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

    500 S Topeka St Wichita, KS 67202

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

    Unique office and co-working spaces in downtown Wichita.

    Building Details

    Year built
    1930

    We can help!

    Listing Contact
    Patrick Ahern, Sior, Ccim
    Source: Naiglobal

    Listing Agent: Patrick Ahern, Sior, Ccim

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

    Learn more

    Property Insight Report

    Overview

    Historic Fire Station Office Space

    Located at the southeast corner of Topeka and Lewis, within a historic fire station in Downtown Wichita, this property offers private office and co-working spaces. The available spaces range from 200 to 7,600 square feet. The building, a former 1929 fire station, was fully re-developed in 2019. The property benefits from high visibility and is situated at the entrance to Downtown Wichita, adjacent to the Arena District and the new KU/WSU Biomedical Campus. It features over 50 dedicated parking stalls, including visitor spaces near the entrance. Signage is highly visible from Kellogg/US-400, which also provides easy access. A large elevator serves the building, and free Wi-Fi is available. An onsite coffee and sandwich shop with an outdoor patio is also present. The total property size is 15,700 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    FireWorx Coworking & Hybrid Office Ireland Court Reporting Law Firm Wellness Water Filtration ... Home Appliance Store Freight Exchange Inc. Logistics Company Rachelle Smith, CSR Law Firm

    Suggested Use

    Restaurant Real Estate Agency Dental Office Spa & Massage Center Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Wichita
    County
    Sedgwick
    State
    Kansas
    Longitude
    -97.333853
    Latitude
    37.680846

    Nearby Similar for Sale

    • New
      Contact for pricing
      11,493 SF

      Versatile Commercial Property on Broadway

      Well-maintained commercial property with extensive renovations and Broadway frontage.
      3101 S Broadway St, Wichita, KS 67216
      View Details
    • $249,900
      0.21 Acres

      Versatile Commercial Property in Wichita

      Commercial property with overhead doors, ideal for automotive businesses.
      3419 E Harry St, Wichita, KS 67218
      View Details
    • $178,000
      Pending

      Wichita Duplex: Investor Opportunity

      Well-maintained duplex, vacant, rent-ready, great investment or owner-occupancy.
      1205-1207 E Scott St, Wichita, KS 67216
      View Details
    • New
      $349,800
      Pending

      Wichita Duplexes with Income Potential

      Two duplexes in Wichita with upside rental income potential.
      1212 N Richmond Cir, Wichita, KS 67203
      View Details
    • $379,800
      Pending

      New Duplex with Modern Amenities

      New duplex featuring modern amenities, zero entry, and fenced yard.
      12711 W Cowboy St, Wichita, KS 67235
      View Details
    • $325,000
      Pending

      West Wichita Duplex: Investment Opportunity

      Well-maintained duplex in West Wichita near shopping, dining, and entertainment.
      9323 W 16Th St N, Wichita, KS 67212
      View Details
    • New
      $365,000
      1,920 SF

      Well-Maintained Duplex in West Wichita

      Turnkey duplex in prime location, ideal for owner-occupants or investors.
      2242 N Shefford Cir, Wichita, KS 67205
      View Details
    • New
      $350,000
      2,562 SF

      New Duplex Under Construction

      New construction duplex with modern finishes and strong rental appeal.
      437 N Grove St, Wichita, KS 67214
      View Details
    • New
      Contact for pricing
      1,368 SF

      Wichita Duplex: Income Potential

      Side-by-side duplex in Wichita with immediate rental income.
      4451 E Boston, Wichita, KS 67218
      View Details
    • $379,800
      Pending

      New Duplex with Modern Amenities

      New duplex featuring modern amenities, zero entry, and fenced yard.
      12717 W Cowboy St, Wichita, KS 67235
      View Details
    • $149,000
      1,482 SF

      Income-Producing Tri-Plex Near Downtown

      Well-maintained tri-plex with strong rental potential near downtown.
      830 S Market St, Wichita, KS 67213
      View Details
    • $149,900
      Pending

      Updated Triplex in Riverside

      Remodeled triplex in Riverside neighborhood, Wichita. Great investment opportunity.
      1103 N Jackson Ave, Wichita, KS 67203
      View Details

    FAQs

    What type of property is this?
    Office units - Unique office and co-working spaces in downtown Wichita.
    Where is this office units located?
    The property is located at 500 S Topeka St Wichita, KS.
    What are key features of this property?
    This property features: - Prime Downtown Wichita location adjacent to the Arena District and KU/WSU Biomedical Campus.; - Unique, fully re-developed (2019) historic 1929 fire station offering a distinctive office environment.; - Ample dedicated parking with 50+ stalls, including visitor spaces.
    (316) 847-4914
    Request Owner's contact information
    500 S Topeka St Wichita, KS 67202
    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.
    500 S Topeka St
    Wichita, KS 67202
    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
    500 S Topeka St Wichita, KS 67202
    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
    Patrick Ahern, Sior, Ccim
    (316) 847-4914
    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!