Former Restaurant on Busy
For Sale
Contact for pricing
201 SW 29th St, Topeka, KS 66611
Former full-service restaurant with high visibility and ample parking.
Property Size8,442 SF
Price / SF$171.76
Days on Market1293
Property Features for 201 SW 29th St
General Information
Standard status
Active
Size
8,442 SF
Class
C
Total Parking Spaces
151
Property subtype
Retail
Zoning
C4
Investment Type
Owner/User
Building Details
Year Built
1972
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Kansas Commercial Real Estate Services Inc
(785) 272-2525
Listed By:
Mark Rezac · License #KS 00045158
Source:
Crexi
Added: Feb 6, 2023
Changed: Aug 21
Last Checked: Aug 21 at 9:01AM
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 is a former full-service restaurant property situated on a busy street. The building features a grand front entrance with a wood-framed canopy. Ample customer parking spaces are available. The location offers great demographics and drive-by exposure. It is located just west of Topeka Blvd on 29th Street, with proximity to public transport service stops. The property size is 8,442 square feet.
Key Highlights
- High‑traffic location on 29th Street with excellent drive‑by exposure
- Ample customer parking spaces
- Grand front entrance with wood‑framed canopy**
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
$60,706
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
4.19%
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%
$1,214,120
$1.2M
Cap Rate 7%
$867,229
$867.2K
Cap Rate 9%
$674,511
$674.5K
Market Conditions
NOI Build-Up for 8,442 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
$86.1K $10.20/SF
− Vacancy
−$5.2K −$0.61/SF
EGI
$80.9K $9.59/SF
− OpEx
−$20.2K −$2.40/SF
NOI
$60.7K $7.19/SF
Area
Topeka, KS
Vacancy
6.00%
Lease Rate
$10.20 /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%
$1,214,120
Cap Rate 7%
$867,229
Cap Rate 9%
$674,511
Alternative Uses
Best Use
Specialty Retail
$867.2K
$758.8K – $1.01M
NOI $60,706 @ 7.0% cap · market cap 4.19%
Second Best
—
—
no second resolved use
Theoretical Best
Self Storage
$952.3K
$833.2K – $1.11M
NOI $66,658 @ 7.0% cap · market cap 4.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
475
Businesses Nearby
170k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 63%
Shops & Services 19%
Groceries 9%
Home Improvements & Furnishings 7%
McDonald's
Dining
32,460 visits/mo
0.4 miles
Taco Bell
Dining
19,860 visits/mo
0.1 miles
Aldi
Groceries
16,047 visits/mo
0.1 miles
Dollar Tree
Shops & Services
14,451 visits/mo
0.1 miles
Harbor Freight Tools
Home Improvements & Furnishings
11,463 visits/mo
0.4 miles
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 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 - Former full-service restaurant with high visibility and ample parking.
Where is this conventional restaurant located?
The property is located at 201 SW 29th St Topeka, KS.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: High‑traffic location on 29th Street with **excellent drive‑by exposure**; Ample customer parking spaces; Grand front entrance with wood‑framed canopy**
