Flex Space Building with Drive-Through Roll-Up
For Sale
$164,950
203 E FRONT Street, Perry, KS 66073
Flex space building with drive-through access and concrete floors, plus office and warehouse storage areas with roll-up doors.
Property Size4,163 SF
Price / SF$39.62
Days on Market15
Property Features for 203 E FRONT Street
General Information
Standard status
Active
Size
4,163 SF
Property subtype
Commercial
Zoning
C
Taxes and HOA fees
Annual Taxes
$3,921
Building Details
Year Built
1890
Buildings
1
Listing Agency:
Town & Country Real Estate
(785) 863-3322
Listed By:
Randy Hubbard · License #SP00054588
(785) 863-3322
Source:
Coloniallistings
Added: Jul 29
Changed: Aug 7
Last Checked: Aug 11 at 2:19PM
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 Town & Country Real Estate
Investment Insights
Based on property information with market context.
Flex space building on Main Street designed to accommodate a range of commercial uses. The main section provides 2,818 SF of open space with roll-up doors on both ends for drive-through access. Concrete flooring is in place, and an inside car lift is included and will stay with the building.
An attached smaller section is split into office and warehouse storage. It includes 720 SF of office space with two cubicles, a restroom, and a waiting area, followed by 625 SF of warehouse storage with an open room layout, concrete floor, and a roll-up door for convenient access.
Built in 1890, the property offers a flexible interior footprint for businesses that need both customer/office space and usable enclosed storage or service space.
An attached smaller section is split into office and warehouse storage. It includes 720 SF of office space with two cubicles, a restroom, and a waiting area, followed by 625 SF of warehouse storage with an open room layout, concrete floor, and a roll-up door for convenient access.
Built in 1890, the property offers a flexible interior footprint for businesses that need both customer/office space and usable enclosed storage or service space.
Key Highlights
- 2,818 SF open main section with roll‑up doors on both ends for drive‑through access
- Concrete floor in main area for durable day‑to‑day use
- Inside car lift included and will stay
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
$14,133
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
8.57%
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%
$282,660
$282.7K
Cap Rate 7%
$201,900
$201.9K
Cap Rate 9%
$157,033
$157.0K
Market Conditions
NOI Build-Up for 4,163 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
$23.0K $5.52/SF
− Vacancy
−$4.1K −$0.99/SF
EGI
$18.8K $4.53/SF
− OpEx
−$4.7K −$1.13/SF
NOI
$14.1K $3.39/SF
Area
Jefferson County, 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%
$282,660
Cap Rate 7%
$201,900
Cap Rate 9%
$157,033
Alternative Uses
Best Use
Retail
$344.7K
$301.6K – $402.2K
NOI $24,129 @ 7.0% cap · market cap 14.63%
Second Best
Flex RnD
$277.4K
$242.7K – $323.6K
NOI $19,418 @ 7.0% cap · market cap 11.77%
Theoretical Best
Self Storage
$469.6K
$410.9K – $547.9K
NOI $32,871 @ 7.0% cap · market cap 19.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
97
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 66073, KS
2,295
Population
968
Households
2.4
Avg Household Size
43
Median Age
27%
College-Educated
96%
High-School Grad
65.1 sq mi
ZIP Area
35
Density / Sq Mi
$91,705
Median Household Income
$53,452
Median Earnings
$789
Median Rent
$189,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Flex space building with drive-through access and concrete floors, plus office and warehouse storage areas with roll-up doors.
Where is this flex space located?
The property is located at 203 E FRONT Street Perry, KS.
What is the asking price?
The asking price for this property is $164,950.
What are key features of this property?
This property features: 2,818 SF open main section with roll‑up doors on both ends for drive‑through access; Concrete floor in main area for durable day‑to‑day use; Inside car lift included and will stay
