2-Bay Auto Repair
For Sale
Contact for pricing
500 SE 29th ST, Topeka, KS 66605
C-2 Commercial property with overhead doors, concrete floors, on-site parking, and access to major roads and highways.
Property Size1,421 SF
Price / SF$175.93
Days on Market147
Property Features for 500 SE 29th ST
General Information
Standard status
Active
Size
1,421 SF
Property subtype
Retail
Zoning
C-2 Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Service Bays
2
Building Details
Year Built
1950
Buildings
1
Listing Agency:
Coldwell Banker American Home
Listed By:
Jana Hart-Durall · License #KS
Source:
Crexi
Added: Apr 7
Changed: Aug 30
Last Checked: Aug 30 at 6:03PM
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 Coldwell Banker American Home
Investment Insights
Based on property information with market context.
This automotive service property includes two repair bays equipped with overhead garage doors. The building has concrete flooring suited to heavy-duty use, ceiling clearance for cars, trucks, and light commercial vehicles, and room for tools and service equipment. On-site parking supports customer and staff access.
Located at 500 SE 29th ST in Topeka, the property offers access to major roads and highways. C-2 Commercial zoning supports its commercial classification, and the building was constructed in 1950.
Located at 500 SE 29th ST in Topeka, the property offers access to major roads and highways. C-2 Commercial zoning supports its commercial classification, and the building was constructed in 1950.
Key Highlights
- Two service bays with overhead garage doors
- Concrete floors designed for heavy use
- Ceiling height accommodates cars, trucks, and light commercial vehicles
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
$8,236
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
3.29%
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%
$164,720
$164.7K
Cap Rate 7%
$117,657
$117.7K
Cap Rate 9%
$91,511
$91.5K
Market Conditions
NOI Build-Up for 1,421 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
$12.8K $9.00/SF
− Vacancy
−$1.0K −$0.72/SF
EGI
$11.8K $8.28/SF
− OpEx
−$3.5K −$2.48/SF
NOI
$8.2K $5.80/SF
Area
Topeka, KS
Vacancy
8.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$164,720
Cap Rate 7%
$117,657
Cap Rate 9%
$91,511
Alternative Uses
Best Use
Retail
$117.7K
$103.0K – $137.3K
NOI $8,236 @ 7.0% cap · market cap 3.29%
Second Best
Industrial
$28.2K
$24.7K – $33.0K
NOI $1,977 @ 7.0% cap · market cap 0.79%
Theoretical Best
Self Storage
$160.3K
$140.3K – $187.0K
NOI $11,220 @ 7.0% cap · market cap 4.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Service bays
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
328
Businesses Nearby
53k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 46%
Groceries 30%
Home Improvements & Furnishings 23%
Shops & Services 1%
Taco Bell
Dining
19,860 visits/mo
0.4 miles
Aldi
Groceries
16,047 visits/mo
0.5 miles
Harbor Freight Tools
Home Improvements & Furnishings
11,463 visits/mo
0.2 miles
Church's Chicken
Dining
4,590 visits/mo
0.2 miles
Rent A Center
Home Improvements & Furnishings
588 visits/mo
0.3 miles
Demographics for 66605, KS
19,531
Population
8,655
Households
2.3
Avg Household Size
37
Median Age
20%
College-Educated
91%
High-School Grad
10.0 sq mi
ZIP Area
1,953
Density / Sq Mi
$57,623
Median Household Income
$41,818
Median Earnings
$856
Median Rent
$157,200
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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- Easy Own Auto Leasing & Sales — 315 SW 32nd Terrace, Topeka, KS 66611
Frequently Asked Questions
What type of property is this?
Auto shop - C-2 Commercial property with overhead doors, concrete floors, on-site parking, and access to major roads and highways.
Where is this auto shop located?
The property is located at 500 SE 29th ST Topeka, KS.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Two service bays with overhead garage doors; Concrete floors designed for heavy use; Ceiling height accommodates cars, trucks, and light commercial vehicles
