El Dorado Centre2733 West Central Avenue, El Dorado, KS 67042
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PROPERTY INFORMATION 3
LOCATION INFORMATION 7
FINANCIAL ANALYSIS 12
SALE COMPARABLES 19
DEMOGRAPHICS 24
ContentsConfidentiality & DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictlyconfidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichapand should not be made available to any other person or entity without the written consent ofMarcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverifiedinformation to prospective purchasers, and to establish only a preliminary level of interest in thesubject property. The information contained herein is not a substitute for a thorough due diligenceinvestigation. Marcus & Millichap has not made any investigation, and makes no warranty orrepresentation, with respect to the income or expenses for the subject property, the futureprojected financial performance of the property, the size and square footage of the property andimprovements, the presence or absence of contaminating substances, PCB's or asbestos, thecompliance with State and Federal regulations, the physical condition of the improvements thereon,or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions tocontinue its occupancy of the subject property. The information contained in this MarketingBrochure has been obtained from sources we believe to be reliable; however, Marcus & Millichaphas not verified, and will not verify, any of the information contained herein, nor has Marcus &Millichap conducted any investigation regarding these matters and makes no warranty orrepresentation whatsoever regarding the accuracy or completeness of the information provided.All potential buyers must take appropriate measures to verify all of the information set forth herein.
Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant orlessee identified in this marketing package. The presence of any corporation’s logo or name is notintended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation ofMarcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listingof Marcus & Millichap, and is solely included for the purpose of providing tenant lessee informationabout this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS
Special COVID-19 NoticeAll potential buyers are strongly advised to take advantage of their opportunities and obligations toconduct thorough due diligence and seek expert opinions as they may deem necessary, especiallygiven the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus &Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of anyprospective purchaser. Marcus & Millichap’s principal expertise is in marketing investmentproperties and acting as intermediaries between buyers and sellers. Marcus & Millichap and itsinvestment professionals cannot and will not act as lawyers, accountants, contractors, or engineers.All potential buyers are admonished and advised to engage other professionals on legal issues, tax,regulatory, financial, and accounting matters, and for questions involving the property’s physicalcondition or financial outlook. Projections and pro forma financial statements are not guaranteesand, given the potential volatility created by COVID-19, all potential buyers should be comfortablewith and rely solely on their own projections, analyses, and decision-making.)
El Dorado Centre2733 West Central Avenue, El Dorado, KS 67042
TABLE OF CONTENTS
Section 1 PROPERTY INFORMATION
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DEMOGRAPHICS 1 MILE 3 MILES 5 MILESTotal Households 1,282 4,526 7,005
Total Population 3,304 11,450 17,613
Average HH Income $49,516 $50,948 $54,581
PROPERTY OVERVIEW
Marcus & Millichap is pleased to offer the opportunity to acquire a 13,805-square foot, Walmart shadow-anchored,
multi-tenant retail center in El Dorado, Kansas. Currently 85 percent occupied with a strong tenant base of primarily
national tenants, El Dorado Centre offers potential upside to an investor.
OFFERING SUMMARYSale Price: $1,878,900
Building Size: 13,805 SF
Price / SF: $136.10
Cap Rate: 7.03%
Current NOI: $132,123
Pro Forma Cap Rate: 9.27%
Pro Forma NOI: $174,210
Year Built: 2005
El Dorado Centre2733 West Central Avenue, El Dorado, KS 67042
PROPERTY INFORMATION | EXECUTIVE SUMMARY
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PROPERTY DESCRIPTION
Marcus & Millichap is pleased to offer the opportunity to acquire a 13,805-square foot,
Walmart shadow-anchored, multi-tenant retail center in El Dorado, Kansas. El Dorado
Centre is anchored by Cato and has a complementary mix of internet-resistant tenants.
Other tenants include AT&T, Great Clips, Jimmy John's, and Big E Vapor. The center is 85
percent occupied, and all current leases are triple-net leases. Constructed in 2005, the
center is situated on a 1.5-acre lot. Recent property improvements include a new roof in
2017 with a 20-year warranty, new exterior painting, and new pylon signage.
