Turnkey Restaurant with Patio
For Sale
Contact for pricing
1350 N 3rd St, Lawrence, KS 66044
Turnkey restaurant featuring a large patio with covered bar.
Property Size4,194 SF
Price / SF$184.79
Days on Market677
Property Features for 1350 N 3rd St
General Information
Standard status
Active
Size
4,194 SF
Property subtype
Retail
Zoning
M-3
Occupancy
100%
Building Details
Year Built
1995
Listing Agency:
Colliers - Lawrence, Kansas
(785) 865-3924
Listed By:
Allison Moore · License #KS BR00051570
Source:
Crexi
Added: Oct 25, 2024
Changed: Aug 23
Last Checked: Sep 1 at 3:52AM
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 is a turnkey restaurant property featuring a large, open-concept interior space with an optional indoor stage and dance floor. The property also includes a large outdoor patio area with a covered bar. Ample parking is available. The property benefits from high visibility and accessibility from I-70, US 59, and US 40 Highways. The building size is 4,194 square feet. This property is suitable for conventional restaurant use.
Key Highlights
- Turnkey restaurant ready for immediate operation.
- Large outdoor patio with covered bar.
- Ample parking.
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
$61,730
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
7.97%
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%
$1,234,600
$1.2M
Cap Rate 7%
$881,857
$881.9K
Cap Rate 9%
$685,889
$685.9K
Market Conditions
NOI Build-Up for 4,194 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
$85.6K $20.40/SF
− Vacancy
−$3.3K −$0.78/SF
EGI
$82.3K $19.62/SF
− OpEx
−$20.6K −$4.91/SF
NOI
$61.7K $14.72/SF
Area
Douglas County, KS
Vacancy
3.80%
Lease Rate
$20.40 /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%
$1,234,600
Cap Rate 7%
$881,857
Cap Rate 9%
$685,889
Alternative Uses
Best Use
Specialty Retail
$881.9K
$771.6K – $1.03M
NOI $61,730 @ 7.0% cap · market cap 7.97%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$1.23M
$1.08M – $1.44M
NOI $86,392 @ 7.0% cap · market cap 11.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
131
Businesses Nearby
6k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 74%
Shops & Services 13%
Hotels & Casinos 13%
Burger King
Dining
4,413 visits/mo
0.4 miles
Dollar Tree
Shops & Services
784 visits/mo
0.4 miles
Motel 6
Hotels & Casinos
745 visits/mo
0.4 miles
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 Retail 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?
Conventional restaurant - Turnkey restaurant featuring a large patio with covered bar.
Where is this conventional restaurant located?
The property is located at 1350 N 3rd St Lawrence, KS.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Turnkey restaurant ready for immediate operation.; Large outdoor patio with covered bar.; Ample parking.
