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    Property profile & analytics

    32691 K99 Hwy Alma, KS 66401

    • Specialty properties
    • 13,413 SF
    • 37.00 lot acres
    For Sale
    View listing
    $24,000,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Alma Creamery / Cheese Shop
    • Alma Creamery Gift Shop / Gift Shop
    • Arbucle Mountain Fried Pies / American Restaurant
    • Sonic Drive In / Fast Food Restaurant / Chicken Restaurant
    • Arbukle Mountain Fried Pies / American Restaurant

    Property Details for 32691 K99 Hwy

    Year built
    2022
    Lot size
    37.00 lot acres
    Property size
    13,413 SF
    Property type
    Specialty properties
    Property subtype
    Retail properties

    Description

    This exceptional 13,413-square-foot travel plaza, constructed in 2022, sits on a sprawling 37-acre lot in Alma, Kansas, within the heart of the Flint Hills. The property boasts a prominent location with high visibility from I-70, experiencing over 35,000 cars daily. This Class A, multi-tenant facility includes a Sonic Drive-In, Arbuckle Mountain Fried Pies, and Alma Creamery, ensuring diverse revenue streams. Fueling options are extensive, featuring a Phillips 66 brand, 16 automobile fuel dispensers, and 8 semi-truck fuel dispensers. Additional amenities include a CAT scale, a souvenir shop, and a newly installed water well and well house. The property is zoned CP3 and offers significant development potential with available hotel and other pad sites. The asking price is $24,000,000. This turnkey operation presents a rare opportunity for an owner-user seeking a high-traffic, established business in a prime location. The property's size, diverse tenant mix, and strategic location make it an attractive investment with significant growth potential. The 20 gas pumps and substantial lot size provide ample room for expansion and future development. This is a truly exceptional opportunity to acquire a thriving, well-established business in a high-demand area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Alma
    County
    Wabaunsee
    State
    Kansas
    Longitude
    -96.2857
    Latitude
    39.0677

    Comparable in this City

    • Value Estimation
      $275,000
      2,280 SF

      100 Missouri Ave

      CONVENIENCE STORE • 2,280 SF
      100 Missouri Ave, Alma, KS 66401-9838
      View Details
    • Value Estimation by Request
      3,321 SF

      Ohio St

      CHARITABLE ORGANIZATION • 3,321 SF
      Ohio St, Alma, KS 66401
      View Details
    • Value Estimation
      $260,000
      2,424 SF

      206 Kansas Ave

      FUNERAL HOME • 2,424 SF
      206 Kansas Ave, Alma, KS 66401-9797
      View Details
    • Value Estimation by Request
      13,413 SF

      32691 K99 Hwy

      Retail properties • 13,413 SF
      32691 K99 Hwy, Alma, KS 66401
      View Details
    • Value Estimation
      $300,000
      13,413 SF

      32691 99th Hwy

      RESTAURANT • 13,413 SF
      32691 99th Hwy, Alma, KS 66401-8068
      View Details
    • Value Estimation
      $260,000
      31.00 Acres

      1 Flint Hls Dr

      RESTAURANT • 31.00 Acres
      1 Flint Hls Dr, Alma, KS 66401-8791
      View Details
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    Alma, KS 66401
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    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
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