LOCATION DESCRIPTION
El Dorado Centre is located on West Central Avenue near the signalized intersection with
South Village Road. Traffic counts exceed 16,800 vehicles per day in front of the property.
The center is shadow-anchored by Walmart Supercenter and directly across from
Sutherlands. Other national retailers in the area include Dollar Tree, Hibbett Sports,
AutoZone, Orscheln Farm & Home, Goodwill, Citizens Bank, Verizon Wireless, Pizza Hut,
Days Inn, Holiday Inn, Community Bank, Burger King, and more.
El Dorado Centre is less than two miles from Butler Community College. Butler Community
College is the second largest community college in Kansas with six campus locations. The
location in El Dorado serves a student population of more than 8,300 students per year.
El Dorado is the county seat of Butler County. The city is located 32 miles north of Wichita,
the largest city in Kansas. The population within five miles of the property exceeds 17,600
residents. El Dorado is home The El Doardo Refinery, the largest refinery in the state of
Kansas. The refinery produces more than 135,000 barrels per day with production split
between gasoline, diesel, jet fuel, asphalt, and other refined petroleum products.
El Dorado Centre2733 West Central Avenue, El Dorado, KS 67042
PROPERTY INFORMATION | PROPERTY DESCRIPTION
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BUILDING INFORMATIONOccupancy % 85%
Tenancy Multiple
Year Built 2005
County Butler
Ownership Type Fee Simple
PROPERTY HIGHLIGHTS• 13,805-Square Foot, Multi-Tenant Retail Center
• Shadow-Anchored by Walmart Supercenter
• 85% Occupied | All Leases are Triple-Net
• 71% of the Gross Leasable Area has National Tenants
• Cato is a Publicly-Traded Company
• AT&T has a Strong Franchisee Guaranty from AT&T's Largest Authorized Retailer in theUnited States with More Than 2,000 Locations
• Building has an Attractive Facade and is Situated on a 1.5-Acre Lot with Ample Parking
• Recent Property Improvements Include a New Roof in 2017, Exterior Paint and NewPylon Sign installed in 2018
• Near the Signalized Intersection of West Central Avenue and South Village Road
• Traffic Counts are Approximately 16,800 Vehicles per Day in Front of the Property
• Nearby Traffic Drivers Include Walmart, Sutherlands, Dollar Tree, Advance America,Days Inn, Holiday Inn, AutoZone, Orscheln Farm & Home, Goodwill and More
• Less than Two Miles from Butler County Community College | Estimated Enrollment of8,300 Students
• Located 32 Miles Northwest of Wichita | Wichita is the Largest City in Kansas
• El Dorado is the County Seat of Butler County
El Dorado Centre2733 West Central Avenue, El Dorado, KS 67042
PROPERTY INFORMATION | COMPLETE HIGHLIGHTS
Section 2 LOCATION INFORMATION
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El Dorado Centre
El Dorado Centre2733 West Central Avenue, El Dorado, KS 67042
LOCATION INFORMATION | REGIONAL MAP
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El Dorado Centre2733 West Central Avenue, El Dorado, KS 67042
LOCATION INFORMATION | AERIAL MAPS
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El Dorado Centre2733 West Central Avenue, El Dorado, KS 67042
LOCATION INFORMATION | AERIAL MAPS
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El Dorado Centre2733 West Central Avenue, El Dorado, KS 67042
LOCATION INFORMATION | AERIAL MAPS
Section 3 FINANCIAL ANALYSIS
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INVESTMENT OVERVIEW CURRENT PRO FORMAPrice $1,878,900 $1,878,900
Price per SF $136.10 $136.10
