Industrial Building with Retail
For Sale
Contact for pricing
3120 S Kansas Ave, Topeka, KS 66611
Industrial building with retail exposure on a busy thoroughfare.
Property Size19,634 SF
Price / SF$48.64
Days on Market782
Property Features for 3120 S Kansas Ave
General Information
Standard status
Active
Size
19,634 SF
Property subtype
Industrial
Zoning
I2
Lease Type
Modified Gross
Building Details
Year Built
1962
Tenancy
Multi
Listing Agency:
Kansas Commercial Real Estate Services Inc
(785) 272-2525
Listed By:
Ed Eller · License #KS 00217859
Source:
Crexi
Added: Jul 3, 2024
Changed: Aug 14
Last Checked: Aug 22 at 5:09PM
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 Kansas Commercial Real Estate Services Inc
Investment Insights
Based on property information with market context.
This former refrigerated/freezer food production building, previously occupied by food distribution users, presents an opportunity to acquire an industrial property with retail exposure. The 19,634-square-foot building is situated on the south side of Topeka, just south of 29th Street on Kansas Avenue, in the heart of the auto dealership district. Kansas Avenue and Topeka Boulevard offer various surrounding retail and auto-related locations. The property features two grade-level doors on the front of the building and has entrances on Kansas Ave. and 31st Street. It is included in the NRP zone.
Key Highlights
- Former refrigerated/freezer food production building suitable for food distribution or similar businesses.
- Prime location with retail exposure on a busy thoroughfare in the auto dealership district.
- Two grade‑level doors on the front of the building for easy access.
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
$33,525
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
3.51%
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%
$670,500
$670.5K
Cap Rate 7%
$478,929
$478.9K
Cap Rate 9%
$372,500
$372.5K
Market Conditions
NOI Build-Up for 19,634 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
$42.4K $2.16/SF
− Vacancy
−$3.0K −$0.15/SF
EGI
$39.4K $2.01/SF
− OpEx
−$5.9K −$0.30/SF
NOI
$33.5K $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 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%
$670,500
Cap Rate 7%
$478,929
Cap Rate 9%
$372,500
Alternative Uses
Best Use
Warehouse
$478.9K
$419.1K – $558.8K
NOI $33,525 @ 7.0% cap · market cap 3.51%
Second Best
—
—
no second resolved use
Theoretical Best
Self Storage
$2.21M
$1.94M – $2.58M
NOI $155,030 @ 7.0% cap · market cap 16.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
570
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 66611, KS
9,843
Population
4,814
Households
2
Avg Household Size
39
Median Age
32%
College-Educated
95%
High-School Grad
3.3 sq mi
ZIP Area
2,983
Density / Sq Mi
$54,612
Median Household Income
$36,823
Median Earnings
$963
Median Rent
$139,100
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.
Similar Off Market Nearby
- CubeSmart Self Storage — 240 SE 29th St, Topeka, KS 66605
- Armor Storage - Topeka — 447 SE 29th St, Topeka, KS 66605
- 911 Storage — 3245 sw topeka blvd, topeka, ks 66611
- Capital City Storage — 3200 S Kansas Ave, Topeka, KS 66611
- Wilco Storage — 3310 SW Harrison St, Topeka, KS 66611
Frequently Asked Questions
What type of property is this?
Warehouse - Industrial building with retail exposure on a busy thoroughfare.
Where is this warehouse located?
The property is located at 3120 S Kansas Ave Topeka, KS.
What is the asking price?
The asking price for this property is $955,000.
What are key features of this property?
This property features: Former refrigerated/freezer food production building suitable for food distribution or similar businesses.; Prime location with retail exposure on a busy thoroughfare in the auto dealership district.; Two grade‑level doors on the front of the building for easy access.
