Causal Dining Restaurant    

Longhorn Steakhouse
(Ground Lease)

 Olathe (Kansas City), KS 

Asking Price

$2,904,000

Cap Rate

5.50%

For more details on this exclusive listing

By submitting the form, you agree to the terms and conditions of our Confidential Disclaimer.

Icon_guarantee_shield-1

Signator

Corporate

NNN-Icon

NNN Lease

Expense Structure

Icons_BuildSize-SqFt-Icon

Building Size

5,800 SF

Icons_Growth

Rent Increases

10% Every 5 Years

Outparcel-White-Icon

Land Size

0.32 AC

INVESTMENT HIGHLIGHTS

  • Top of Class Casual Dining Concept
    Longhorn Steakhouse ranks as the 5th out of all national casual dining brands in terms of Average Unit Volume (AUV) and ranked 3rd in terms of AUV per square foot. The lease rate is also well under market for the area and on a national concept level. 
  • Strong Performing Location | Top 4 Location in the State of Kansas According to Placer.AI
    In 2023, Longhorn Steakhouse's national Average Unit Volume (AUV) was reported at $4.91MM. According to Placer.ai, this Property has reported sales of $5.1MM and over 200,000 visits. Additionally, the location is ranked 4th in the state of Kansas.
  • Recent Lease Extension | Tenant Commitment to Location
    Longhorn Steakhouse recently extended it’s original lease by an additional 6 years, bringing the current term to 10 years. This is a strong indication of Longhorn Steakhouse’s continuing commitment to the location. 
  • Adjacent Morgan's Wonderland Amusement Park and Sports Complex Development | 725K Expected Annual Visitors
    The Property sits on the corner of the upcoming Morgan's Wonderland Amusement Park and Sports Arena and Complex. The $300 million project is initially projecting $145 million in Gross Annual Sales, which includes a 5,000 seat multi-sports arena, an 18 acre ultra-accessible Amusement Park, a 150 room hotel, and 120,000 square feet of restaurants and retail. The site is expected to host 725,000 visitors annually. 
  • Passive Income Investment | 10% Increases Every 5 Years
    Longhorn Steakhouse operates under a NNN lease, leaving little responsibility to the Landlord and creating a passive income investment. Additional 10% increases every 5 years, and 3 x 5 year options, provide a hedge against inflation with this investment.
  • Outstanding Location | Bustling Retail Corridor
    Longhorn Steakhouse benefits from its prime location adjacent to Bass Pro Shops, which generates over $20 million in annual sales and attracts nearly 500,000 visitors each year. Nearby, Home Depot ranks as the 6th top-performing location in Kansas, contributing to the area's high traffic volume. The property is also situated just half a mile from the Amazon Sortation Center, which employs approximately 300 individuals on-site.
  • Prime Accessibility and Visibility to I-35 | 54.6 Million Annualized Traffic Count | Hard Signalized Corner 
    The Property sits along W 119th Street, which sees 31,409 vehicles per day, and is nearby the I-35 freeway, which sees 118,076 vehicles per day, benefiting from a combined 54.6 MM annualized traffic count.
  • 10 Hotels Less than a Mile from the Property | Over 1,000 Rooms
    The Property is half a mile from 10 hotels, with an estimated count of 1,038 rooms. Longhorn Steakhouse benefits from additional traffic to and from hotels and the surrounding area.

Exclusively Listed By: Northmarq National Restaurant Group

Matt Lipson

Senior Vice President
  mlipson@northmarq.com      (503) 307-0382

Mike Philbin

Senior Vice President
  mphilbin@northmarq.com      (858) 877-9847

Maggie Holmes

Senior Vice President
  mholmes@northmarq.com      (404) 823-6752

Chad Byerly

Kansas Broker #BR00236011

Northmarq

6120 S Yale Ave, Suite 300
Tulsa, OK 74136


northmarq.com