Remodeled Flex Space with Overhead
New
For Sale
Contact for pricing
5100 Southwest Topeka Boulevard, Topeka, KS 66609
I1-zoned property combines office, retail, and warehouse/shop areas with fenced rear parking.
Property Size3,930 SF
Price / SF$139.95
Days on Market6
Property Features for 5100 Southwest Topeka Boulevard
General Information
Standard status
Active
Size
3,930 SF
Property subtype
Retail
Zoning
I1
Additional Details
Fenced Yard
Yes
Building Details
Year Built
1930
Listing Agency:
KW One Legacy Partners
(785) 608-3234
Listed By:
Richard Brown · License #KS SP00232448
Source:
Crexi
Added: Aug 6
Changed: Aug 11
Last Checked: Aug 11 at 6:04AM
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 KW One Legacy Partners
Investment Insights
Based on property information with market context.
This 3,930-square-foot flex property, built in 1930 and remodeled, brings together office space, a retail floor, and a warehouse or shop area. Overhead doors support practical loading and access, while the fenced rear parking area accommodates trucks and trailers.
The property is positioned along Southwest Topeka Boulevard with visibility from the roadway. I1 zoning and the combination of finished business areas, shop space, and secured outdoor parking create a flexible commercial layout. The site is suited to operations requiring both customer-facing space and room for vehicles, equipment, or materials.
The property is positioned along Southwest Topeka Boulevard with visibility from the roadway. I1 zoning and the combination of finished business areas, shop space, and secured outdoor parking create a flexible commercial layout. The site is suited to operations requiring both customer-facing space and room for vehicles, equipment, or materials.
Key Highlights
- 3,930 SF remodeled flex property
- I1 zoning supports the property's industrial configuration
- Office space, retail floor, and warehouse/shop areas
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
$22,778
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
4.14%
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%
$455,560
$455.6K
Cap Rate 7%
$325,400
$325.4K
Cap Rate 9%
$253,089
$253.1K
Market Conditions
NOI Build-Up for 3,930 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
$35.4K $9.00/SF
− Vacancy
−$2.8K −$0.72/SF
EGI
$32.5K $8.28/SF
− OpEx
−$9.8K −$2.48/SF
NOI
$22.8K $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%
$455,560
Cap Rate 7%
$325,400
Cap Rate 9%
$253,089
Alternative Uses
Best Use
Retail
$325.4K
$284.7K – $379.6K
NOI $22,778 @ 7.0% cap · market cap 4.14%
Second Best
Flex RnD
$261.9K
$229.1K – $305.5K
NOI $18,331 @ 7.0% cap · market cap 3.33%
Theoretical Best
Self Storage
$443.3K
$387.9K – $517.2K
NOI $31,031 @ 7.0% cap · market cap 5.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
125
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 66609, KS
7,519
Population
3,832
Households
2
Avg Household Size
39
Median Age
29%
College-Educated
94%
High-School Grad
12.5 sq mi
ZIP Area
602
Density / Sq Mi
$63,949
Median Household Income
$46,378
Median Earnings
$1,050
Median Rent
$108,200
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.
Frequently Asked Questions
What type of property is this?
Flex space - I1-zoned property combines office, retail, and warehouse/shop areas with fenced rear parking.
Where is this flex space located?
The property is located at 5100 Southwest Topeka Boulevard Topeka, KS.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 3,930 SF remodeled flex property; I1 zoning supports the property's industrial configuration; Office space, retail floor, and warehouse/shop areas
