Mixed-Use Commercial
For Sale
$329,000
414 S 4th, Manhattan, KS 66502
Commercial Sale, Manhattan, KS
Property Size1,560 SF
Price / SF$210.90
Days on Market47
Property Features for 414 S 4th
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
Size
1,560 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
WARD 1 , N36' LTS 417,418
Tax Annual Amount
2135
Legal Description
WARD 1 , N36' LTS 417,418
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Building Details
Year built
1959
Number of units
1
Flooring type
Carpet
Roof type
Composition
Listing Agency:
Alliance Realty
(785) 320-2828
Listed By:
Mollie Avery
(785) 738-8773
Added: Jul 30
Changed: Sep 6
Last Checked: Sep 14 at 4:06PM
MLS# 20262017
Copyright © 2026 Flint Hills Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,560-square-foot mixed-use property was built in 1959 and is configured for a combination of commercial and residential use under mixed-use zoning. Interior and building systems include carpet flooring, electric heat, central air conditioning, a composition roof, and public sewer service.
The property is located in downtown Manhattan at 414 S 4th, near restaurants, shopping, entertainment, and Kansas State University. Its zoning supports a range of residential and commercial uses, including concepts that combine business space with living quarters.
The property is located in downtown Manhattan at 414 S 4th, near restaurants, shopping, entertainment, and Kansas State University. Its zoning supports a range of residential and commercial uses, including concepts that combine business space with living quarters.
Key Highlights
- 1,560 square feet of mixed‑use property
- Mixed‑use zoning supports residential and commercial uses
- Located in downtown Manhattan near restaurants, shopping, entertainment, and Kansas State University
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$16,497
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.01%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$329,940
$329.9K
Cap Rate 7%
$235,671
$235.7K
Cap Rate 9%
$183,300
$183.3K
Market Conditions
NOI Build-Up for 1,560 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$28.1K $18.00/SF
− Vacancy
−$1.7K −$1.08/SF
EGI
$26.4K $16.92/SF
− OpEx
−$9.9K −$6.34/SF
NOI
$16.5K $10.58/SF
Area
Riley County, KS
Vacancy
6.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$329,940
Cap Rate 7%
$235,671
Cap Rate 9%
$183,300
Alternative Uses
Best Use
Mixed Use
$235.7K
$206.2K – $275.0K
NOI $16,497 @ 7.0% cap · market cap 5.01%
Second Best
Retail
$222.6K
$194.8K – $259.7K
NOI $15,583 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$357.0K
$312.4K – $416.5K
NOI $24,990 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,151
Businesses Nearby
Explore this area
Business Placement
Demographics for 66502, KS
44,384
Population
20,700
Households
2.1
Avg Household Size
28
Median Age
46%
College-Educated
95%
High-School Grad
221.7 sq mi
ZIP Area
200
Density / Sq Mi
$52,363
Median Household Income
$22,091
Median Earnings
$953
Median Rent
$217,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use zoning supports commercial and residential use in a downtown setting.
Where is this mixed-use property located?
The property is located at 414 S 4th Manhattan, KS.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: 1,560 square feet of mixed‑use property; Mixed‑use zoning supports residential and commercial uses; Located in downtown Manhattan near restaurants, shopping, entertainment, and Kansas State University
