914 Madison StTopeka, KS 66607

Property Details for 914 Madison St

Year built

1969

Lot size

2.06 AC

Zone code

C4

Property type

Hotels

APN

109-31-0-40-16-005.00

APU

109310401600500

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $17,696,296

  6.5%

  $16,335,043

  7%

  $15,168,254

• Comparable approach

  Method

  Valuation

  Relative Method

  $15,085,394

  Geo Method

  $15,085,394

• Alternative Use

  Use

  Valuation

  Residential

  $17,833,122

  Hospitality

  $16,335,043

  Educational

  $13,590,564

  Medical

  $14,057,965

  Retail

  $21,140,878

Location Insight

City

Topeka

County

Shawnee

State

Kansas

Latitude

39.0453

Longitude

-95.6705

CBSA code

45820

CBSA name

TOPEKA, KS METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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