Building Details

Year Built 1974

Tenancy Single

Listing Agency: Kansas Commercial Real Estate Services Inc

Listed By: Ed Eller · License #KS 00217859 Show Phone

Source: Crexi

Added: Aug 28, 2023 Changed: Oct 9 Last Checked: Oct 16 at 9:08AM

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Investment Insights

Based on property information with market context.

This property features a 70,000+/- square foot building, including approximately 5,000 square feet of interior dock space, 1,600+/- square feet of office space, and a 633+/- square foot mezzanine. The property has potential for rail siding located approximately one-half mile south on Vail Avenue. It also offers the potential for a drive-thru building and includes a truck scale on the premises. The west warehouse incorporates a grated floor drain system. The owner is open to leasing the property to a suitable tenant. The property is located in Topeka, KS.

Key Highlights

• 70,000 SF building with potential for a variety of uses
• Interior dock (5,000 SF) for efficient loading/unloading
• Truck scale on premises for weighing shipments

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$118,328

Cap Rate

6.23%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,366,560 $2.4M

Cap Rate 7%

$1,690,400 $1.7M

Cap Rate 9%

$1,314,756 $1.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 69,300 SF

Gross rent

$149.7K $2.16/SF

− Vacancy

−$10.5K −$0.15/SF

EGI

$139.2K $2.01/SF

− OpEx

−$20.9K −$0.30/SF

NOI

$118.3K $1.71/SF

Area

Topeka, KS

Vacancy

7.00%

Lease Rate

$2.16 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,366,560

Cap Rate 7%

$1,690,400

Cap Rate 9%

$1,314,756

Alternative Uses

Best Use

Office B

$3.36M

$2.94M – $3.92M (±1% cap)

NOI $235,260 @ 7.0% cap · market cap 12.38%

Second Best

Warehouse

$1.69M

$1.48M – $1.97M (±1% cap)

NOI $118,328 @ 7.0% cap · market cap 6.23%

Theoretical Best

Self Storage

$7.82M

$6.84M – $9.12M (±1% cap)

NOI $547,193 @ 7.0% cap · market cap 28.80%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Johnson Storage & Moving Moving Company Security Van Lines Moving Company

Suggested Use

Top Pick Auto Parts Store Hair Salon Spa & Massage Center Nail Salon Electrical Service Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

38

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 66608, KS

5,247

Population

2,484

Households

2.1

Avg Household Size

40

Median Age

7%

College-Educated

87%

High-School Grad

4.3 sq mi

ZIP Area

1,220

Density / Sq Mi

$49,792

Median Household Income

$29,754

Median Earnings

$843

Median Rent

$77,500

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Similar Off Market Nearby

• Johnson Storage & Moving — 1936 NW Lower Silver Lake Rd, Topeka, KS 66608
• Security Van Lines — 1936 NW Lower Silver Lake Rd, Topeka, KS 66608
• Storage Rentals of America — 2227 NW Vail Ave, Topeka, KS 66618
• H P S Storage — 2836 US-24, Topeka, KS 66618

Frequently Asked Questions

What type of property is this?

Warehouse - 70,000+/- SF building with dock, office, and mezzanine.

Where is this warehouse located?

The property is located at 1936 NW Lower Silver Lake Rd Topeka, KS.

What is the asking price?

The asking price for this property is $1,900,000.

What are key features of this property?

This property features: 70,000 SF building with potential for a variety of uses; Interior dock (5,000 SF) for efficient loading/unloading; Truck scale on premises for weighing shipments