Historic Office
For Sale
$625,000
320 Sw 8th Ave, Topeka, KS 66603
Constructed in 1915, this historic office building on two lots totals 0.42 acres in downtown Topeka.
Property Size16,592 SF
Lot Size0.42 Acres
Price / SF$37.67
Days on Market81
Property Features for 320 Sw 8th Ave
General Information
Standard status
Active
Size
16,592 SF
Lot size
0.42 Acres
Zoning
OI-2
Taxes and HOA fees
Annual Taxes
$21,088
Building Details
Year Built
1915
Listing Agency:
Berkshire Hathaway First
(785) 393-7478
Listed By:
Annie Foust · License #SP00237128
(785) 393-7478
Source:
Exprealty
Added: Jun 4
Changed: Aug 23
Last Checked: Aug 20 at 7:20AM
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 Berkshire Hathaway First
Investment Insights
Based on property information with market context.
Constructed in 1915, this historic commercial building totals approximately 16,592 square feet and offers a distinctive architectural character suited to a range of professional and community-oriented uses. The property sits on two lots totaling 0.42 acre and is located within OI-2 zoning.
The building is positioned downtown Topeka directly across from the Kansas State Capitol, placing it among major civic and office destinations including the Shawnee County Courthouse, Topeka City Hall, the Federal Courthouse, and multiple state and judicial facilities. The surrounding area also includes a mix of restaurants, coffee shops, professional services, and ongoing residential redevelopment.
With its downtown visibility and flexible zoning, the property can support uses including professional office, nonprofit, educational, governmental, event, mixed-use, creative workspace, or redevelopment opportunities, subject to applicable requirements.
The building is positioned downtown Topeka directly across from the Kansas State Capitol, placing it among major civic and office destinations including the Shawnee County Courthouse, Topeka City Hall, the Federal Courthouse, and multiple state and judicial facilities. The surrounding area also includes a mix of restaurants, coffee shops, professional services, and ongoing residential redevelopment.
With its downtown visibility and flexible zoning, the property can support uses including professional office, nonprofit, educational, governmental, event, mixed-use, creative workspace, or redevelopment opportunities, subject to applicable requirements.
Key Highlights
- Historic 1915 commercial building totaling approx. 16,592 SF on two lots totaling 0.42 acre in downtown Topeka.
- Directly across from the Kansas State Capitol, placing the property among major downtown government buildings.
- OI‑2 zoning with flexibility for uses including professional office, nonprofit, educational, governmental, event, mixed‑use, creative workspace, or redevelopment.
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
$56,327
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
9.01%
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%
$1,126,540
$1.1M
Cap Rate 7%
$804,671
$804.7K
Cap Rate 9%
$625,856
$625.9K
Market Conditions
NOI Build-Up for 16,592 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
$91.6K $5.52/SF
− Vacancy
−$16.5K −$0.99/SF
EGI
$75.1K $4.53/SF
− OpEx
−$18.8K −$1.13/SF
NOI
$56.3K $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%
$1,126,540
Cap Rate 7%
$804,671
Cap Rate 9%
$625,856
Alternative Uses
Best Use
Office B
$804.7K
$704.1K – $938.8K
NOI $56,327 @ 7.0% cap · market cap 9.01%
Second Best
—
—
no second resolved use
Theoretical Best
Self Storage
$1.87M
$1.64M – $2.18M
NOI $131,010 @ 7.0% cap · market cap 20.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,059
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 - Constructed in 1915, this historic office building on two lots totals 0.42 acres in downtown Topeka.
Where is this office building located?
The property is located at 320 Sw 8th Ave 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: Historic 1915 commercial building totaling approx. 16,592 SF on two lots totaling 0.42 acre in downtown Topeka.; Directly across from the Kansas State Capitol, placing the property among major downtown government buildings.; OI‑2 zoning with flexibility for uses including professional office, nonprofit, educational, governmental, event, mixed‑use, creative workspace, or redevelopment.
