Remodeled Flex Space with Overhead
For Sale
$550,000
5100 S Topeka BLVD, Topeka, KS 66609
Commercial Sale, Topeka, KS
Property Size4,000 SF
Price / SF$137.50
Days on Market34
Property Features for 5100 S Topeka BLVD
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I-1 Light Industrial
Parking features
Parking Lot
Directions
From 45th and Topeka Blvd go south, address on east side
Standard status
Active
APN
R43227
Taxes and HOA fees
Tax Annual Amount
2750
Utilities
Heating system
Natural Gas, Central, Electric (Heating)
Amenities
overhead doors
fenced parking area
Building Details
Year built
1930
Floors in Building
2
Roof type
Flat
Listing Agency:
KW One Legacy Partners, LLC · Keller Williams Realty
(785) 246-8075
Listed By:
Richard Brown · License #422001964
(785) 608-3234
Added: Aug 4
Changed: Sep 4
Last Checked: Sep 6 at 8:06AM
MLS# 245906
Copyright © 2026 Sunflower Association 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 in South Topeka provides nearly 4,000 square feet of remodeled commercial space arranged for varied operational needs. The interior includes office areas, a retail floor, and a warehouse or shop component with overhead doors. A fenced rear parking area accommodates trucks and trailers, while a separate parking lot serves the property.
Positioned along S Topeka Boulevard in Topeka, the building offers exposure from a primary commercial corridor. The property is zoned I-1 Light Industrial and was constructed in 1930. Building systems include electric heating, natural gas, and central heating, with a flat roof configuration.
Positioned along S Topeka Boulevard in Topeka, the building offers exposure from a primary commercial corridor. The property is zoned I-1 Light Industrial and was constructed in 1930. Building systems include electric heating, natural gas, and central heating, with a flat roof configuration.
Key Highlights
- Nearly 4000 sq ft of remodeled commercial space
- Office areas, retail floor, and warehouse/shop configuration
- Overhead doors serving the warehouse or shop area
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
$18,658
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
3.39%
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%
$373,160
$373.2K
Cap Rate 7%
$266,543
$266.5K
Cap Rate 9%
$207,311
$207.3K
Market Conditions
NOI Build-Up for 4,000 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
$31.2K $7.80/SF
− Vacancy
−$2.5K −$0.62/SF
EGI
$28.7K $7.18/SF
− OpEx
−$10.0K −$2.51/SF
NOI
$18.7K $4.66/SF
Area
Topeka, KS
Vacancy
8.00%
Lease Rate
$7.80 /SF/Yr
Expense Ratio
35.00%
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%
$373,160
Cap Rate 7%
$266,543
Cap Rate 9%
$207,311
Alternative Uses
Best Use
Flex RnD
$266.5K
$233.2K – $311.0K
NOI $18,658 @ 7.0% cap · market cap 3.39%
Second Best
Office B
$194.0K
$169.7K – $226.3K
NOI $13,579 @ 7.0% cap · market cap 2.47%
Theoretical Best
Self Storage
$451.2K
$394.8K – $526.4K
NOI $31,584 @ 7.0% cap · market cap 5.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
125
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 66609, KS
7,519
Population
3,832
Households
2
Avg Household Size
39
Median Age
29%
College-Educated
94%
High-School Grad
12.5 sq mi
ZIP Area
602
Density / Sq Mi
$63,949
Median Household Income
$46,378
Median Earnings
$1,050
Median Rent
$108,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - I-1 Light Industrial property combining office, retail, warehouse, and shop areas with fenced rear parking.
Where is this flex space located?
The property is located at 5100 S Topeka BLVD Topeka, KS.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Nearly 4000 sq ft of remodeled commercial space; Office areas, retail floor, and warehouse/shop configuration; Overhead doors serving the warehouse or shop area
