Turnkey Restaurant Space with
For Sale
Contact for pricing
619 Massachusetts St, Lawrence, KS
Renovated restaurant space in walkable, highly-visible area.
Property Size5,773 SF
Lot Size0.14 Acres
Price / SF$225.19
Days on Market287
Property Features for 619 Massachusetts St
General Information
Standard status
Active
Size
5,773 SF
Lot size
0.14 Acres
Property subtype
RETAIL
Listing Agency:
Colliers | Lawrence
(785) 865-3924
Listed By:
Allison Moore, SIOR
Source:
Moodyscre
Added: Nov 12, 2025
Changed: Jul 6
Last Checked: Aug 25 at 7:09AM
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 Colliers | Lawrence
Investment Insights
Based on property information with market context.
This renovated space, originally built in 1930 and updated in 2014, offers a blend of historic character and modern functionality. Previously home to a successful restaurant, the property is well-suited for food and beverage, retail, or creative office use. Located in a walkable, highly-visible area, this space is perfect for businesses looking to make a statement with a property that combines style, history, and practicality. The property has updated systems from a 2014 remodel and features hardwood flooring and large front windows providing natural light. Zoning is CD-UC (Community Urban Center). Private parking is available for $34 per month per spot. The property has a size of 5773 square feet and is located at 619 Massachusetts St, Lawrence, KS.
Key Highlights
- Turnkey Restaurant Opportunity: Previously a successful restaurant, offering potential for easy conversion and immediate operation.
- Prime Location: Situated in a walkable, highly‑visible area ideal for attracting customers and clients.
- Historic Charm & Modern Functionality: A unique blend of character from its 1930 build with updated systems from a 2014 remodel.
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
$118,918
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
9.15%
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%
$2,378,360
$2.4M
Cap Rate 7%
$1,698,829
$1.7M
Cap Rate 9%
$1,321,311
$1.3M
Market Conditions
NOI Build-Up for 5,773 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
$173.9K $30.12/SF
− Vacancy
−$4.0K −$0.69/SF
EGI
$169.9K $29.43/SF
− OpEx
−$51.0K −$8.83/SF
NOI
$118.9K $20.60/SF
Area
Douglas County, KS
Vacancy
2.30%
Lease Rate
$30.12 /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%
$2,378,360
Cap Rate 7%
$1,698,829
Cap Rate 9%
$1,321,311
Alternative Uses
Best Use
Retail
$1.70M
$1.49M – $1.98M
NOI $118,918 @ 7.0% cap · market cap 9.15%
Second Best
Specialty Retail
$1.21M
$1.06M – $1.42M
NOI $84,970 @ 7.0% cap · market cap 6.54%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,808
Businesses Nearby
64k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 41%
Apparel 26%
Hotels & Casinos 22%
Shops & Services 11%
TownePlace Suites Lawrence Downtown
Hotels & Casinos
10,918 visits/mo
0.3 miles
Rally House
Apparel
10,132 visits/mo
0.4 miles
Noodles & Company
Dining
8,736 visits/mo
0.2 miles
Pickleman's Gourmet Cafe
Dining
5,783 visits/mo
0.3 miles
Urban Outfitters
Apparel
5,239 visits/mo
0.5 miles
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Fun Time Video Amusement Co — 719 Massachusetts St, Lawrence, KS 66044
- Schumm Food Co — 719 Massachusetts St, Lawrence, KS 66044
- Ike's OooWee BBQ — Lawrence, KS 66044
Frequently Asked Questions
What type of property is this?
Restaurant - Renovated restaurant space in walkable, highly-visible area.
Where is this restaurant located?
The property is located at 619 Massachusetts St Lawrence, KS.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Turnkey Restaurant Opportunity: Previously a successful restaurant, offering potential for easy conversion and immediate operation.; Prime Location: Situated in a walkable, highly‑visible area ideal for attracting customers and clients.; Historic Charm & Modern Functionality: A unique blend of character from its 1930 build with updated systems from a 2014 remodel.
