Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1516 23Rd St Lawrence, KS 66046

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    High-traffic location, excellent visibility. Lease this 4,000 sq ft space.

    Property size:
    6,960 SF

    Property Features for 1516 23Rd St

    General Information

    Property type
    Retail properties & Spaces
    Square Feet
    6,960 SF
    Lot Size
    43,560 SF

    Building Details

    Year Built
    2000

    We can help!

    Listing Contact
    Jake Steven
    Jake Steven

    Listing Agency: Reece Nichols South Central Kansas Listing Agent: Jake Steven

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional retail opportunity is located at 1516 W 23rd Street in Lawrence, Kansas. The 4,000 square foot space is part of a larger building constructed in 2000, offering excellent signage and high visibility due to its placement in a high-traffic area. The lease rate is $12.00 per square foot, triple net (NNN), with estimated net operating expenses of $6.00 per square foot. The total building size is 6,960 square feet, situated on a one-acre lot. A successful and established Two Brothers BBQ restaurant is a neighboring tenant, providing additional foot traffic and brand synergy. This property presents a fantastic chance for businesses seeking a prominent location with strong visibility and a desirable neighboring tenant. The space is ideal for a variety of retail uses and offers significant potential for growth and success. The property is available for lease immediately. Serious inquiries only.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Hog Wild Pit ... Take-out & Catering

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Lawrence
    County
    Douglas
    State
    Kansas
    Longitude
    -95.25323
    Latitude
    38.94306

    Nearby Similar for Sale

    • New
      $681,000
      2,728 SF

      Clock House Estate on 5 Acres

      Unique property with a clock tower, metal building, and shop.
      417 Highway 40 West, Lawrence, KS 66049
      View Details
    • New
      $420,000
      2,640 SF

      Lawrence, KS Fourplex Investment

      Fully occupied fourplex in a strong rental location.
      730 W 25Th St, Lawrence, KS 66046
      View Details
    • New
      $399,000
      2,650 SF

      Turnkey Triplex in Lawrence, Kansas

      Well-maintained triplex with immediate income in a strong rental market.
      3226 Cardinal Dr, Lawrence, KS 66046
      View Details
    • New
      $295,000
      1,361 SF

      Two Homes on Spacious Lot

      Two properties on a quarter-acre lot near Kansas University.
      1214-16 W 21St St, Lawrence, KS 66046
      View Details
    • New
      $275,000
      0.13 Acres

      Old West Lawrence Duplex Opportunity

      Rare duplex near campus, downtown, and parks in Lawrence.
      614 Alabama St, Lawrence, KS 66044
      View Details
    • $270,000

      Unique Investment Property Near Lawrence

      Investment opportunity with income potential near Lawrence, Kansas.
      25388 Chieftain Rd, Lawrence, KS 66044
      View Details
    • Contact for pricing
      9,281 SF

      Lawrence Office/Retail Property For Sale

      Two buildings near University of Kansas campus, ideal for retail/office.
      2116 West 25Th St, Lawrence, KS 66047
      View Details
    • $1,640,000
      2,952 SF

      Lawrence Retail Building For Sale

      NNN leased retail investment opportunity in downtown Lawrence, Kansas.
      8 W 8Th St, Lawrence, KS 66044
      View Details
    • Contact for pricing
      9,281 SF

      Lawrence Office/Retail Property For Sale

      Office and retail buildings near the University of Kansas campus.
      Lawrence, KS 66047
      View Details
    • $3,520,000
      22,000 SF

      Modern Industrial Facility with Storage

      22,000 SF industrial property with storage on 3.5 acres.
      1110 E 23Rd St, Lawrence, KS 66046
      View Details
    • Contact for pricing
      23,200 SF

      Retail Anchor Space For Sale

      Prime retail space in Lawrence, Kansas, near University of Kansas.
      2329 Iowa St, Lawrence, KS 66046
      View Details
    • Contact for pricing
      6,100 SF

      Retail Property For Sale

      Retail property with high visibility and traffic in Lawrence, Kansas.
      1804 W 6Th St, Lawrence, KS 66044
      View Details

    FAQs

    What type of property is this?
    Retail property - High-traffic location, excellent visibility. Lease this 4,000 sq ft space.
    Where is this retail property located?
    The property is located at 1516 23Rd St Lawrence, KS.
    What is the asking price?
    The asking price for this property is $4,000.
    (316) 260-5900
    Request Owner's contact information
    1516 23Rd St Lawrence, KS 66046
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1516 23Rd St
    Lawrence, KS 66046
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    1516 23Rd St Lawrence, KS 66046
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Jake Steven
    Jake Steven
    (316) 260-5900 (316) 708-5960 (316) 978-9777
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!