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Property profile & analytics
FOR SALE
Hotels
510 Wakarusa Dr Lawrence, KS 66049
Individually Owned
3-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US33-0892566
For Sale
1 / 10
$7,500,000
510 Wakarusa Dr, Lawrence, KS 66049
View Listing →
Property profile
Verified
Property type
Hotels
Use group
HOTEL
Year built
2017
Total area
38,094 SF
Lot
2.1 ac (91,476 SF)
APN
068-28-0-40-04-001.00-0
UPID
US33-0892566
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
-
Tru by Hilton Lawrence Hotel & Motel
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$2.44M
Owner & transaction history
Jiten Patel · 3 yrs held
Jiten Patel
since 2022
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
MEDICAL BUILDING
$4,040,000
Change: 0% · Conversion: Difficult
AUTO REPAIR, GARAGE
$3,855,000
Change: 0% · Conversion: Difficult
OFFICE BUILDING
$3,505,000
Change: 0% · Conversion: Difficult
RETAIL STORES
$3,440,000
Change: 0% · Conversion: Difficult
WAREHOUSE, STORAGE
$2,485,000
Change: 0% · Conversion: Difficult
Blend value · Realmo final
$2.44M
Range $2.19M – $2.68M · ±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
$64 / 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 2022Property tax & assessments
Tax year 2022
Tax billed
$156,191
Tax year 2022
Assessed value
$1,430,775
Assessed 2023
Previous assessed
$1,180,098
+21.2% YoY
Effective rate
10.92%
On assessed value
Assessed land
$233,410
Assessed improvement
$1,197,365
Land market value
$933,640
Improvement market value
$4,789,460
Total market value
$5,723,100
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
Hotels
Use group
HOTEL
Status
For Sale
Year built
2017
Heating
YES
Cooling
AC.PACKAGE
Stories
4
Units
82
Total area
38,094 SF
Lot
2.1 ac (91,476 SF)
APN
068-28-0-40-04-001.00-0
UPID
US33-0892566
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
MEDICAL BUILDING
Est. value
$4.0M
AUTO REPAIR, GARAGE
Est. value
$3.9M
OFFICE BUILDING
Est. value
$3.5M
RETAIL STORES
Est. value
$3.4M
WAREHOUSE, STORAGE
Est. value
$2.5M
MEDICAL BUILDING
AUTO REPAIR, GARAGE
OFFICE BUILDING
RETAIL STORES
WAREHOUSE, STORAGE
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
2017
Heating
YES
Cooling
Yes
Stories
4
Units
82
Lot
2.1 ac
Current owner
From public records · entity-resolved
Jiten Patel
Individual
Mailing address
2302 HOUSTON ST, GRAND PRAIRIE, TX 75050-4922
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2022
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
Dec 6, 2022
—
Jiten Patel
Arya 123 LLC
Special Warranty Deed
$6,200,000 · Arya 123 LLC
Mar 8, 2017
—
Arya 123 LLC
Bhanu Coporation An Oaklahoma Corp
Corporation Deed
$536,000 · First National Bank & Trust Co Of A
Feb 24, 2017
—
Bhanu Corporation
State Group LLC
Special Warranty Deed
—
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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