“Unique” is probably the most overused word in real estate.  However, this offering fits that description in that it offers a diverse array of income streams and points of sale.   If you or your company are experienced in full service and conference operations, and want to spread risk across several income property types, this offering deserves your attention.  There is significant top line revenue to work with and upside potential with renovation and re-position.


Executive Summary

EXECUTIVE SUMMARY

This iconic hotel has been a hospitality staple for downtown Topeka for decades and is listed on the Topeka Historic Landmark record.  It still stands as one of the most utilized convention facilities in the state.   The operators of the hotel have done a masterful job of re-engineering the property in order to feature the income streams that are available in the offering.   The property is being offered at a very attractive revenue multiplier (1.3X) and price per key (26,000).   Upside should exist in the hotel operations with re-positioning and upgrades to the hotel rooms.

Topeka, with a county population of nearly 180,000, is known for its diverse economy related to the State Capital and the state government offices.  However, it is also known for its manufacturing, medical, insurance, transportation, sports and banking/financial sectors including quite a number of international companies.  It has historically been a strong hospitality market and the underlying business fundamentals are there to sustain it.

INVESTMENT CONSIDERATIONS:

  • Offered at 1.3 X revenue
  • Significant revenue with flow-through cash flow
  • Offered at 26,000 per key (hotel & apartments), with no allocation to office/commercial space
  • Located directly off interstate 70 in downtown Topeka
  • Minutes to the State Capitol
  • Minutes to state government offices
  • Minutes to Kansas Expo Center
  • The offering is subject to short sale conditions, including lender approval

Notable Local Employers:

  • State of Kansas (6,000 local employees)
  • Capitol Federal Savings
  • Frito Lay Company
  • Goodyear Tire & Rubber
  • Hill’s Pet Nutrition
  • Security Benefit Life Insurance
  • Washburn University (includes Law school)
  • Westar Energy
  • Blue Cross Blue Shield of KS
  • BNSF Railway

Key business and informational websites are:

https://www.gotopeka.com/          Economic Development

https://www.topeka.org/                Official City Website

https://www.visittopeka.com/       Tourism/Visitor’s Bureau

https://topekachamber.org/           Chamber of Commerce

Property Details

Address
420 SE 6th Ave, Topeka, KS 66607
Price
$7,800,000 
Rooms
300 (hotel & apartments) 
Price Per Key
$26,000 (hotel & apartments) 
Property Type
Mixed used full service conference hotel 
Revenue
Call for CA 
Website
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Hotel Description

  • Offering includes the 42,000 sq. ft.overflow surface parking at 536 SE Jefferson
  • 3 story buildings are brick, wood frame construction (north building is 4 floors)
  • Tower is 12 floors with steel frame and glass curtain construction
  • 4 elevators
  • Total land area – 8.0 acres m/l (includes overflow parking lot)
  • Approximately 40,000 sq. ft of banquet space throughout
  • 3 restaurants/lounges (Uncle Bo’s Blues Bar is nationally known in the jazz/blues community and hosts frequent events)
  • Indoor pool and seasonal outdoor pool
  • Approximately 28,000 sq ft. of rentable commercial space
  • Leased luxury penthouse apartments (3) on 12th floor (square footage included above)
  • Interior corridor
  • Air conditioned by 2 and 4 pipe circulating water systems, with cooling tower and boilers replaced in 2008.
  • Holley Museum of Military History (artifacts owned by a third party)
  • The offering is subject to short sale conditions, including lender approval

Contact a Broker

Brent Jaynes Headshot

Brent Jaynes

8725 Rosehill Road, Suite 300
Lenexa, KS 66215
Phone: 913-499-4731
Fax: 913-499-4771
Dave Jones Headshot

Dave Jones

KS
Phone: 913-499-4725