CAP Rate 7.03 % 9.27 %
OPERATING DATA CURRENT PRO FORMAGross Income $208,807 $252,566
Operating Expenses $76,684 $78,356
Net Operating Income $132,123 $174,210
FINANCING DATA CURRENT PRO FORMADown Payment $1,878,900 $1,878,900
Loan Type All Cash All Cash
El Dorado Centre2733 West Central Avenue, El Dorado, KS 67042
FINANCIAL ANALYSIS | FINANCIAL SUMMARY
INCOME SUMMARY CURRENT PER SF PRO FORMA PER SF
Base Rent $148,590 $10.76 $148,590 $10.76
Vacant Space at Market Rents $0 $0.00 $25,620 $12.00
Real Estate Taxes Reimbursements $44,271 $3.21 $52,370 $3.79
Insurance Reimbursements $3,006 $0.22 $3,556 $0.26
Common Area Maintenance Reimbursements $9,834 $0.71 $12,430 $0.90
Management Fee Reimbursements $3,106 $0.22 $10,000 $0.72
GROSS INCOME $208,807 $15.13 $252,566 $18.30
EXPENSE SUMMARY CURRENT PER SF PRO FORMA PER SF
Real Estate Taxes $52,370 $3.79 $52,370 $3.79
Insurance $3,556 $0.26 $3,556 $0.26
Water & Sewer $3,597 $0.26 $3,597 $0.26
Landscaping $1,890 $0.14 $1,890 $0.14
Trash Removal $336 $0.02 $336 $0.02
Snow Removal $2,525 $0.18 $2,525 $0.18
Day Porter $1,566 $0.11 $1,566 $0.11
Electricity $1,420 $0.10 $1,420 $0.10
Repairs & Maintenance $1,096 $0.08 $1,096 $0.08
Management Fee $8,328 $0.60 $10,000 $0.72
GROSS EXPENSES $76,684 $5.55 $78,356 $5.68
NET OPERATING INCOME $132,123 $9.57 $174,210 $12.62
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El Dorado Centre2733 West Central Avenue, El Dorado, KS 67042
FINANCIAL ANALYSIS | INCOME & EXPENSES
TENANTNAME
UNITSIZE (SF)
% OFGLA
LEASESTART
LEASEEND
ANNUALRENT
ESCDATE
PRICEPER YEAR
LEASETYPE OPTION
Cato 3,600 26.08 3/01/05 1/31/26 $44,100
2/1/2025
$12.25
$13.48
NNN None
Big E Vapor Shops 1,800 13.04 7/23/18 7/31/21 $15,000 $8.33 NNN (1) 3-Year @ $9.33/$9.67/$10.00
Great Clips 1,200 8.69 6/23/16 8/31/26 $15,600
7/1/2021
$13.00
$13.65
NNN (2) 5-Year @ $14.33/$15.00
AT&T 2,920 21.15 6/24/08 8/23/21 $49,640 $17.00 NNN (2) 5-Year @ $18.70/$20.68
Jimmy John's 2,150 15.57 11/26/18 8/31/24 $23,650 $11.00 NNN (3) 5-Year $12.65/$14.55/$16.73
Vacant 2,135 15.47 $0 $0.00
Totals/Averages 13,805 $147,990 $10.72
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El Dorado Centre2733 West Central Avenue, El Dorado, KS 67042
FINANCIAL ANALYSIS | RENT ROLL
TENANT NAME UNIT SIZE (SF) % OF GLA COVID AGREEMENTCato 3,600 26.08 Tenant agreed to extend the lease expiration date an additional 12 months, expiring on January 31, 2026. Tenant received a
Rent Abatement during May and June, 2020. Base Rent for the months of July 1, 2020 - January 31, 2025 shall be $3,675/month, and for the months of February 1, 2025 - January 31, 2026 Base Rent shall be $4,042.50/month.
Great Clips 1,200 8.69 Tenant was granted a Rent Deferment for the months of April and May, 2020; the lease expiration date was extended for an additional two months through August 31, 2026. Base Rent for the months of June 1, 2020 - June 30, 2021 shall be $1,300/month, and for the months of July 1, 2021 - August 31, 2026 Base Rent shall be $1,365.
AT&T 2,920 21.15 Tenant was granted a Rent Abatement and paid 50% of Base Rent for two months (April and May 2020).
Jimmy John's 2,150 15.57 Tenant was granted a Rent Deferment for the months of April and May 2020; the lease expiration date was extended for an additional two months through August 31, 2024 (the "Extended Term"). Commencing on April 1, 2020, Tenant shall provide Landlord with a written report on an annual basis, of annual gross sales receipts for the preceding Lease Year, attributable to the operation of Tenant's business on the Premises.
