914 Madison St Topeka, KS 66607-1151

This exceptional redevelopment opportunity presents a 96-unit, nine-story Class A apartment building situated on a 2.51-acre lot in downtown Topeka, Kansas. The 102,000-square-foot building, constructed in 1969 with concrete and steel framing, is currently vacant and offers significant potential for value-add investment. Previously a Holiday Inn, the interior has been completely gutted, providing a blank canvas for a modern design. The property boasts 130 parking spaces and three elevator shafts. Each floor (excluding the main floor) offers approximately 10,208 square feet of usable space, while the main floor encompasses 20,240 square feet. The concrete structure is structurally sound and ready for immediate build-out. This prime location offers high visibility near I-70, with easy access to local amenities. The property is Marriott-approved for a Fairfield Inn and Suites and TownPlace Suites, suggesting a potential 185-key development. Furthermore, this project is eligible for various development incentives and historic tax credits, including the Rural Housing Incentive District (RHID), Neighborhood Revitalization Program (NRP), Qualified Opportunity Zone, and Dynamic Core Tif District programs. Detailed as-builts and CAD drawings are available upon request. The asking price is $983,000, representing $9.55 per square foot and $10,239.58 per unit. This represents a significant opportunity to capitalize on the high demand for apartment units in the downtown Topeka area, achieving a higher ROI compared to new construction. The property is zoned D1-Downtown district.