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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    565 Wakarusa Dr Lawrence, KS 66049-3212

    • Strip malls
    • 10,681 SF
    • 1.89 lot acres
    OFF-MARKET
    Value Estimations
    $715,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US33-0884500
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Dr. Anjali Doshi / Dentist
    • Dr. Nicholas Bell / Dentist
    • Orangetheory Fitness / Gym / Personal Trainer
    • Smoothie King / Lunch Restaurant / Delivery Restaurant
    • AT&T Store / Cell Phone Accessory Store / Cell Phone Store

    Property Details for 565 Wakarusa Dr

    Year built
    2017
    Lot size
    1.89 lot acres
    Property size
    10,681 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    068-28-0-00-00-023.00-0
    APU
    682800000023000

    Description

    This exceptional 2,500 square foot retail endcap space is situated at 565 Wakarusa Drive in Lawrence, Kansas, zip code 66049. Located on a highly visible corner lot at the intersection of West 6th Street and Wakarusa Drive, this property boasts a prime location within the Wakarusa & West submarket. The building, constructed in 2017, is a single-story Class B structure totaling 10,703 square feet and sits on a 1.89-acre lot. The space is currently vacant and immediately available for lease. The zoning is PCD. This is a single-suite property, with the entire 2,500 square feet available for lease. The minimum divisible space is 2,500 square feet, and the maximum contiguous space is also 2,500 square feet. This presents a unique opportunity for businesses seeking high visibility and accessibility in a thriving commercial area. The property's strategic location ensures significant foot traffic and exposure, making it ideal for a variety of retail uses. Don't miss this chance to establish your business in a highly sought-after location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $790,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $639,000
      Market price range: $239k - $640k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,175,000
      MEDICAL BUILDING
      $1,135,000
      AUTO REPAIR, GARAGE
      $1,080,000
      OFFICE BUILDING
      $980,000
      RETAIL STORES
      $965,000
      WAREHOUSE, STORAGE
      $695,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lawrence
    County
    Douglas
    State
    Kansas
    Longitude
    -95.3079
    Latitude
    38.972
    CBSA code
    29940
    CBSA name
    LAWRENCE, KS METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $112,490
    $288,550
    $569,325
    $857,875
    -
    $1,154,200
    $2,277,300
    $3,431,500

    Comparable in this City

    • Value Estimation
      $1,180,000
      58,932 SF

      601 Kasold Dr

      SHOPPING CENTER, STRIP CENTER • 58,932 SF
      601 Kasold Dr, Lawrence, KS 66049-3201
      View Details
    • Value Estimation
      $510,000
      8,050 SF

      4651 6th St

      SHOPPING CENTER, STRIP CENTER • 8,050 SF
      4651 6th St, Lawrence, KS 66049-4934
      View Details
    • Value Estimation
      $1,000,000
      32,929 SF

      4821 6th St

      SHOPPING CENTER, STRIP CENTER • 32,929 SF
      4821 6th St, Lawrence, KS 66049-4826
      View Details
    • Value Estimation
      $600,000
      5,505 SF

      4701 Bauer Farm Dr

      SHOPPING CENTER, STRIP CENTER • 5,505 SF
      4701 Bauer Farm Dr, Lawrence, KS 66049-9085
      View Details
    • Value Estimation
      $925,000
      26,568 SF

      1410 Kasold Dr

      SHOPPING CENTER, STRIP CENTER • 26,568 SF
      1410 Kasold Dr, Lawrence, KS 66049-3424
      View Details
    • Value Estimation
      $885,000
      19,646 SF

      721 Wakarusa Dr

      SHOPPING CENTER, STRIP CENTER • 19,646 SF
      721 Wakarusa Dr, Lawrence, KS 66049-4797
      View Details

    Similar Nearby for Sale

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      Lawrence Retail Investment Opportunity

      Freestanding retail property with strong lease and income potential.
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    Similar Nearby for Lease

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      Retail Space in Lawrence, Kansas

      Retail space available in Lawrence with high-income demographics.
      4801 Bauer Farm Dr, Lawrence, KS 66049
      View Details
    • $17 SF/Yr
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      Upscale Shopping Center Retail Space

      Retail space available in upscale shopping center near Wal-Mart.
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      View Details
    • $14 SF/Yr
      1,646 SF

      Lawrence Retail Space Available

      Retail space available for lease in Lawrence, Kansas.
      1410 Kasold Dr, Lawrence, KS 66049
      View Details
    • Contact for pricing
      87,665 SF

      Retail/Office Suites Inside Grocery Stores

      In-store retail and office suites available in Kansas.
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      Mesa Way Office Space

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    • Contact for pricing

      Land Sites Near Rock Chalk

      Land sites adjacent to Rock Chalk Park and KU Athletics.
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    Lawrence, KS 66049-3212
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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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