2500 W 31st. Unit H Lawrence, KS 66047

Building Details

Year Built

1991

Listing Agency McGrew Commercial Show Phone

Listed by Doug Brown · License #Kansas 00031909

Source Crexi

Added: Apr 1, 2024 Checked: Jul 17 at 11:58 am

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Investment Insights

Based on property information with market context.

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%.

Key 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.

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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.