Versatile Commercial Space For
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450 N Iowa St, Lawrence, KS 66044
Adaptable commercial property suitable for office, storage, or retail.
Property Size11,000 SF
Price / SF$89.91
Days on Market755
Property Features for 450 N Iowa St
General Information
Standard status
Active
Size
11,000 SF
Property subtype
Retail, Office, Industrial
Zoning
PD
Lease Type
Modified Gross
Net Operating Income
$75,048
Building Details
Year Built
2000
Year Renovated
2014
Tenancy
Multi
Listing Agency:
Colliers - Lawrence, Kansas
(785) 865-3924
Listed By:
Allison Moore · License #KS BR00051570
Source:
Crexi
Added: Aug 8, 2024
Changed: Aug 31
Last Checked: Aug 14 at 5:57AM
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, Kansas
Investment Insights
Based on property information with market context.
This commercial property offers an opportunity to own a space suitable for a variety of uses, including office, storage, or retail. The property encompasses 11000 square feet.
Key Highlights
- Versatile space suitable for office, storage, or retail.
- Built in 2000.
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
$73,749
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
7.46%
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%
$1,474,980
$1.5M
Cap Rate 7%
$1,053,557
$1.1M
Cap Rate 9%
$819,433
$819.4K
Market Conditions
NOI Build-Up for 11,000 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
$112.2K $10.20/SF
− Vacancy
−$6.8K −$0.62/SF
EGI
$105.4K $9.58/SF
− OpEx
−$31.6K −$2.87/SF
NOI
$73.7K $6.70/SF
Area
Douglas County, KS
Vacancy
6.10%
Lease Rate
$10.20 /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%
$1,474,980
Cap Rate 7%
$1,053,557
Cap Rate 9%
$819,433
Alternative Uses
Best Use
Flex RnD
$2.24M
$1.96M – $2.62M
NOI $157,104 @ 7.0% cap · market cap 15.89%
Second Best
Industrial
$1.05M
$921.9K – $1.23M
NOI $73,749 @ 7.0% cap · market cap 7.46%
Theoretical Best
Retail
$3.24M
$2.83M – $3.78M
NOI $226,590 @ 7.0% cap · market cap 22.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
114
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 66044, KS
28,276
Population
12,723
Households
2.2
Avg Household Size
28
Median Age
54%
College-Educated
95%
High-School Grad
64.2 sq mi
ZIP Area
440
Density / Sq Mi
$56,340
Median Household Income
$20,271
Median Earnings
$999
Median Rent
$228,100
Median Home Value
Market
Vacancy Rate% for Industrial 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 - Adaptable commercial property suitable for office, storage, or retail.
Where is this flex space located?
The property is located at 450 N Iowa St Lawrence, KS.
What is the asking price?
The asking price for this property is $989,000.
What are key features of this property?
This property features: Versatile space suitable for office, storage, or retail.; Built in 2000.
