Multi-Tenant Office
For Sale
$475,000
2630 Farm Bureau Rd, Manhattan, KS 66502
Three separate suites include a lower-level office with a kitchen and on-site parking.
Property Size2,560 SF
Lot Size0.40 Acres
Price / SF$185.55
Days on Market155
Property Features for 2630 Farm Bureau Rd
General Information
Standard status
Active
Size
2,560 SF
Lot size
0.40 Acres
Additional Details
Office Units
3
Taxes and HOA fees
Annual Taxes
$10,874
Building Details
Year Built
1973
Buildings
1
Building Size
2,560 SF
Tenancy
Multi
Listing Agency:
ERA High Pointe Realty
(785) 410-6554
Listed By:
Sharon Williams
(785) 410-6554
Source:
Exprealty
Added: Mar 30
Changed: Aug 29
Last Checked: Aug 30 at 9:06PM
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 ERA High Pointe Realty
Investment Insights
Based on property information with market context.
This 2,560-square-foot office building is configured as three separate units, including a lower-level suite with a kitchen. The layout can accommodate multiple occupants or an owner-user business within a single commercial property.
The building sits on a 17,254-square-foot corner lot at 2630 Farm Bureau Rd in Manhattan, Kansas, where Seth Childs Road meets Farm Bureau Road. On-site parking and access from the corner setting support practical day-to-day use. Constructed in 1973, the property offers an established office configuration with separate suites and a dedicated kitchen area.
The building sits on a 17,254-square-foot corner lot at 2630 Farm Bureau Rd in Manhattan, Kansas, where Seth Childs Road meets Farm Bureau Road. On-site parking and access from the corner setting support practical day-to-day use. Constructed in 1973, the property offers an established office configuration with separate suites and a dedicated kitchen area.
Key Highlights
- 2,560‑square‑foot office building divided into three separate units
- Lower‑level office suite includes a kitchen
- 17,254‑square‑foot corner 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
$39,327
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
8.28%
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%
$786,540
$786.5K
Cap Rate 7%
$561,814
$561.8K
Cap Rate 9%
$436,967
$437.0K
Market Conditions
NOI Build-Up for 2,560 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
$59.0K $23.04/SF
− Vacancy
−$6.5K −$2.56/SF
EGI
$52.4K $20.48/SF
− OpEx
−$13.1K −$5.12/SF
NOI
$39.3K $15.36/SF
Area
Riley County, KS
Vacancy
11.10%
Lease Rate
$23.04 /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%
$786,540
Cap Rate 7%
$561,814
Cap Rate 9%
$436,967
Alternative Uses
Best Use
Office B
$561.8K
$491.6K – $655.5K
NOI $39,327 @ 7.0% cap · market cap 8.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$585.8K
$512.6K – $683.5K
NOI $41,009 @ 7.0% cap · market cap 8.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
392
Businesses Nearby
Explore this area
Business Placement
Demographics for 66502, KS
44,384
Population
20,700
Households
2.1
Avg Household Size
28
Median Age
46%
College-Educated
95%
High-School Grad
221.7 sq mi
ZIP Area
200
Density / Sq Mi
$52,363
Median Household Income
$22,091
Median Earnings
$953
Median Rent
$217,500
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 - Three separate suites include a lower-level office with a kitchen and on-site parking.
Where is this office building located?
The property is located at 2630 Farm Bureau Rd Manhattan, KS.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 2,560‑square‑foot office building divided into three separate units; Lower‑level office suite includes a kitchen; 17,254‑square‑foot corner lot
