Cap Rate: 9.40%
Net Operating Income: $305,919
Square Footage: 14,732
Lot Size: 1.91 AC
Market: Kansas City
The subject property is the leasehold interest in a ground (offering the Tenant position in a ground lease) and a leased fee interest in the improvements to Duluth Holdings, Inc. (offering the landlord position in a lease with Duluth Holdings, Inc.). The ground lease (commenced in November 2016) expires in October 2041 and comes with five, 5-year options. The lease with Duluth commenced (commenced in November 2016) expires in October 2031 and comes with four, 5-year options.
Independence is the fifth-largest city in the U.S. state of Missouri. It lies within Jackson County, of which it is the county seat. Independence is a satellite city of Kansas City, Missouri, and is part of the Kansas City metropolitan area. In 2010, it had a total population of 116,830.
Independence is known as the “Queen City of the Trails” because it was a point of departure for the California, Oregon, and Santa Fe Trails. Independence was also the hometown of U.S. President Harry S. Truman; the Truman Presidential Library and Museum is located in the city, as are the gravesites of Truman and First Lady Bess Truman. The city is also sacred to many Latter Day Saints, as the home of Joseph Smith’s 1831 Temple Lot, and the headquarters of several Latter Day Saint factions.