Flex Space Investment with Two Metal
New
For Sale
$950,000
450 N Iowa Street, Lawrence, KS 66044
Two metal buildings on 1.16 acres, with one vacant retail/office and one leased warehouse with mezzanine
Property Size11,000 SF
Lot Size1.16 Acres
Price / SF$86.36
Days on Market2
Property Features for 450 N Iowa Street
General Information
Standard status
Active
Size
11,000 SF
Lot size
1.16 Acres
Property subtype
Commercial
Additional Details
Highway Access
Yes
Warehouse Space
5,600 SF
Building Details
Year Built
2000
Buildings
2
Construction
steel frame
Tenancy
Multi
Listing Agency:
Stephens Real Estate
(785) 841-4500
Listed By:
Randy Russell
(785) 841-4500
Source:
Heartland-realty
Added: Jul 29
Changed: Jul 30
Last Checked: Jul 30 at 3:21PM
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 Stephens Real Estate
Investment Insights
Based on property information with market context.
This flex-style commercial property features two well-maintained metal buildings totaling approximately 11,000± SF on 1.16± acres. Built in 2000 with steel frame construction, the buildings offer a mix of flexible retail/office space and warehousing. Building 1 is approximately 5,400 SF and provides a flexible retail and office layout with multiple garage/service bays on the rear; it is currently vacant. Building 2 is approximately 5,600 SF as an open warehouse with a mezzanine over approximately half of the building and is currently leased.
A new roof was installed on one building in 2025. The property is located about 1/2 mile from highway access, with approximately 20 minutes to Topeka and about 30 minutes to the Kansas City metropolitan area.
The combination of a ready-to-occupy space alongside an in-place leased warehouse can support a variety of operational and tenant scenarios within the same site.
A new roof was installed on one building in 2025. The property is located about 1/2 mile from highway access, with approximately 20 minutes to Topeka and about 30 minutes to the Kansas City metropolitan area.
The combination of a ready-to-occupy space alongside an in-place leased warehouse can support a variety of operational and tenant scenarios within the same site.
Key Highlights
- Two metal buildings totaling approximately 11,000± SF on 1.16± acres
- Building 1: ~5,400 SF flexible retail/office with rear garage/service bays, currently vacant
- Building 2: ~5,600 SF open warehouse with mezzanine over approximately half, currently leased
Financial Insights For Industrial
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $112.2k | $10.20 |
| − Vacancy | −$6.8k | −$0.62 |
| EGI | $105.4k | $9.58 |
| − OpEx | −$31.6k | −$2.87 |
| NOI | $73.7k | $6.70 |
11,000 SF · lease $10.20/SF/yr · vacancy 6.10% · expense 30.00%
Alternative Uses
Best Use
Retail
$3.24M
$2.83M – $3.78M
NOI $226,590 @ 7.0% cap · market cap 23.85%
Second Best
Flex RnD
$2.24M
$1.96M – $2.62M
NOI $157,104 @ 7.0% cap · market cap 16.54%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
244
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 66044, KS
28,276
Population
12,723
Households
2.2
Avg Household Size
28
Median Age
54%
College-Educated
95%
High-School Grad
64.2 sq mi
ZIP Area
440
Density / Sq Mi
$56,340
Median Household Income
$20,271
Median Earnings
$999
Median Rent
$228,100
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two metal buildings on 1.16 acres, with one vacant retail/office and one leased warehouse with mezzanine
Where is this flex space located?
The property is located at 450 N Iowa Street Lawrence, KS.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Two metal buildings totaling approximately 11,000± SF on 1.16± acres; Building 1: ~5,400 SF flexible retail/office with rear garage/service bays, currently vacant; Building 2: ~5,600 SF open warehouse with mezzanine over approximately half, currently leased
