Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    605 Highway 24 Topeka, KS 66608
    Back to Search
    Property profile & analytics

    605 Highway 24, Topeka, KS 66608

    View on Map
    • Retail properties & Spaces
    • 6,048 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Edward Jones: Gabriel O’Shea / Financial Advisor
    • Edward Jones: Trimble Greta E / Financial Advisor
    • Edward Jones - Financial Advisor: Gabriel B O'Shea / Financial Advisor
    • Edward Jones - Financial Advisor: Michael D Starr / Financial Advisor

    Property Details for 605 Highway 24

    Year built
    2010
    Property type
    Retail properties & Spaces

    Description

    This thriving 6,048 square foot retail strip center, built in 2010, presents an exceptional investment opportunity. Located in Shawnee County and zoned C-4 Commercial, the property boasts excellent visibility from Highway 24, ensuring high daily traffic counts. The center sits on a generous 3.85-acre lot and features a mix of established tenants, including AT&T Wireless and Edward Jones. Two spaces are currently available, each offering a minimum of 1,512 square feet and a maximum contiguous space of 1,512 square feet. The center is anchored by a Holiday Inn Express and a 2,484+ square foot restaurant currently occupied by Dickey's BBQ. This prime location offers a unique chance to establish a business within a well-established and successful retail environment. The property's multiple tenancy structure provides a diverse income stream and strong potential for future growth. The zoning allows for a variety of commercial uses, making it an adaptable and versatile investment. This is an ideal opportunity for businesses seeking high visibility and a strong tenant base in a busy commercial area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Topeka
    County
    Shawnee
    State
    Kansas
    Longitude
    -95.6701
    Latitude
    39.0898

    Comparable in this City

    • Value Estimation by Request

      201 Us 24 Hwy

      Retail properties & Spaces
      201 Us 24 Hwy, Topeka, KS 66608
      View Details
    • Value Estimation by Request
      0.50 Acres

      1312 Kansas Ave

      RESTAURANT
      1312 Kansas Ave, Topeka, KS 66608-1248
      View Details
    • Value Estimation by Request
      0.52 Acres

      2007 Topeka Blvd

      RETAIL STORES (PERSONAL SERVICES)
      2007 Topeka Blvd, Topeka, KS 66608-1828
      View Details
    • Value Estimation by Request
      0.34 Acres

      1949 Topeka Blvd

      RETAIL STORES (PERSONAL SERVICES)
      1949 Topeka Blvd, Topeka, KS 66608-1826
      View Details
    • Value Estimation by Request
      0.70 Acres

      1409 Topeka Blvd

      DRIVE-THRU RESTAURANT, FAST FOOD
      1409 Topeka Blvd, Topeka, KS 66608-1420
      View Details
    • Value Estimation by Request
      6.53 Acres

      2210 Tyler St

      RETAIL STORES (PERSONAL SERVICES)
      2210 Tyler St, Topeka, KS 66608-1923
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Mixed-Use Property in North Topeka

      Commercial building with retail, storage, tavern, and apartments.
      1834 NW Topeka Blvd, Topeka, KS 66608
      View Details
    • $275,000
      5,164 SF

      Topeka Mixed-Use Commercial Building

      Mixed-use building with retail, storage, tavern, and apartments.
      1834 NW Topeka Blvd, Topeka, KS 66608
      View Details
    • Contact for pricing
      69,300 SF

      Topeka Warehouse with Office Space

      70,000+/- SF building with dock, office, and mezzanine.
      1936 NW Lower Silver Lake Rd, Topeka, KS 66608
      View Details
    • Contact for pricing

      Topeka Industrial and Office Structures

      Industrial and office structures in the North Topeka Arts District.
      225 NW Curtis St, Topeka, KS 66608
      View Details
    • Contact for pricing

      Topeka Industrial Site For Sale

      Industrial site with highway access in Topeka, Kansas.
      NW Lyman Rd, Topeka, KS 66608
      View Details
    • Contact for pricing

      Prime Commercial Land Opportunity

      2.4 acres available for development near major retailers.
      547 NW Us Highway 24, Topeka, KS 66608
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,100 SF

      Topeka Retail Space Available

      Retail property available for lease in Topeka, Kansas.
      2018-2050 NW Topeka Blvd, Topeka, KS 66608
      View Details
    • Contact for pricing

      Retail Power Center in Topeka

      Retail space with ample parking and excellent visibility.
      2050 NW Topeka Blvd, Topeka, KS 66608
      View Details
    • Contact for pricing

      Retail Space with Highway Visibility

      Retail space available in neighborhood center with highway visibility.
      605 NW Highway 24, Topeka, KS 66608
      View Details
    • Contact for pricing

      Retail Strip Center on Topeka Blvd

      Retail spaces with showroom windows and high traffic visibility.
      1835 NW Topeka Blvd, Topeka, KS 66608
      View Details
    • New
      Contact for pricing

      High-Visibility Industrial Building

      Warehouse-style building on US Highway 24 with strong daily traffic exposure for vehicle, equipment, and storage-oriented operations.
      542 S 24Th St, Topeka, KS 66608
      View Details
    • Contact for pricing

      Functional Industrial Property with Visibility

      Industrial property with warehouse, office space, and large yard.
      2220 Northwest Vail Ave, Topeka, KS 66608
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    605 Highway 24
    Topeka, KS 66608
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    605 Highway 24, Topeka, KS, 66608
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!