Topeka Industrial and Office
For Sale
Contact for pricing
225 NW Curtis St, Topeka, KS 66608
Industrial and office structures in the North Topeka Arts District.
Property Size15,625 SF
Lot Size2.41 Acres
Price / SF$40
Days on Market157
Property Features for 225 NW Curtis St
General Information
Standard status
Active
Size
15,625 SF
Lot size
2.41 Acres
Property subtype
Hospitality, Industrial, Land, Office, Retail
Zoning
X3
Investment Type
Redevelopment
Building Details
Year Built
1970
Buildings
4
Listing Agency:
Coldwell Banker Commercial Griffith & Blair
Listed By:
Scott Boling · License #00247210
Source:
Crexi
Added: Mar 7
Changed: Aug 8
Last Checked: Aug 10 at 9:34AM
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 Coldwell Banker Commercial Griffith & Blair
Investment Insights
Based on property information with market context.
Located in the North Topeka Arts District (NOTO) along the Kansas River corridor, 225 NW Curtis Street offers an investment and redevelopment opportunity. The property includes approximately 15,625 square feet of industrial and office structures distributed across multiple buildings on approximately 2.41 acres. Situated across from the Great Overland Station, a revitalized historic Union Pacific train station, the property benefits from its location within a tourism and cultural area. The existing improvements provide functional space suitable for immediate occupancy or interim income generation while long-term redevelopment plans are evaluated. Two buildings function as office and warehouse structures, including one with dock-height loading capability suitable for contractor supply operations, light industrial users, or distribution functions. A larger heated shop building with oversized overhead doors is suited for large truck repair, equipment maintenance, fabrication, contractor operations, or fleet service uses, and includes office areas and mezzanine storage. The site also provides yard space suitable for contractor staging, fleet parking, or equipment storage, making the property attractive for trade contractors, logistics operators, or service-based businesses. The parcel is located near the prospective landing area of the planned pedestrian bridge intended to connect downtown Topeka with North Topeka. Qualifying projects may be able to leverage economic development tools, including Industrial Revenue Bonds (IRBs), potential formation of a Tax Increment Financing (TIF) district, Neighborhood Revitalization Act (NRA) property tax rebate programs, and possible support through Transient Guest Tax (TGT) funding for tourism-related development initiatives. Phase I and Phase II Environmental Site Assessments are available for review.
Key Highlights
- Strategic location in the North Topeka Arts District (NOTO) and Kansas River riverfront planning corridor
- Redevelopment opportunity with potential access to economic development tools
- Existing functional industrial and office structures (approx. 15,625 sq ft) suitable for immediate occupancy
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
$26,679
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
4.27%
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%
$533,580
$533.6K
Cap Rate 7%
$381,129
$381.1K
Cap Rate 9%
$296,433
$296.4K
Market Conditions
NOI Build-Up for 15,625 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
$33.8K $2.16/SF
− Vacancy
−$2.4K −$0.15/SF
EGI
$31.4K $2.01/SF
− OpEx
−$4.7K −$0.30/SF
NOI
$26.7K $1.71/SF
Area
Topeka, 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%
$533,580
Cap Rate 7%
$381,129
Cap Rate 9%
$296,433
Alternative Uses
Best Use
Flex RnD
$1.04M
$911.0K – $1.21M
NOI $72,881 @ 7.0% cap · market cap 11.66%
Second Best
Warehouse
$381.1K
$333.5K – $444.7K
NOI $26,679 @ 7.0% cap · market cap 4.27%
Theoretical Best
Self Storage
$1.76M
$1.54M – $2.06M
NOI $123,375 @ 7.0% cap · market cap 19.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
454
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 66608, KS
5,247
Population
2,484
Households
2.1
Avg Household Size
40
Median Age
7%
College-Educated
87%
High-School Grad
4.3 sq mi
ZIP Area
1,220
Density / Sq Mi
$49,792
Median Household Income
$29,754
Median Earnings
$843
Median Rent
$77,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial and office structures in the North Topeka Arts District.
Where is this flex space located?
The property is located at 225 NW Curtis St Topeka, KS.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Strategic location in the North Topeka Arts District (NOTO) and Kansas River riverfront planning corridor; Redevelopment opportunity with potential access to economic development tools; Existing functional industrial and office structures (approx. 15,625 sq ft) suitable for immediate occupancy
