Retail Building on Kansas
For Sale
Contact for pricing
623 S Kansas Ave, Topeka, KS 66603
Stand-alone retail building with basement and second floor.
Property Size4,500 SF
Lot Size0.08 Acres
Price / SF$76.67
Days on Market200
Property Features for 623 S Kansas Ave
General Information
Standard status
Active
Size
4,500 SF
Lot size
0.08 Acres
Property subtype
Office, Retail
Investment Type
Value Add
Building Details
Buildings
1
Stories
2
Units
2
Listing Agency:
Haith & Company Realtors
(913) 888-3456
Listed By:
Josh Haith · License #2011012354
Source:
Crexi
Added: Feb 2
Changed: Aug 8
Last Checked: Aug 20 at 8:00PM
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 Haith & Company Realtors
Investment Insights
Based on property information with market context.
This stand-alone retail building, formerly David’s Jewelers, is available for sale. The property features 4,500 square feet of retail space on the first floor, with an additional 2,250 square feet on the second floor and a 4,000-square-foot basement. The building is located directly across from Evergy Plaza. The roof is approximately 20 years old. The parcel spans 0.08 acres, with the building measuring 25 feet wide by 140 feet deep. A gas meter is in place, although the service is currently disconnected. The property is located at 623 S Kansas Avenue in Topeka, KS 66603.
Key Highlights
- 4,500 SF 1st Floor Retail Space
- Stand‑Alone Retail Building
- Located Directly Across from Evergy Plaza
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
$26,082
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
7.56%
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%
$521,640
$521.6K
Cap Rate 7%
$372,600
$372.6K
Cap Rate 9%
$289,800
$289.8K
Market Conditions
NOI Build-Up for 4,500 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
$40.5K $9.00/SF
− Vacancy
−$3.2K −$0.72/SF
EGI
$37.3K $8.28/SF
− OpEx
−$11.2K −$2.48/SF
NOI
$26.1K $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%
$521,640
Cap Rate 7%
$372,600
Cap Rate 9%
$289,800
Alternative Uses
Best Use
Retail
$372.6K
$326.0K – $434.7K
NOI $26,082 @ 7.0% cap · market cap 7.56%
Second Best
—
—
no second resolved use
Theoretical Best
Self Storage
$507.6K
$444.2K – $592.2K
NOI $35,532 @ 7.0% cap · market cap 10.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,940
Businesses Nearby
41k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 53%
Shops & Services 40%
Hotels & Casinos 7%
Wendy's
Dining
12,612 visits/mo
0.3 miles
BP
Shops & Services
7,494 visits/mo
0.1 miles
El Mezcal
Dining
6,677 visits/mo
0.3 miles
Sunoco
Shops & Services
4,476 visits/mo
0.3 miles
Ramada Inn in Topeka KS
Hotels & Casinos
2,707 visits/mo
0.3 miles
Demographics for 66603, KS
1,569
Population
1,151
Households
1.4
Avg Household Size
38
Median Age
17%
College-Educated
91%
High-School Grad
0.9 sq mi
ZIP Area
1,743
Density / Sq Mi
$38,992
Median Household Income
$25,556
Median Earnings
$593
Median Rent
$91,500
Median Home Value
Market
Vacancy Rate% for Retail 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?
Storefront property - Stand-alone retail building with basement and second floor.
Where is this storefront property located?
The property is located at 623 S Kansas Ave Topeka, KS.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: 4,500 SF 1st Floor Retail Space; Stand‑Alone Retail Building; Located Directly Across from Evergy Plaza
