Furnished Short-Term Rental
For Sale
Contact for pricing
1508 SW HIGH AVE, Topeka, KS 66606
Updated two-bedroom bungalow with furnishings, private outdoor space, and rear off-street parking.
Property Size894 SF
Price / SF$167.79
Days on Market8
Property Features for 1508 SW HIGH AVE
General Information
Standard status
Active
Size
894 SF
Property subtype
Mixed Use
Zoning
R-2 Single Family Dwelling
Net Operating Income
$12,216
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Additional Details
Furnished
Yes
Gross Income
$20,000
Amenities
garage
fenced in back yard
private deck
Building Details
Year Built
1920
Stories
2
Units
1
Construction
bungalow
Listing Agency:
KW One Legacy Partners
Listed By:
John Ringgold · License #00051961
(785) 806-2711
Source:
Crexi
Added: Aug 26
Changed: Sep 1
Last Checked: Sep 1 at 9:57PM
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
Investment Insights
Based on property information with market context.
This 894-square-foot bungalow, built in 1920, is configured with two bedrooms and one bathroom. The home is currently operated as an Airbnb and transfers with furnishings. Interior updates include newer vinyl windows, refreshed paint, and new flooring throughout.
Outdoor features include a fenced backyard, private deck, garage, and off-street parking behind the house. The property is designated R-2 Single Family Dwelling and offers a compact residential layout suited to continued short-term rental use or occupancy as a furnished home.
Outdoor features include a fenced backyard, private deck, garage, and off-street parking behind the house. The property is designated R-2 Single Family Dwelling and offers a compact residential layout suited to continued short-term rental use or occupancy as a furnished home.
Key Highlights
- 894 SF bungalow with 2 bedrooms and 1 bathroom
- Currently operated as an Airbnb and sold fully furnished
- Newer vinyl windows, updated paint, and updated flooring
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
$6,278
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
4.19%
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%
$125,560
$125.6K
Cap Rate 7%
$89,686
$89.7K
Cap Rate 9%
$69,756
$69.8K
Market Conditions
NOI Build-Up for 894 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
$12.0K $13.44/SF
− Vacancy
−$601 −$0.67/SF
EGI
$11.4K $12.77/SF
− OpEx
−$5.1K −$5.75/SF
NOI
$6.3K $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%
$125,560
Cap Rate 7%
$89,686
Cap Rate 9%
$69,756
Alternative Uses
Best Use
Apartment 5plus
$89.7K
$78.5K – $104.6K
NOI $6,278 @ 7.0% cap · market cap 4.19%
Second Best
—
—
no second resolved use
Theoretical Best
Self Storage
$100.8K
$88.2K – $117.7K
NOI $7,059 @ 7.0% cap · market cap 4.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
408
Businesses Nearby
Explore this area
Business Placement
Demographics for 66606, KS
11,056
Population
5,433
Households
2
Avg Household Size
40
Median Age
36%
College-Educated
90%
High-School Grad
5.8 sq mi
ZIP Area
1,906
Density / Sq Mi
$60,862
Median Household Income
$44,184
Median Earnings
$1,052
Median Rent
$115,100
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?
Short term rental property - Updated two-bedroom bungalow with furnishings, private outdoor space, and rear off-street parking.
Where is this short term rental property located?
The property is located at 1508 SW HIGH AVE Topeka, KS.
What is the asking price?
The asking price for this property is $150,000.
What are key features of this property?
This property features: 894 SF bungalow with 2 bedrooms and 1 bathroom; Currently operated as an Airbnb and sold fully furnished; Newer vinyl windows, updated paint, and updated flooring
