West Topeka Office
For Sale
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2121 SW Chelsea Dr, Topeka, KS 66614
Professional office building for sale or lease in West Topeka.
Property Size20,790 SF
Price / SF$95.96
Days on Market988
Property Features for 2121 SW Chelsea Dr
General Information
Standard status
Active
Size
20,790 SF
Class
B
Property subtype
Office, Mixed Use
Occupancy
50%
Lease Type
NNN
Investment Type
Owner/User
Building Details
Year Built
1997
Tenancy
Multi
Listing Agency:
Foundations Commercial Real Estate
Listed By:
Kirsten Flory · License #SP00220332
(785) 766-6568
Source:
Crexi
Added: Dec 19, 2023
Changed: Aug 27
Last Checked: Aug 28 at 9:18PM
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 Foundations Commercial Real Estate
Investment Insights
Based on property information with market context.
This professional office building, located in West Topeka off of 21st and Fairlawn, is available for sale or lease and offers close access to I-470. The property, with a size of 20790 square feet, could accommodate an owner/occupant, or the existing owner could remain as a tenant. The space features multiple entrances, sizeable open bullpen areas, private offices, storage, meeting/training space, and ample parking. Additionally, the building includes a former recording studio with high ceilings and a drive-in door for delivery access.
Key Highlights
- Prime location in West Topeka near 21st and Fairlawn with close access to I‑470.
- Flexible occupancy: suitable for owner/occupant or lease with existing owner as tenant.
- Versatile space: includes open bullpen areas, private offices, storage, and meeting/training space.
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
$70,578
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
3.54%
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%
$1,411,560
$1.4M
Cap Rate 7%
$1,008,257
$1.0M
Cap Rate 9%
$784,200
$784.2K
Market Conditions
NOI Build-Up for 20,790 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
$114.8K $5.52/SF
− Vacancy
−$20.7K −$0.99/SF
EGI
$94.1K $4.53/SF
− OpEx
−$23.5K −$1.13/SF
NOI
$70.6K $3.39/SF
Area
Topeka, KS
Vacancy
18.00%
Lease Rate
$5.52 /SF/Yr
Expense Ratio
25.00%
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%
$1,411,560
Cap Rate 7%
$1,008,257
Cap Rate 9%
$784,200
Alternative Uses
Best Use
Office B
$1.01M
$882.2K – $1.18M
NOI $70,578 @ 7.0% cap · market cap 3.54%
Second Best
—
—
no second resolved use
Theoretical Best
Self Storage
$2.35M
$2.05M – $2.74M
NOI $164,158 @ 7.0% cap · market cap 8.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
531
Businesses Nearby
Explore this area
Business Placement
Demographics for 66614, KS
31,332
Population
15,273
Households
2.1
Avg Household Size
41
Median Age
39%
College-Educated
97%
High-School Grad
24.1 sq mi
ZIP Area
1,300
Density / Sq Mi
$70,419
Median Household Income
$47,871
Median Earnings
$995
Median Rent
$181,500
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Professional office building for sale or lease in West Topeka.
Where is this office building located?
The property is located at 2121 SW Chelsea Dr Topeka, KS.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Prime location in West Topeka near 21st and Fairlawn with close access to I‑470.; Flexible occupancy: suitable for owner/occupant or lease with existing owner as tenant.; Versatile space: includes open bullpen areas, private offices, storage, and meeting/training space.
