Freestanding Restaurant
For Sale
Contact for pricing
2215 Southwest Wanamaker Road, Topeka, KS 66614
C2-zoned property with pylon signage, on-site parking, and a flexible commercial layout.
Property Size9,775 SF
Lot Size1.35 Acres
Price / SF$163.68
Days on Market15
Property Features for 2215 Southwest Wanamaker Road
General Information
Standard status
Active
Size
9,775 SF
Total Parking Spaces
101
Lot size
1.35 Acres
Property subtype
Retail
Zoning
C2
Investment Type
Owner/User
Site & Location
Pylon Signage
Yes
Traffic Count
20,000 vehicles/day
Additional Details
Asking Price
$1,600,000
Building Details
Buildings
1
Listing Agency:
Kessinger Hunter Commercial Real Estate
(816) 898-8531
Listed By:
Kobi Mashnouk · License #00251823
Source:
Crexi
Added: Aug 19
Changed: Sep 1
Last Checked: Sep 1 at 8:36PM
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 Kessinger Hunter Commercial Real Estate
Investment Insights
Based on property information with market context.
Located at 2215 Southwest Wanamaker Road in Topeka, this freestanding restaurant property contains 9,775 SF on approximately 1.35 acres. The improvements include a flexible layout that can support restaurant, entertainment, retail, or adaptive reuse concepts. C2 zoning, pylon signage, and 101 parking spaces are included on site.
The property fronts SW Wanamaker Road, with traffic reported at nearly 20,000 vehicles per day. It is positioned south of West Ridge Mall and across from Target, TJ Maxx, and Planet Fitness, placing the site among established retail and commercial traffic drivers in Topeka.
The property fronts SW Wanamaker Road, with traffic reported at nearly 20,000 vehicles per day. It is positioned south of West Ridge Mall and across from Target, TJ Maxx, and Planet Fitness, placing the site among established retail and commercial traffic drivers in Topeka.
Key Highlights
- 9,775 SF freestanding restaurant building on approximately 1.35 acres
- 101 parking spaces and pylon signage included
- C2 zoning supports the existing restaurant use
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
$70,292
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
4.39%
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%
$1,405,840
$1.4M
Cap Rate 7%
$1,004,171
$1.0M
Cap Rate 9%
$781,022
$781.0K
Market Conditions
NOI Build-Up for 9,775 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
$99.7K $10.20/SF
− Vacancy
−$6.0K −$0.61/SF
EGI
$93.7K $9.59/SF
− OpEx
−$23.4K −$2.40/SF
NOI
$70.3K $7.19/SF
Area
Topeka, KS
Vacancy
6.00%
Lease Rate
$10.20 /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%
$1,405,840
Cap Rate 7%
$1,004,171
Cap Rate 9%
$781,022
Alternative Uses
Best Use
Specialty Retail
$1.00M
$878.7K – $1.17M
NOI $70,292 @ 7.0% cap · market cap 4.39%
Second Best
—
—
no second resolved use
Theoretical Best
Self Storage
$1.10M
$964.8K – $1.29M
NOI $77,183 @ 7.0% cap · market cap 4.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
670
Businesses Nearby
334k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 42%
Dining 24%
Shops & Services 22%
Beauty & Spa 5%
T.J. Maxx
Apparel
38,816 visits/mo
0.1 miles
Dollar Tree
Shops & Services
36,977 visits/mo
0.1 miles
Dillard's
Apparel
30,200 visits/mo
0.5 miles
Burlington
Apparel
29,350 visits/mo
0.5 miles
Olive Garden
Dining
24,707 visits/mo
0.3 miles
Demographics for 66614, KS
31,332
Population
15,273
Households
2.1
Avg Household Size
41
Median Age
39%
College-Educated
97%
High-School Grad
24.1 sq mi
ZIP Area
1,300
Density / Sq Mi
$70,419
Median Household Income
$47,871
Median Earnings
$995
Median Rent
$181,500
Median Home Value
Market
Vacancy Rate% for Retail 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?
Conventional restaurant - C2-zoned property with pylon signage, on-site parking, and a flexible commercial layout.
Where is this conventional restaurant located?
The property is located at 2215 Southwest Wanamaker Road Topeka, KS.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 9,775 SF freestanding restaurant building on approximately 1.35 acres; 101 parking spaces and pylon signage included; C2 zoning supports the existing restaurant use
