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Property profile & analytics
OFF-MARKET
Estimated value
$1,895,000
Office buildings
1201 Wakarusa Dr A Lawrence, KS 66049-4722
Individually Owned
7-yr Hold
~
Est. High Equity
Property ID
US33-0868692
Property summary
AI-generated overview
This remodeled office complex, located at 1201 Wakarusa Dr in Lawrence, Kansas, offers multiple traditional office spaces for lease. Units range in size from 120 to 1,500 square feet, catering to various business needs. The property enjoys a convenient West Lawrence location, close to numerous restaurants and areas with high traffic volume. Several smaller offices are currently available, offering short-term and flexible lease options. All small offices include utilities, and select units provide WiFi access. Prices begin at $500 per month for certain offices. This is a prime opportunity for businesses seeking modern, well-located office space with convenient amenities. The property is situated in Douglas County, Kansas, with a zip code of 66049. Interested parties are encouraged to schedule a viewing to fully appreciate the available spaces and their potential.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1996
Total area
12,218 SF
Lot
4.16 ac (181,210 SF)
APN
068-33-0-20-01-027.00-0
UPID
US33-0868692
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
PrimeLending, A PlainsCapital Company - Lawrence Loan Service Bank
-
Lawrence Psychology Collective Physician Medical Clinic
-
Renee Barrett, Platinum Realty Real Estate Agency
-
Regain Functional Medicine + Aesthetics Spa & Massage Center Alternative Medicine Practice
-
Home Instead Senior Care Home Health Care Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.98M
Blend (final)
Blend
$1.90M
Owner & transaction history
Commerce Eat L L C · 7 yrs held
Commerce Eat L L C
since 2018
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$1.9M
+71.2%
Commercial (general)
$1.3M
+19.6%
Medical building
$1.3M
+15.4%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Lawrence submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lawrence submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$1,925,000
Change: +71% · Conversion: Moderate
COMMERCIAL (GENERAL)
$1,345,000
Change: +20% · Conversion: Easy
MEDICAL BUILDING
$1,295,000
Change: +15% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,235,000
Change: +10% · Conversion: Difficult
Blend value · Realmo final
$1.90M
Range $1.71M – $2.08M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$155 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$94,601
Tax year 2023
Assessed value
$721,450
Assessed 2023
Previous assessed
$721,450
+0.0% YoY
Effective rate
13.11%
On assessed value
Assessed land
$165,140
Assessed improvement
$556,310
Land market value
$660,560
Improvement market value
$2,225,240
Total market value
$2,885,800
Applied tax rate
41.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Status
Off-Market
Year built
1996
Heating
YES
Cooling
AC.PACKAGE
Buildings
3
Stories
1
Total area
12,218 SF
Lot
4.16 ac (181,210 SF)
APN
068-33-0-20-01-027.00-0
UPID
US33-0868692
Jurisdiction
DOUGLAS
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT
Est. value
$1.9M
COMMERCIAL (GENERAL)
Est. value
$1.3M
MEDICAL BUILDING
Est. value
$1.3M
AUTO REPAIR, GARAGE
Est. value
$1.2M
RESTAURANT
COMMERCIAL (GENERAL)
MEDICAL BUILDING
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1996
Heating
YES
Cooling
Yes
Stories
1
Buildings
3
Lot
4.16 ac
Current owner
From public records · entity-resolved
Commerce Eat L L C
Individual
Mailing address
1203 IOWA ST, LAWRENCE, KS 66044-1923
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 4, 2020
—
Park View Investments Lc
—
Deed
related
$3,294,334 · Central Bank Of The Midwest
Oct 30, 2018
—
Commerce Eat LLC
—
Deed
related
$120,000 · Central Bank Of The Midwest
Jul 31, 2018
—
Commerce Eat L L C
Free State Business Center L C
Special Warranty Deed
$1,700,000 · Central Bank Of The Midwest
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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