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    7523 SW 21st St Topeka, KS 66615

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    Claim this Listing
    For Sale
    $1,495,000

    COMMERCIAL - Topeka, KS

    Lot size:
    16.00 Acres
    Added:
    Jan 27, 2026
    Days on Market:
    97
    Last Refresh:
    May 4 at 7:06 pm

    Property Features for 7523 SW 21st St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Special Permit,Other
    Parking
    40
    Parking features
    Parking Lot
    Standard status
    Active
    APN
    R54032
    Lot size
    16.00 Acres

    Taxes and HOA fees

    Tax Annual Amount
    9214

    Utilities

    Utilities
    Electricity Available
    Heating system
    Electric (Heating), Central
    Water source
    Public

    Building Details

    Floors in Building
    1

    We can help!

    Listing Contact
    Cole Boling

    Listing agent Cole Boling License #SP00227945

    Listing office KW One Legacy Partners, LLC 2655 SW Wanamaker Rd Suite A, Topeka, KS

    Listing date Jan 27, 2026

    MLS# 242807

    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.

    Overview

    Versatile Land with Dual Frontage

    This 16-acre commercial property is located at the corner of 21st Street and Indian Hills Road in Topeka, Kansas, offering approximately 1700+ feet of frontage on each road. The property is zoned RR-1, allowing for commercial and industrial use. City sewer is available nearby, subject to annexation. The site has flat topography, excellent access, and corner exposure. Currently, the property operates as an outdoor recreation facility, which includes a clubhouse, outbuilding, storage shed, gravel parking lot, perimeter fencing, a driving range with 15 mats, an 18-hole mini putt-putt course, and 6 baseball/softball batting machines. The property is suited for commercial pads, mixed-use development, recreational expansion, service retail, light industrial, or long-term land investment. Dual road frontage allows for multiple access points and favorable site planning options. The existing use helps reduce entitlement risk by establishing precedent for public assembly and commercial activity. The site is free of floodplain or known environmental concerns.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Corner21 Co Sports Gym & Fitness Center Pure Golf Topeka Golf Course

    Suggested Use

    Real Estate Agency Law Firm Spa & Massage Center Big Box & Wholesale Store Hair Salon Nail Salon Gym & Fitness Center Skin Care Clinic Kitchen & Bath Showroom Food Market

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Topeka
    County
    Shawnee
    State
    Kansas
    Longitude
    -95.796887
    Latitude
    39.0282016

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    FAQs

    What type of property is this?
    Commercial land - 16-acre commercial land with income potential in Topeka, Kansas.
    Where is this commercial land located?
    The property is located at 7523 SW 21st St Topeka, KS.
    What is the asking price?
    The asking price for this property is $1,495,000.
    What are key features of this property?
    This property features: Prime 16+\/- acre commercial corner lot with dual frontage on 21st Street and Indian Hills Road (1700+ feet of frontage on each).; Existing income‑producing recreational improvements demonstrate high‑traffic commercial use and provide interim income.; Zoned RR‑1 with commercial and industrial use potential, allowing for diverse development options.
    (785) 230-5513
    We can help!
    Listing Contact
    Cole Boling
    Real Estate License ID: SP00227945
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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