COVID-19 TENANT AGREEMENTS
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El Dorado Centre2733 West Central Avenue, El Dorado, KS 67042
FINANCIAL ANALYSIS | COVID-19 TENANT AGREEMENTS
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El Dorado Centre2733 West Central Avenue, El Dorado, KS 67042
FINANCIAL ANALYSIS | SITE PLAN
CATO
AT&T
Cato is an American retailer of women's fashions and accessories. Cato operates morethan 1,370 stores under the names Cato, Cato Plus, It's Fashion, It's Fashion Metro, andVersona. Based in Charlotte, North Carolina, Cato is a public company whose stock istraded on the New York Stock Exchange under the symbol CATO.
LOCATIONS 1,370+
SQ. FT. 3,600
TENANT TRADE NAME CATO | NYSE
AT&T Inc is the world's largest provider of mobile telephone services. As of 2018, AT&T isranked #9 on the Fortune 500 rankings of the largest United States Corporations by totalrevenue. Based in Dallas, Texas, AT&T is a public company whose stock is traded on TheNew York Stock Exchange under the symbol T.
The location at El Dorado Centre is franchised by Spring Mobile c/o PrimeCommunications, AT&T's largest authorized retailer in the United States with more than2,000 locations.
LOCATIONS 16,000+
SQ. FT. 2,920
TENANT TRADE NAME T | NYSE
JIMMY JOHN'S
Jimmy John's is an American owned sandwich fast food franchise that specializes indelivery. Jimmy John's is a subsidiary of Inspire Brands, which also owns Buffalo WildWings, Arby's, Sonic Drive-In, and Rusty Taco.
The location at El Dorado Centre is franchised by Before the Hunt, LLC d/b/a Jimmy John'sand the franchisor’s sole location
LOCATIONS 2,800+
SQ. FT. 2,150
GREAT CLIPS
Great Clips is a hair salon franchise with locations in the United States and Canada. The location at El Dorado Centre is franchised by Shear Energy, Inc. d/b/a Great Clips andis the franchisor’s sole location
LOCATIONS 4,100+
SQ. FT. 1,200
JIMMY JOHN'S
OPTIONS (3) 5-Year $12.65/$14.55/$16.73
OPTIONS (2) 5-Year @ $18.70/$20.68OPTIONS (2) 5-Year @ $14.33/$15.00
GUARANTOR Corporate GUARANTOR Personal (4)
GUARANTOR PersonalGUARANTOR Spring Mobile c/o Prime Communications
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El Dorado Centre2733 West Central Avenue, El Dorado, KS 67042
FINANCIAL ANALYSIS | TENANT INFORMATION
Section 4 SALE COMPARABLES
SUBJECT PROPERTY
2733 West Central Avenue | El Dorado, KS 67042
$1,878,900Sale Price: 1.5 ACLot Size:
2005Year Built: 13,805 SFBuilding SF:
$136.10Price PSF: 7.03%Cap:
$132,123NOI:
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STARBUCKS | AT&T RETAIL CENTER
11661 East Kellogg Drive | Wichita, KS 67207
$3,650,000Sale Price: 1.25 ACLot Size:
2005Year Built: 8,186 SFBuilding SF:
$445.88Price PSF: 6.27%CAP:
11/19/2018Closed: 100%Occupancy:
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WALMART PAD - BAUER FARM
565 Wakarusa Drive | Lawrence, KS 66049
$5,096,048Sale Price: 1.98 ACLot Size:
2018Year Built: 10,850 SFBuilding SF:
$469.68Price PSF: 6.37%CAP:
03/31/2020Closed: 100%Occupancy:
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El Dorado Centre2733 West Central Avenue, El Dorado, KS 67042
SALE COMPARABLES | SALE COMPS
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SHOPS OF REGENCY LAKES
2413 North Greenwich Road | Wichita, KS 67226
