Flex/Industrial Building with
For Sale
Contact for pricing
320 W 1st Ave, Topeka, KS 66603
Flex industrial property includes 1,600 SF office and a 30-ton bridge crane with drive-in loading.
Property Size6,400 SF
Lot Size1.67 Acres
Price / SF$117.19
Days on Market392
Property Features for 320 W 1st Ave
General Information
Standard status
Active
Size
6,400 SF
Lot size
1.67 Acres
Property subtype
INDUSTRIAL
Zoning
D-3
Warehouse & Industrial
Clear Height
33.3 ft
Drive-In Doors
1
Heavy Power
Yes
Listing Agency:
Colliers | Kansas City
(816) 531-5303
Listed By:
Doug Hedrick, SIOR, CCIM
(913) 205-7359
Source:
Moodyscre
Added: Aug 14, 2025
Changed: Sep 6
Last Checked: Sep 8 at 10:46AM
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 Colliers | Kansas City
Investment Insights
Based on property information with market context.
This flex/industrial facility totals approximately 6,400 SF, including a 1,600 SF office building and a 4,800 SF industrial warehouse. The industrial space offers a 30-ton bridge crane with a 20’ hook height, along with drive-in door loading sized 20’ x 14’. Clear height ranges from 28’4” to 33’4”. The warehouse floor is dirt, and electrical service is 600 amp/3-phase.
The office area is approximately 1,940 SF and is described as updated in the 1980s, with a slate roof replacement in 1993. The property sits on about 1.67 acres of rocked land and is zoned D-3 (Downtown Mixed-Use District).
The office area is approximately 1,940 SF and is described as updated in the 1980s, with a slate roof replacement in 1993. The property sits on about 1.67 acres of rocked land and is zoned D-3 (Downtown Mixed-Use District).
Key Highlights
- 6,400± SF flex industrial property with 1,600± SF office and 4,800± SF industrial space
- 30‑ton bridge crane with 20' hook height in the industrial building
- Drive‑in loading with a 20' x 14' door and 28'9"-33'9" clear height
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
$29,852
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
3.98%
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%
$597,040
$597.0K
Cap Rate 7%
$426,457
$426.5K
Cap Rate 9%
$331,689
$331.7K
Market Conditions
NOI Build-Up for 6,400 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
$49.9K $7.80/SF
− Vacancy
−$4.0K −$0.62/SF
EGI
$45.9K $7.18/SF
− OpEx
−$16.1K −$2.51/SF
NOI
$29.9K $4.66/SF
Area
Topeka, KS
Vacancy
8.00%
Lease Rate
$7.80 /SF/Yr
Expense Ratio
35.00%
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%
$597,040
Cap Rate 7%
$426,457
Cap Rate 9%
$331,689
Alternative Uses
Best Use
Flex RnD
$426.5K
$373.2K – $497.5K
NOI $29,852 @ 7.0% cap · market cap 3.98%
Second Best
Office B
$310.4K
$271.6K – $362.1K
NOI $21,727 @ 7.0% cap · market cap 2.90%
Theoretical Best
Self Storage
$721.9K
$631.7K – $842.2K
NOI $50,534 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
33 ft
Clear height
1
Drive-in doors
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
976
Businesses Nearby
Balanced
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Iron Rail Catering — 705 S Kansas Ave, Topeka, KS 66603
- Front Door Catering LLC — 114 nw laurent st, topeka, ks 66608
Frequently Asked Questions
What type of property is this?
Flex space - Flex industrial property includes 1,600 SF office and a 30-ton bridge crane with drive-in loading.
Where is this flex space located?
The property is located at 320 W 1st Ave Topeka, KS.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 6,400± SF flex industrial property with 1,600± SF office and 4,800± SF industrial space; 30‑ton bridge crane with 20' hook height in the industrial building; Drive‑in loading with a 20' x 14' door and 28'9"-33'9" clear height
