Flex Industrial Warehouse
For Sale
Contact for pricing
204 S Lecompton Rd, Perry, KS 66073
Brick and concrete facility with office, production space, and cold warehouse areas plus two overhead loading doors.
Property Size18,464 SF
Price / SF$24.37
Days on Market181
Property Features for 204 S Lecompton Rd
General Information
Standard status
Active
Size
18,464 SF
Property subtype
Industrial
Zoning
I1
Additional Details
Highway Access
Yes
Heavy Power
Yes
Building Details
Year Built
1948
Construction
brick & concrete
Listing Agency:
Kansas Commercial Real Estate Services Inc
Listed By:
Caden Merrick · License #00251579
(785) 228-5305
Source:
Crexi
Added: Mar 11
Changed: Sep 6
Last Checked: Sep 7 at 6:14AM
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 Kansas Commercial Real Estate Services Inc
Investment Insights
Based on property information with market context.
Solid brick and concrete flex industrial facility featuring a wood column and beam system and a functional mix of office, production, and cold warehouse space. The layout includes three offices, including one with a fireplace, a vault, workroom, lab, kitchen, and three restrooms. Operational support spaces include a climate-controlled production area and a dedicated concrete block tool and machining room.
Two overhead doors provide efficient loading and distribution, supported by electrical infrastructure including 110/220 power and 3-phase service in select areas. The north warehouse includes a ramped mezzanine area for added storage or operational flexibility, with part of the mezzanine finished in hardwood flooring.
Convenient access to Highway 24/40 supports shipping, logistics, and regional travel. The property is configured to support both administrative functions and temperature-sensitive operations within the same enclosed facility.
Two overhead doors provide efficient loading and distribution, supported by electrical infrastructure including 110/220 power and 3-phase service in select areas. The north warehouse includes a ramped mezzanine area for added storage or operational flexibility, with part of the mezzanine finished in hardwood flooring.
Convenient access to Highway 24/40 supports shipping, logistics, and regional travel. The property is configured to support both administrative functions and temperature-sensitive operations within the same enclosed facility.
Key Highlights
- 1948 brick and concrete facility with office, production, and cold warehouse space
- Office layout includes 3 offices (one with a fireplace), a vault, workroom, lab, kitchen, and 3 restrooms
- 4,300+/- SF climate‑controlled production area for temperature‑sensitive operations
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
$31,527
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
7.01%
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%
$630,540
$630.5K
Cap Rate 7%
$450,386
$450.4K
Cap Rate 9%
$350,300
$350.3K
Market Conditions
NOI Build-Up for 18,464 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
$39.9K $2.16/SF
− Vacancy
−$2.8K −$0.15/SF
EGI
$37.1K $2.01/SF
− OpEx
−$5.6K −$0.30/SF
NOI
$31.5K $1.71/SF
Area
Jefferson County, KS
Vacancy
7.00%
Lease Rate
$2.16 /SF/Yr
Expense Ratio
15.00%
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%
$630,540
Cap Rate 7%
$450,386
Cap Rate 9%
$350,300
Alternative Uses
Best Use
Flex RnD
$1.23M
$1.08M – $1.44M
NOI $86,123 @ 7.0% cap · market cap 19.14%
Second Best
Warehouse
$450.4K
$394.1K – $525.5K
NOI $31,527 @ 7.0% cap · market cap 7.01%
Theoretical Best
Self Storage
$2.08M
$1.82M – $2.43M
NOI $145,792 @ 7.0% cap · market cap 32.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Heavy power
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
40
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 Industrial 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 - Brick and concrete facility with office, production space, and cold warehouse areas plus two overhead loading doors.
Where is this flex space located?
The property is located at 204 S Lecompton Rd Perry, KS.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 1948 brick and concrete facility with office, production, and cold warehouse space; Office layout includes 3 offices (one with a fireplace), a vault, workroom, lab, kitchen, and 3 restrooms; 4,300+/- SF climate‑controlled production area for temperature‑sensitive operations