$5,405,000Sale Price: 1.5 ACLot Size:
2015Year Built: 14,000 SFBuilding SF:
$386.07Price PSF: 6.55%CAP:
03/22/2018Closed: 100%Occupancy:
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AT&T STRIP CENTER
1903 North 14th Avenue | Dodge City, KS 67801
$1,700,000Sale Price: 0.68 ACLot Size:
2001Year Built: 5,200 SFBuilding SF:
$326.92Price PSF: 6.97%CAP:
06/15/2018Closed: 100%Occupancy:
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METCALF COMMONS
11625-11635 Metcalf Avenue | Overland Park, KS 66210
$2,050,000Sale Price: 1.67 ACLot Size:
1996Year Built: 13,500 SFBuilding SF:
$151.85Price PSF: 7%CAP:
08/14/2018Closed: 100%Occupancy:
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El Dorado Centre2733 West Central Avenue, El Dorado, KS 67042
SALE COMPARABLES | SALE COMPS
SUBJECT PROPERTY PRICE BLDG SF PRICE/SF CAP SALE DATE
El Dorado Centre
2733 West Central Avenue
El Dorado, KS 67042
$1,878,900 13,805 SF $136.10 7.03% -
SALE COMPS PRICE BLDG SF PRICE/SF CAP SALE DATE
Starbucks | AT&T Retail Center11661 East Kellogg Drive
Wichita, KS 67207
$3,650,000 8,186 SF $445.88 6.27% 2018-11-19
Walmart Pad - Bauer Farm565 Wakarusa Drive
Lawrence, KS 66049
$5,096,048 10,850 SF $469.68 6.37% 2020-03-31
Shops of Regency Lakes2413 North Greenwich Road
Wichita, KS 67226
$5,405,000 14,000 SF $386.07 6.55% 2018-03-22
AT&T Strip Center1903 North 14th Avenue
Dodge City, KS 67801
$1,700,000 5,200 SF $326.92 6.97% 2018-06-15
Metcalf Commons11625-11635 Metcalf Avenue
Overland Park, KS 66210
$2,050,000 13,500 SF $151.85 7.0% 2018-08-14
PRICE BLDG SF PRICE/SF CAP SALE DATE
Totals/Averages $3,580,210 10,347 SF $346.01 6.63%
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El Dorado Centre2733 West Central Avenue, El Dorado, KS 67042
SALE COMPARABLES | SALE COMPS SUMMARY
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1 STARBUCKS | AT&TRETAIL CENTER11661 East Kellogg DriveWichita, KS 67207
2 WALMART PAD - BAUERFARM565 Wakarusa DriveLawrence, KS 66049
3 SHOPS OF REGENCYLAKES2413 North Greenwich RoadWichita, KS 67226
4 AT&T STRIP CENTER1903 North 14th AvenueDodge City, KS 67801
5 METCALF COMMONS11625-11635 Metcalf AvenueOverland Park, KS 66210
2733 West Central Avenue | El Dorado, KS 67042SUBJECT PROPERTY
El Dorado Centre2733 West Central Avenue, El Dorado, KS 67042
SALE COMPARABLES | SALE COMPS MAP
Section 5 DEMOGRAPHICS
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POPULATION 1 MILE 3 MILES 5 MILESTotal Population 3,304 11,450 17,613
Average age 33.1 34.7 36.3
Average age (Male) 31.6 32.6 34.4
Average age (Female) 37.0 38.2 39.0
HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILESTotal households 1,282 4,526 7,005
# of persons per HH 2.6 2.5 2.5
Average HH income $49,516 $50,948 $54,581
Average house value $173,176 $120,974 $132,758
ETHNICITY (%) 1 MILE 3 MILES 5 MILESHispanic 3.1% 4.1% 4.1%
RACE 1 MILE 3 MILES 5 MILES% White 92.8% 93.1% 92.5%
% Black 0.0% 0.7% 1.0%
% Asian 1.3% 0.8% 0.5%
% Hawaiian 0.0% 0.0% 0.0%
% American Indian 1.7% 1.2% 1.3%
% Other 2.7% 2.3% 1.8%* Demographic data derived from US Census
El Dorado Centre2733 West Central Avenue, El Dorado, KS 67042
DEMOGRAPHICS | DEMOGRAPHICS MAP & REPORT
El Dorado Centre2733 West Central Avenue, El Dorado, KS 67042
DEMOGRAPHICS | BACK LRG
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