12-Unit Apartment
For Sale
$720,000
111 Northwest Hardt Avenue, Topeka, KS 66608
Multifamily property offering private entrances, in-unit laundry hookups, separate electric metering, and off-street parking.
Property Size9,078 SF
Price / SF$79.31
Days on Market274
Property Features for 111 Northwest Hardt Avenue
General Information
Standard status
Active
Size
9,078 SF
Total Parking Spaces
12
Property subtype
MULTIFAMILY / Apartment Building
Zoning
M-2 Multi-Family
Taxes and HOA fees
Annual Taxes
$5,522
Amenities
Slab
Composition
Frame
Building Details
Year Built
1988
Listing Agency:
KW One Legacy Partners, LLC
(785) 230-2131
Listed By:
Tracy Bailey · License #422001918
(785) 230-2131
Source:
Compass
Added: Nov 30, 2025
Changed: Aug 29
Last Checked: Aug 29 at 11:46PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KW One Legacy Partners, LLC
Investment Insights
Based on property information with market context.
This 9,078-square-foot apartment property contains 12 units with exterior private entrances and washer and dryer hookups in every unit. Each residence is separately metered for electric service, while off-street parking serves the property. Built in 1988, the building has frame construction with composition exterior materials and slab interiors.
The property is zoned M-2 Multi-Family and is located in North Topeka within the Seaman School District. The sale is offered as-is.
The property is zoned M-2 Multi-Family and is located in North Topeka within the Seaman School District. The sale is offered as-is.
Key Highlights
- 12 units within a 9,078‑square‑foot apartment property
- Exterior private entrances provide direct access to each unit
- Washer and dryer hookups included in all units
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
$63,749
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
8.85%
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%
$1,274,980
$1.3M
Cap Rate 7%
$910,700
$910.7K
Cap Rate 9%
$708,322
$708.3K
Market Conditions
NOI Build-Up for 9,078 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
$122.0K $13.44/SF
− Vacancy
−$6.1K −$0.67/SF
EGI
$115.9K $12.77/SF
− OpEx
−$52.2K −$5.75/SF
NOI
$63.7K $7.02/SF
Area
Topeka, KS
Vacancy
5.00%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
45.00%
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%
$1,274,980
Cap Rate 7%
$910,700
Cap Rate 9%
$708,322
Alternative Uses
Best Use
Apartment 5plus
$910.7K
$796.9K – $1.06M
NOI $63,749 @ 7.0% cap · market cap 8.85%
Second Best
—
—
no second resolved use
Theoretical Best
Self Storage
$1.02M
$896.0K – $1.19M
NOI $71,680 @ 7.0% cap · market cap 9.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
429
Businesses Nearby
Explore this area
Business Placement
Demographics for 66608, KS
5,247
Population
2,484
Households
2.1
Avg Household Size
40
Median Age
7%
College-Educated
87%
High-School Grad
4.3 sq mi
ZIP Area
1,220
Density / Sq Mi
$49,792
Median Household Income
$29,754
Median Earnings
$843
Median Rent
$77,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property offering private entrances, in-unit laundry hookups, separate electric metering, and off-street parking.
Where is this apartment building located?
The property is located at 111 Northwest Hardt Avenue Topeka, KS.
What is the asking price?
The asking price for this property is $720,000.
What are key features of this property?
This property features: 12 units within a 9,078‑square‑foot apartment property; Exterior private entrances provide direct access to each unit; Washer and dryer hookups included in all units
