Flex Space with
For Sale
$950,000
450 N Iowa Street, Lawrence, KS 66049
Commercial Sale, Lawrence, KS
Property Size11,000 SF
Lot Size1.16 Acres
Price / SF$86.36
Days on Market72
Property Features for 450 N Iowa Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
PD
Rooms
Kitchen
Parking
40
Window features
Double Pane Windows
Interior features
Restrooms, Wired for Phone, Wired for Computer, High Speed Internet
Accessibility
Accessible Approach with Ramp
Appliances
Refrigerator
Lot features
Landscaped
Subdivision
LAWRENCE 1
Standard status
Active
Lot size
1.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Please see Offer Instructions.
Legal Description
Please see Offer Instructions.
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Flooring type
Concrete, Carpet
Building materials
Steel Siding, Stucco, Metal Siding
Listing Agency:
STEPHENS REAL ESTATE, INC
(785) 841-4500
Listed By:
RANDY RUSSELL
(785) 331-7954
Added: Jul 1
Changed: Aug 19
Last Checked: Sep 10 at 1:06AM
MLS# 165980
Copyright © 2026 Lawrence Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex property includes two steel-framed metal buildings totaling approximately 11,000 square feet on approximately 1.16 acres. The approximately 5,400-square-foot first building offers a flexible retail-office layout with rear garage and service bays and is currently vacant. The approximately 5,600-square-foot warehouse contains an open floor plan and a mezzanine covering approximately half of the building; it is currently leased. One building received a new roof in 2025, and the property was built in 2000.
Located approximately 1/4 mile from highway access, the property is about 20 minutes from Topeka and about 30 minutes from the Kansas City metropolitan area. Zoning is PD. Additional features include public water and sewer, central air, natural-gas heating, restrooms, concrete and carpet flooring, and an accessible approach with ramp.
Located approximately 1/4 mile from highway access, the property is about 20 minutes from Topeka and about 30 minutes from the Kansas City metropolitan area. Zoning is PD. Additional features include public water and sewer, central air, natural-gas heating, restrooms, concrete and carpet flooring, and an accessible approach with ramp.
Key Highlights
- Approximately 11,000+/- SF across two metal buildings on 1.16+/- acres
- Approximately 5,400 SF retail‑office building with rear garage/service bays
- Approximately 5,600 SF open warehouse with mezzanine over approximately half the building
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$73,749
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.76%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,474,980
$1.5M
Cap Rate 7%
$1,053,557
$1.1M
Cap Rate 9%
$819,433
$819.4K
Market Conditions
NOI Build-Up for 11,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$112.2K $10.20/SF
− Vacancy
−$6.8K −$0.62/SF
EGI
$105.4K $9.58/SF
− OpEx
−$31.6K −$2.87/SF
NOI
$73.7K $6.70/SF
Area
Douglas County, KS
Vacancy
6.10%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,474,980
Cap Rate 7%
$1,053,557
Cap Rate 9%
$819,433
Alternative Uses
Best Use
Retail
$3.24M
$2.83M – $3.78M
NOI $226,590 @ 7.0% cap · market cap 23.85%
Second Best
Office B
$2.34M
$2.05M – $2.73M
NOI $164,092 @ 7.0% cap · market cap 17.27%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
114
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 66049, KS
32,131
Population
15,405
Households
2.1
Avg Household Size
37
Median Age
62%
College-Educated
96%
High-School Grad
45.2 sq mi
ZIP Area
711
Density / Sq Mi
$90,755
Median Household Income
$49,826
Median Earnings
$1,145
Median Rent
$362,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Two metal buildings combine vacant retail-office space with a leased warehouse and convenient highway connectivity.
Where is this flex space located?
The property is located at 450 N Iowa Street Lawrence, KS.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Approximately 11,000+/- SF across two metal buildings on 1.16+/- acres; Approximately 5,400 SF retail‑office building with rear garage/service bays; Approximately 5,600 SF open warehouse with mezzanine over approximately half the building
