First-Floor Office
For Sale
Contact for pricing
1123 SW Gage Blvd, Topeka, KS 66604
Office unit with elevator access, shared restrooms, dedicated parking, and PUD.OI1 zoning.
Property Size5,138 SF
Price / SF$87.39
Days on Market158
Property Features for 1123 SW Gage Blvd
General Information
Standard status
Active
Size
5,138 SF
Class
C
Elevators
Yes
Property subtype
Office
Zoning
Zoning: PUD.OI1
Lease Type
Gross
Additional Details
Floor
1
Amenities
common area restrooms
improved landscaping
new siding
security system
Building Details
Year Built
1986
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Foundations Commercial Real Estate
(785) 766-6568
Listed By:
Kirsten Flory · License #SP00220332
Source:
Crexi
Added: Mar 27
Changed: Aug 30
Last Checked: Aug 30 at 9:22PM
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 Foundations Commercial Real Estate
Investment Insights
Based on property information with market context.
This first-floor office condo offers 5,138 square feet within a professional office building constructed in 1986. The property includes elevator service, common-area restrooms, and dedicated parking shared by occupants. The office setting supports both ownership and office-suite leasing within the building.
Recent improvements include refreshed landscaping, new siding, an updated security system, and renovated common areas and restrooms. The property is positioned along a major business corridor in Topeka, with Dillon's Grocery Store, Walgreens, and Starbucks nearby.
Recent improvements include refreshed landscaping, new siding, an updated security system, and renovated common areas and restrooms. The property is positioned along a major business corridor in Topeka, with Dillon's Grocery Store, Walgreens, and Starbucks nearby.
Key Highlights
- 5,138‑square‑foot first‑floor office condo
- PUD.OI1 zoning
- Dedicated parking, elevator access, and common‑area restrooms
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
$17,442
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
3.88%
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%
$348,840
$348.8K
Cap Rate 7%
$249,171
$249.2K
Cap Rate 9%
$193,800
$193.8K
Market Conditions
NOI Build-Up for 5,138 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
$28.4K $5.52/SF
− Vacancy
−$5.1K −$0.99/SF
EGI
$23.3K $4.53/SF
− OpEx
−$5.8K −$1.13/SF
NOI
$17.4K $3.39/SF
Area
Topeka, KS
Vacancy
18.00%
Lease Rate
$5.52 /SF/Yr
Expense Ratio
25.00%
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%
$348,840
Cap Rate 7%
$249,171
Cap Rate 9%
$193,800
Alternative Uses
Best Use
Office B
$249.2K
$218.0K – $290.7K
NOI $17,442 @ 7.0% cap · market cap 3.88%
Second Best
—
—
no second resolved use
Theoretical Best
Self Storage
$579.6K
$507.1K – $676.2K
NOI $40,570 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
573
Businesses Nearby
Explore this area
Business Placement
Demographics for 66604, KS
22,933
Population
10,820
Households
2.1
Avg Household Size
38
Median Age
35%
College-Educated
93%
High-School Grad
6.8 sq mi
ZIP Area
3,373
Density / Sq Mi
$59,690
Median Household Income
$39,270
Median Earnings
$1,032
Median Rent
$126,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office unit with elevator access, shared restrooms, dedicated parking, and PUD.OI1 zoning.
Where is this office units located?
The property is located at 1123 SW Gage Blvd Topeka, KS.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: 5,138‑square‑foot first‑floor office condo; PUD.OI1 zoning; Dedicated parking, elevator access, and common‑area restrooms
