Spacious Two-Story Office Building, High Potential
Description
Added:
Dec 11, 2024
Days on Market:
392
This exceptional two-story office building, situated at 2500 W 31st Street in Lawrence, Kansas, presents a compelling investment opportunity. Built in 1991, this 5,976 square foot property (3,576 sq ft lower level, 2,400 sq ft upper level) sits on a 3,600 square foot lot and is part of the Long Island Business Center, an established 8-unit complex. Currently, the lower level is leased for $3,500 per month, generating a 3.7% cap rate. The upper level offers significant upside potential, with rental projections of $2,250 per month, potentially increasing the overall cap rate to 8.6%. The adaptable space is ideal for a variety of uses, including retail, office headquarters, or a co-working space. The asking price is $550,000. Association dues cover water, trash, exterior maintenance, building insurance, lawn care, and snow removal, minimizing owner responsibilities. This property offers a blend of immediate income and substantial growth potential in a desirable Lawrence location, making it an attractive investment for discerning buyers. The zip code is 66047.
Property Features for 2500 31St St
General Information
Property type
Office Properties & Spaces
Building Details
Year Built
1991
Stories
2
HighLights
$550,000 asking price.
Two‑story, 5,976 square foot office building (3,576 sq ft lower level, 2,400 sq ft upper level) in Lawrence, KS.
Built in 1991, situated on a 3,600 square foot lot.
Located at 2500 W 31st Street, Lawrence, KS 66047.
Lower level currently leased for $3,500/month (3.7% cap rate), with potential to lease the upper level for an additional $2,250/month (potential 8.6% cap rate).
HOA covers water, trash, exterior maintenance, building insurance, lawn care, and snow removal.
Office Property / Space - Spacious Two-Story Office Building, High Potential
Where is this office property / space located?
The property is located at 2500 31St St Lawrence, KS.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: $550,000 asking price.; Two-story, 5,976 square foot office building (3,576 sq ft lower level, 2,400 sq ft upper level) in Lawrence, KS.; Built in 1991, situated on a 3,600 square foot lot.
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Realmo Value Estimation
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Cap approach
Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.
Comparable approach
Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.
Relative
Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.
Geo
Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels
across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.
Alternative use
Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.
More about this property
2500 31St St Lawrence, KS 66047
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2500 31St St, Lawrence, KS
Bailey Stuart
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2500 31St St, Lawrence, KS
Bailey Stuart
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2500 31St St, Lawrence, KS
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2500 31St St, Lawrence, KS
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2500 31St St, Lawrence, KS
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to 2500 31St St Lawrence, KS 66047
2500 31St St, Lawrence, KS
Bailey Stuart
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