Topeka Multi-Tenant Investment
For Sale
Contact for pricing
3907 SW Burlingame Rd, Topeka, KS 66609
Multi-tenant property with daycare and office tenants, near I-470.
Property Size18,004 SF
Lot Size5.29 Acres
Price / SF$83.31
Days on Market971
Property Features for 3907 SW Burlingame Rd
General Information
Standard status
Active
Size
18,004 SF
Class
C
Lot size
5.29 Acres
Property subtype
Office
Zoning
O & I-2 (PUD)
Investment Type
Owner/User
Building Details
Year Built
1965
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Foundations Commercial Real Estate
(785) 766-6568
Listed By:
Kirsten Flory · License #SP00220332
Source:
Crexi
Added: Dec 27, 2023
Changed: Aug 24
Last Checked: Aug 24 at 6:10PM
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 Foundations Commercial Real Estate
Investment Insights
Based on property information with market context.
This multi-tenant investment property is located on the south side of Topeka, Kansas, and offers immediate access to I-470. Constructed in 1965, 1979, and 2008, the property is zoned O & I-2 (PUD). The building has a size of 18,004 square feet, plus a basement, and is situated on a 5.29-acre lot. The property includes a mix of tenants, with uses ranging from daycare to office. There is one available space for lease.
Key Highlights
- Immediate access to I‑470
- Multi‑tenant investment property
- Large 5.29 Acre lot
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
$61,120
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
4.07%
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%
$1,222,400
$1.2M
Cap Rate 7%
$873,143
$873.1K
Cap Rate 9%
$679,111
$679.1K
Market Conditions
NOI Build-Up for 18,004 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
$99.4K $5.52/SF
− Vacancy
−$17.9K −$0.99/SF
EGI
$81.5K $4.53/SF
− OpEx
−$20.4K −$1.13/SF
NOI
$61.1K $3.39/SF
Area
Topeka, KS
Vacancy
18.00%
Lease Rate
$5.52 /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%
$1,222,400
Cap Rate 7%
$873,143
Cap Rate 9%
$679,111
Alternative Uses
Best Use
Office B
$873.1K
$764.0K – $1.02M
NOI $61,120 @ 7.0% cap · market cap 4.07%
Second Best
—
—
no second resolved use
Theoretical Best
Self Storage
$2.03M
$1.78M – $2.37M
NOI $142,160 @ 7.0% cap · market cap 9.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
249
Businesses Nearby
Explore this area
Business Placement
Demographics for 66609, KS
7,519
Population
3,832
Households
2
Avg Household Size
39
Median Age
29%
College-Educated
94%
High-School Grad
12.5 sq mi
ZIP Area
602
Density / Sq Mi
$63,949
Median Household Income
$46,378
Median Earnings
$1,050
Median Rent
$108,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Multi-tenant property with daycare and office tenants, near I-470.
Where is this office building located?
The property is located at 3907 SW Burlingame Rd Topeka, KS.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Immediate access to I‑470; Multi‑tenant investment property; Large 5.29 Acre lot
