Buildout-Ready Flex
For Sale
$74,000
611 S Topeka AVE, Lyndon, KS 66451
Commercial Sale, Lyndon, KS
Property Size1,218 SF
Price / SF$60.76
Days on Market129
Property Features for 611 S Topeka AVE
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
D-1 Downtown Mixed Use
Parking features
On Street
Subdivision
Lyndon
Directions
Near 6th & S Topeka Ave
Standard status
Active
APN
7348
Taxes and HOA fees
Tax Annual Amount
2122
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Water source
Public
Building Details
Floors in Building
1
Flooring type
Concrete
Roof type
Flat
Listing Agency:
KW One Legacy Partners, LLC · Keller Williams Realty
(785) 246-8075
Listed By:
John Ringgold · License #00051961
(785) 806-2711
Added: May 1
Changed: Aug 19
Last Checked: Sep 6 at 1:06AM
MLS# 244299
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 1,218-square-foot flex space is a framed commercial shell ready for interior buildout. The 21-foot-wide by 58-foot-long layout includes 14-foot ceilings, a concrete floor, and a flat roof. Rooftop furnace and AC equipment are in place, along with brand new ductwork, reducing the need for major mechanical installation.
The property is located at 611 S Topeka Ave in downtown Lyndon and is zoned D-1 Downtown Mixed Use. Public water and public sewer serve the property, natural gas is available, and parking is provided on street. The space offers a straightforward foundation for a commercial interior configured to the eventual occupant’s requirements.
The property is located at 611 S Topeka Ave in downtown Lyndon and is zoned D-1 Downtown Mixed Use. Public water and public sewer serve the property, natural gas is available, and parking is provided on street. The space offers a straightforward foundation for a commercial interior configured to the eventual occupant’s requirements.
Key Highlights
- 1,218 sq ft framed commercial shell
- 21' wide by 58' long interior dimensions
- 14' ceilings with concrete flooring
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
$5,681
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
7.68%
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%
$113,620
$113.6K
Cap Rate 7%
$81,157
$81.2K
Cap Rate 9%
$63,122
$63.1K
Market Conditions
NOI Build-Up for 1,218 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
$9.5K $7.80/SF
− Vacancy
−$760 −$0.62/SF
EGI
$8.7K $7.18/SF
− OpEx
−$3.1K −$2.51/SF
NOI
$5.7K $4.66/SF
Area
Osage County, 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%
$113,620
Cap Rate 7%
$81,157
Cap Rate 9%
$63,122
Alternative Uses
Best Use
Retail
$100.9K
$88.3K – $117.7K
NOI $7,060 @ 7.0% cap · market cap 9.54%
Second Best
Flex RnD
$81.2K
$71.0K – $94.7K
NOI $5,681 @ 7.0% cap · market cap 7.68%
Theoretical Best
Self Storage
$137.4K
$120.2K – $160.3K
NOI $9,617 @ 7.0% cap · market cap 13.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14 ft
Clear height
Location Intelligence
Trade Area within ½ mile
136
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 66451, KS
1,709
Population
746
Households
2.3
Avg Household Size
39
Median Age
24%
College-Educated
96%
High-School Grad
78.2 sq mi
ZIP Area
22
Density / Sq Mi
$77,708
Median Household Income
$38,879
Median Earnings
$686
Median Rent
$155,700
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Framed commercial shell with rooftop HVAC, concrete flooring, and public water and sewer service.
Where is this flex space located?
The property is located at 611 S Topeka AVE Lyndon, KS.
What is the asking price?
The asking price for this property is $74,000.
What are key features of this property?
This property features: 1,218 sq ft framed commercial shell; 21' wide by 58' long interior dimensions; 14' ceilings with concrete flooring
