Flex Space with
For Sale
$950,000
450 N Iowa Street, Lawrence, KS 66049
Commercial Sale, Lawrence, KS
Property Size11,000 SF
Lot Size1.16 Acres
Price / SF$86.36
Days on Market107
Property Features for 450 N Iowa Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
PD
Rooms
Kitchen
Parking
40
Window features
Double Pane Windows
Interior features
Restrooms, Wired for Phone, Wired for Computer, High Speed Internet
Accessibility
Accessible Approach with Ramp
Appliances
Refrigerator
Lot features
Landscaped
Subdivision
LAWRENCE 1
Standard status
Active
Lot size
1.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Please see Offer Instructions.
Legal Description
Please see Offer Instructions.
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Flooring type
Carpet, Concrete
Building materials
Steel Siding, Stucco, Metal Siding
Listing Agency:
STEPHENS REAL ESTATE, INC
(785) 841-4500
Listed By:
RANDY RUSSELL
(785) 331-7954
Added: Jul 1
Changed: Oct 8
Last Checked: Oct 15 at 9:06AM
MLS# 165980
Copyright © 2026 Lawrence Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex property includes two steel-framed metal buildings totaling approximately 11,000 square feet on approximately 1.16 acres. The approximately 5,400-square-foot first building offers a flexible retail-office layout with rear garage and service bays and is currently vacant. The approximately 5,600-square-foot warehouse contains an open floor plan and a mezzanine covering approximately half of the building; it is currently leased. One building received a new roof in 2025, and the property was built in 2000.
Located approximately 1/4 mile from highway access, the property is about 20 minutes from Topeka and about 30 minutes from the Kansas City metropolitan area. Zoning is PD. Additional features include public water and sewer, central air, natural-gas heating, restrooms, concrete and carpet flooring, and an accessible approach with ramp.
Located approximately 1/4 mile from highway access, the property is about 20 minutes from Topeka and about 30 minutes from the Kansas City metropolitan area. Zoning is PD. Additional features include public water and sewer, central air, natural-gas heating, restrooms, concrete and carpet flooring, and an accessible approach with ramp.
Key Highlights
- Approximately 11,000+/- SF across two metal buildings on 1.16+/- acres
- Approximately 5,400 SF retail‑office building with rear garage/service bays
- Approximately 5,600 SF open warehouse with mezzanine over approximately half the building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$73,749
Cap Rate
7.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,474,980
$1.5M
Cap Rate 7%
$1,053,557
$1.1M
Cap Rate 9%
$819,433
$819.4K
Market Conditions
NOI Build-Up for 11,000 SF
Gross rent
$112.2K $10.20/SF
− Vacancy
−$6.8K −$0.62/SF
EGI
$105.4K $9.58/SF
− OpEx
−$31.6K −$2.87/SF
NOI
$73.7K $6.70/SF
Area
Douglas County, KS
Vacancy
6.10%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,474,980
Cap Rate 7%
$1,053,557
Cap Rate 9%
$819,433
Alternative Uses
Best Use
Retail
$3.24M
$2.83M – $3.78M
NOI $226,590 @ 7.0% cap · market cap 23.85%
Second Best
Office B
$2.34M
$2.05M – $2.73M
NOI $164,092 @ 7.0% cap · market cap 17.27%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
114
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 66049, KS
32,131
Population
15,405
Households
2.1
Avg Household Size
37
Median Age
62%
College-Educated
96%
High-School Grad
45.2 sq mi
ZIP Area
711
Density / Sq Mi
$90,755
Median Household Income
$49,826
Median Earnings
$1,145
Median Rent
$362,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Two metal buildings combine vacant retail-office space with a leased warehouse and convenient highway connectivity.
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: Approximately 11,000+/- SF across two metal buildings on 1.16+/- acres; Approximately 5,400 SF retail‑office building with rear garage/service bays; Approximately 5,600 SF open warehouse with mezzanine over approximately half the building
