Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Versatile Commercial Space in Lawrence Title is generated by Realmo AI

    2500 W 31st. Unit H, Lawrence, KS 66047

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Two-story commercial space in a thriving business center.

    Type:Office
    Property size:
    5,976 SF
    Price / SF:
    $92/SF
    Added:
    Apr 1, 2024
    Days on Market:
    793
    Last Refresh:
    May 12 at 8:46 pm

    Property Features for 2500 W 31st. Unit H

    General Information

    Standard status
    Active
    Size
    5,976 SF
    Property subtype
    Office

    Building Details

    Year Built
    1991

    We can help!

    Listing Contact
    Doug Brown

    Listing agent Doug Brown License #Kansas 00031909

    Listing office McGrew Commercial

    Listing date Apr 1, 2024

    Source Crexi

    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 McGrew Commercial

    HighLights

    • High investment potential with a current 3.7% cap rate and upside to 8.6% by leasing the vacant upper level.
    • Substantial space: 5,976 sq ft total, suitable for diverse business needs.
    • Existing lease on the lower level provides immediate rental income.
    • Located in the established Long Island Business Center, a thriving commercial hub since 1991.
    • Versatile space suitable for retail, office, or coworking.
    • Association dues cover essential services, ensuring hassle‑free ownership.

    Overview

    Located in the Long Island Business Center in Lawrence, Kansas, Unit H is a two-story commercial space suitable for office or retail use. The unit offers 5,976 square feet of space, with 3,576 square feet on the lower level and 2,400 square feet on the upper level. The building has been a part of the local business community since 1991. The space offers the flexibility to accommodate various business operations. Association dues cover water, trash disposal, exterior maintenance, and building insurance. The lower level is currently leased, providing rental income. The upper level is currently vacant, offering the potential to lease it out. The lower level is currently leased below market value at $3,500 per month, offering a cap rate of 3.7%. With the upper level easily commanding a rental rate of $2,250 per month, the potential cap rate increases substantially to an impressive 8.6%.
    Property Profile Location Intelligence

    Current Use by Public Records

    Redding Larry Alternative Medicine Practice Lawrence Fastpitch Softball ... Gym & Fitness Center Michael Mcrill Foster Care Service Omni Fitness Gym & Fitness Center Stuart Plumbing Co Plumbing Service

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lawrence
    County
    Douglas
    State
    Kansas
    Longitude
    -95.2662554
    Latitude
    38.9283816

    Nearby Similar for Sale

    • $890,000
      10,143 SF

      Lawrence Multifamily Investment Opportunity

      18-unit apartment complex near University of Kansas.
      622 Schwarz Road, Lawrence, KS 66049
      View Details
    • $410,000

      Lawrence Retail/Office Space For Sale

      Retail/Office space with parking, easy access to K10.
      2852 Four Wheel Drive, Lawrence, KS 66047
      View Details
    • $240,000
      1,957 SF

      Lawrence Triplex Near Downtown

      Triplex near downtown Lawrence with three separate units.
      1105 Connecticut Street, Lawrence, KS 66044
      View Details
    • $289,000
      1,852 SF

      Lawrence Duplex: Investment Opportunity

      Well-maintained duplex in Lawrence, KS with income potential.
      1027 Jana Drive, Lawrence, KS 66049
      View Details
    • $225,000
      1,182 SF

      Updated Duplex in Prime Location

      Updated 2 bed, 2 bath duplex in Lawrence, Kansas.
      2508 Crestline Court, Lawrence, KS 66407
      View Details
    • $229,900

      Updated Duplex with Income Potential

      Well-maintained duplex with recent upgrades, ideal for investors/owner-occupants.
      1219 Brook St, Lawrence, KS 66044
      View Details
    • $250,000
      1,382 SF

      Lawrence Townhome with Loft/Office

      Spacious townhome with three bedrooms, loft, and two-car garage.
      2752 Grand Circle, Lawrence, KS 66047
      View Details
    • $2,943,704
      2,845 SF

      Lawrence, Kansas Coffee Shop Investment

      Single-tenant 151 Coffee absolute NNN asset for sale.
      1533 W 23rd St, Lawrence, KS
      View Details
    • $450,000
      1,998 SF

      Lawrence Duplex with Garages

      Well-rented duplex with garages and fenced yards in Lawrence.
      3519 and 3521 Morning Dove Circle, Lawrence, KS 66049
      View Details
    • $1,300,000
      5,773 SF

      Turnkey Restaurant Space with Charm

      Renovated restaurant space in walkable, highly-visible area.
      619 Massachusetts St, Lawrence, KS
      View Details
    • $5,250,000
      63,912 SF

      Downtown Lawrence Redevelopment Opportunity

      Premier downtown location with redevelopment potential and strong tenants.
      900 Massachusetts St, Lawrence, KS
      View Details
    • $395,000
      2,407 SF

      Downtown Lawrence Retail Space

      Charming retail space in the heart of Downtown Lawrence.
      742 Massachusetts Street, Lawrence, KS 66044
      View Details

    FAQs

    What type of property is this?
    Office units - Two-story commercial space in a thriving business center.
    Where is this office units located?
    The property is located at 2500 W 31st. Unit H Lawrence, KS.
    What is the asking price?
    The asking price for this property is $550,000.
    What are key features of this property?
    This property features: High investment potential with a current 3.7% cap rate and upside to 8.6% by leasing the vacant upper level.; Substantial space: **5,976 sq ft total**, suitable for diverse business needs.; Existing lease on the lower level provides immediate rental income.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Doug Brown
    Real Estate License ID: Kansas 00031909
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2500 W 31st. Unit H, Lawrence, KS 66047
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!