Flex Space Office/Warehouse with Overhead
For Sale
$1,385,000
5301 SW Topeka BLVD, Topeka, KS 66609
COMMERCIAL - Topeka, KS
Property Size11,600 SF
Lot Size12.00 Acres
Price / SF$119.40
Days on Market127
Property Features for 5301 SW Topeka BLVD
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I-2 Heavy Industrial
Parking features
Parking Lot
Lot features
Free Standing
Directions
South on Topeka Blvd. to 53rd. Turn Right to Property.
Standard status
Active
APN
R66331
Lot size
12.00 Acres
Taxes and HOA fees
Tax Annual Amount
26776
Utilities
Utilities
Electricity Available
Sewer type
Public Sewer
Heating system
Space Heater, Natural Gas, Central
Water source
Public
Building Details
Year built
1989
Floors in Building
1
Flooring type
Tile, Concrete
Roof type
Metal
Listing Agency:
Countrywide Realty, Inc.
(785) 272-8790
Listed By:
Marc Bunting · License #422000016
(785) 640-1176
Added: Apr 7
Changed: Aug 4
Last Checked: Aug 11 at 7:06PM
MLS# 243818
Copyright © 2026 Sunflower Association 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.
Flex office/warehouse property totaling 11,600 SF, built in 1989, set on 12+/- acres. The building includes 1,200 SF of office space and 10,400 SF of warehouse area. Flooring is concrete and tile, and the roof is metal.
Operational features include 4 overhead doors: two 14’x22’, one 12’x12’, and one 10’x10’. Warehouse eave height is 17’. Heating is available via natural gas with central heat and space heaters. The property includes 9+ acres of heavy gravel, and it is zoned I-2 Heavy Industrial.
Utilities and site services include electricity availability, public water, and public sewer. Parking is provided in a parking lot, and 3-phase power is available for suitable industrial uses.
Operational features include 4 overhead doors: two 14’x22’, one 12’x12’, and one 10’x10’. Warehouse eave height is 17’. Heating is available via natural gas with central heat and space heaters. The property includes 9+ acres of heavy gravel, and it is zoned I-2 Heavy Industrial.
Utilities and site services include electricity availability, public water, and public sewer. Parking is provided in a parking lot, and 3-phase power is available for suitable industrial uses.
Key Highlights
- 11,600 SF flex office/warehouse with 1,200 SF office and 10,400 SF warehouse
- Set on 12+/- acres with 9+ acres of heavy gravel
- 4 overhead doors: 14’x22’ (2), 12’x12’, and 10’x10’
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
$54,107
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
3.91%
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%
$1,082,140
$1.1M
Cap Rate 7%
$772,957
$773.0K
Cap Rate 9%
$601,189
$601.2K
Market Conditions
NOI Build-Up for 11,600 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
$90.5K $7.80/SF
− Vacancy
−$7.2K −$0.62/SF
EGI
$83.2K $7.18/SF
− OpEx
−$29.1K −$2.51/SF
NOI
$54.1K $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%
$1,082,140
Cap Rate 7%
$772,957
Cap Rate 9%
$601,189
Alternative Uses
Best Use
Flex RnD
$773.0K
$676.3K – $901.8K
NOI $54,107 @ 7.0% cap · market cap 3.91%
Second Best
Office B
$562.6K
$492.3K – $656.3K
NOI $39,380 @ 7.0% cap · market cap 2.84%
Theoretical Best
Self Storage
$1.31M
$1.14M – $1.53M
NOI $91,594 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
151
Businesses Nearby
Well-served
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 - Flex office/warehouse on I-2 heavy industrial land with overhead doors, heavy gravel, and public utilities.
Where is this flex space located?
The property is located at 5301 SW Topeka BLVD Topeka, KS.
What is the asking price?
The asking price for this property is $1,385,000.
What are key features of this property?
This property features: 11,600 SF flex office/warehouse with 1,200 SF office and 10,400 SF warehouse; Set on 12+/- acres with 9+ acres of heavy gravel; 4 overhead doors: 14’x22’ (2), 12’x12’, and 10’x10’
