 500 to 999

TransAm Trucking Inc. Transportation & Logistics 500 to 999

MAJOR KANSAS CITY SOUTH JOHNSON COUNTYREGIONAL EMPLOYERS

MAJOR HEADQUARTERS IN KANSAS CITY

DEMOGRAPHIC BRIEF

15040 W 138TH ST

1 MILE 3 MILES 5 MILES

2019 Population - Current Year Estimate 10,420 105,591 214,492

2024 Population - Five Year Projection 10,787 110,186 227,723

2010 Population - Census 9,866 97,438 190,850

2000 Population - Census 6,885 78,572 150,029

2010-2019 Annual Population Growth Rate 0.59% 0.87% 1.27%

2019-2024 Annual Population Growth Rate 0.69% 0.86% 1.20%

2019 Households - Current Year Estimate 3,698 37,833 78,666

2024 Households - Five Year Projection 3,832 39,409 83,317

2010 Households - Census 3,480 35,086 70,424

2000 Households - Census 2,156 27,233 53,709

2010-2019 Annual Household Growth Rate 0.66% 0.82% 1.20%

2019-2024 Annual Household Growth Rate 0.71% 0.82% 1.16%

2019 Average Household Size 2.82 2.77 2.71

2019 Average Household Income $114,342 $110,711 $114,786

2024 Average Household Income $129,138 $125,077 $129,112

2019 Median Household Income $101,222 $85,938 $89,533

2024 Median Household Income $110,983 $99,391 $102,061

2019 Per Capita Income $39,857 $39,682 $42,123

2024 Per Capita Income $44,988 $44,734 $47,254

22001199 HHoouussiinngg UUnniittss 33 ,, 777733 3399 ,,339999 8822 ,,119999

2019 Vacant Housing Units 75 2.0% 1,566 4.0% 3,533 4.3%

2019 Occupied Housing Units 3,698 98.0% 37,833 96.0% 78,666 95.7%

2019 Owner Occupied Housing Units 2,586 68.5% 24,595 62.4% 52,512 63.9%

2019 Renter Occupied Housing Units 1,112 29.5% 13,238 33.6% 26,154 31.8%

22001199 PPooppuullaattiioonn 2255 aanndd OOvveerr 66 ,, 778822 6677 ,,773399 113399 ,,446699

HS and Associates Degrees 2,554 37.7% 27,473 40.6% 53,150 38.1%

Bachelor's Degree or Higher 4,033 59.5% 37,012 54.6% 80,132 57.5%

2019 Businesses 318 2,771 7,647

2019 Employees 4,933 42,839 116,253

©2019 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are forexample only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the propertyfor your needs. Source: Esri Page 1 ProjectID:508554

POPULAT ION

HOUSEHOLDS

HOUSEHOLD INCOME

HOUS ING UN ITS

EDUCAT ION

PLACE OF WORK






CONTACT US

Doug McFadden, CCIM First Vice President +1 816 968 5829 doug. [email protected]

Travis, Unthank Senior Associate +1 816 968 5860 [email protected]

© 2019 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners, and the use of such logos does not imply any affiliation with or endorsement of CBRE. Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited.

+ Great Owner/User or Investor opportunity

+ Excellent move-in ready school

+ In-place income through April 30, 2020 – Goddard School

+ Can be converted to single or multi-tenant office space Call now to arrange a tour.

FOR SALE

Goddard School Olathe, KS (Kansas City metro)

Documents

Goddard School - LoopNet · 2019. 11. 26. · OPPORTUNITIES Anthony Martino started Goddard School franchise in 1988 (after starting AAMCO Transmissions in 1967, now with 600+ locations,