Single-Story Office
For Sale
Contact for pricing
234 S Kansas Avenue, Topeka, KS 66603
Single-story 9,596-square-foot office building with an on-site parking lot in downtown Topeka.
Property Size9,596 SF
Price / SF$62.42
Days on Market63
Property Features for 234 S Kansas Avenue
General Information
Standard status
Active
Size
9,596 SF
Total Parking Spaces
47
Property subtype
Office
Investment Type
Owner/User
Building Details
Stories
1
Listing Agency:
Reece Commercial
Listed By:
John Sweeney · License #KS SP00233396
(913) 945-3718
Source:
Crexi
Added: Jul 8
Changed: Sep 3
Last Checked: Sep 8 at 3:38AM
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 Reece Commercial
Investment Insights
Based on property information with market context.
This single-story office building totals 9,596 square feet and includes a parking lot for tenant and visitor use. The property is configured as a standalone downtown office asset.
Located in downtown Topeka at 234 S. Kansas Avenue, the building offers straightforward access via the included parking lot.
As listed, the property is offered for sale at a fixed size and parking-lot configuration, making it a practical option for office users seeking a single-story layout.
Located in downtown Topeka at 234 S. Kansas Avenue, the building offers straightforward access via the included parking lot.
As listed, the property is offered for sale at a fixed size and parking-lot configuration, making it a practical option for office users seeking a single-story layout.
Key Highlights
- Single‑story 9,596 SF office building in downtown Topeka
- On‑site parking lot
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
$32,577
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
5.44%
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%
$651,540
$651.5K
Cap Rate 7%
$465,386
$465.4K
Cap Rate 9%
$361,967
$362.0K
Market Conditions
NOI Build-Up for 9,596 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
$53.0K $5.52/SF
− Vacancy
−$9.5K −$0.99/SF
EGI
$43.4K $4.53/SF
− OpEx
−$10.9K −$1.13/SF
NOI
$32.6K $3.39/SF
Area
Topeka, 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%
$651,540
Cap Rate 7%
$465,386
Cap Rate 9%
$361,967
Alternative Uses
Best Use
Office B
$465.4K
$407.2K – $543.0K
NOI $32,577 @ 7.0% cap · market cap 5.44%
Second Best
—
—
no second resolved use
Theoretical Best
Self Storage
$1.08M
$947.1K – $1.26M
NOI $75,770 @ 7.0% cap · market cap 12.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,349
Businesses Nearby
Explore this area
Business Placement
Demographics for 66603, KS
1,569
Population
1,151
Households
1.4
Avg Household Size
38
Median Age
17%
College-Educated
91%
High-School Grad
0.9 sq mi
ZIP Area
1,743
Density / Sq Mi
$38,992
Median Household Income
$25,556
Median Earnings
$593
Median Rent
$91,500
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?
Office building - Single-story 9,596-square-foot office building with an on-site parking lot in downtown Topeka.
Where is this office building located?
The property is located at 234 S Kansas Avenue Topeka, KS.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Single‑story 9,596 SF office building in downtown Topeka; On‑site parking lot
