Topeka Strip Center For
For Sale
Contact for pricing
Pending
2025 SW Urish Rd, Topeka, KS 66615
20,602 SF strip center in Topeka, Kansas.
Property Size20,602 SF
Lot Size2.85 Acres
Days on Market190
Property Features for 2025 SW Urish Rd
General Information
Standard status
Pending
Size
20,602 SF
Lot size
2.85 Acres
Property subtype
Retail, Office
Net Operating Income
$247,599
Building Details
Year Built
2006
Listing Agency:
Marcus & Millichap - Columbus
(216) 264-2000
Listed By:
Craig Fuller · License #OH 2008001551
Source:
Crexi
Added: Feb 3
Changed: Aug 8
Last Checked: Aug 11 at 9:05AM
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 Marcus & Millichap - Columbus
Investment Insights
Based on property information with market context.
This 20,602 square foot strip center is located in Topeka, Kansas. Constructed in 2006, the property is situated on a 2.85 acre lot. It features a mix of tenants including a bar/grill, liquor and convenience store, medical office, salon, home decor shop, tanning spa, grocery store, and donuts/coffee shop. The property offers potential for market rent upside, with rents averaging $11.85 per square foot. 36 percent of the gross leasable area, represented by five tenants, lack option terms, and the weighted average lease term is 1.63 years. There are immediate backfill opportunities, including the 2,311 square foot Sherwood Animal Clinic space and Suite #110, measuring 2,541 square feet. The seller is offering master-lease opportunities on both spaces. The property operates under favorable triple-net lease structures, with tenants reimbursing tax, CAM, and insurance expenses, as well as third-party management fees. The surrounding area has dense demographics, with a population of 5,115 within one mile, 38,616 within three miles, and 79,640 within five miles. The average household income in the area exceeds $103,000.
Key Highlights
- High going‑in yield offered well below replacement cost at $150 per square foot.
- Upside market to market rent opportunity: well‑below market rents averaging only $11.85 per square foot; 36 percent of GLA/five tenants lack option terms.
- Immediate backfill opportunities: two spaces available for immediate lease‑up, including end‑cap space with drive‑thru potential.
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
$119,409
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
3.86%
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%
$2,388,180
$2.4M
Cap Rate 7%
$1,705,843
$1.7M
Cap Rate 9%
$1,326,767
$1.3M
Market Conditions
NOI Build-Up for 20,602 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
$185.4K $9.00/SF
− Vacancy
−$14.8K −$0.72/SF
EGI
$170.6K $8.28/SF
− OpEx
−$51.2K −$2.48/SF
NOI
$119.4K $5.80/SF
Area
Topeka, KS
Vacancy
8.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,388,180
Cap Rate 7%
$1,705,843
Cap Rate 9%
$1,326,767
Alternative Uses
Best Use
Retail
$1.71M
$1.49M – $1.99M
NOI $119,409 @ 7.0% cap · market cap 3.86%
Second Best
Office B
$999.1K
$874.3K – $1.17M
NOI $69,940 @ 7.0% cap · market cap 2.26%
Theoretical Best
Self Storage
$2.32M
$2.03M – $2.71M
NOI $162,673 @ 7.0% cap · market cap 5.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
77
Businesses Nearby
Explore this area
Business Placement
Demographics for 66615, KS
3,500
Population
1,566
Households
2.2
Avg Household Size
45
Median Age
46%
College-Educated
99%
High-School Grad
44.9 sq mi
ZIP Area
78
Density / Sq Mi
$89,500
Median Household Income
$50,978
Median Earnings
$1,294
Median Rent
$272,300
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?
Strip mall - 20,602 SF strip center in Topeka, Kansas.
Where is this strip mall located?
The property is located at 2025 SW Urish Rd Topeka, KS.
What is the asking price?
The asking price for this property is $3,095,000.
What are key features of this property?
This property features: High going‑in yield offered well below replacement cost at $150 per square foot.; Upside market to market rent opportunity: well‑below market rents averaging only $11.85 per square foot; 36 percent of GLA/five tenants lack option terms.; Immediate backfill opportunities: two spaces available for immediate lease‑up, including end‑cap space with drive‑thru potential.
