Three-Suite Office Building with Vacant
For Sale
$1,990,000
5800 Kell Boulevard, Wichita Falls, TX 76310
SINGLE_FAMILY - Wichita Falls, TX
Property Size13,224 SF
Lot Size1.28 Acres
Price / SF$150.48
Days on Market94
Property Features for 5800 Kell Boulevard
General Information
Property type
Residential
Property subtype
Office
Zoning description
commercial
Parking features
Parking Lot
Subdivision
Michna Estates
Directions
From Kell Blvd, turn north onto Brook Ave. Property is located immediately north of Kell Blvd on the east side of Brook Ave with direct access from the frontage road. Conveniently situated near Kell West Regional Hospital and major retail and services.
Standard status
Active
APN
103364
Lot size
1.28 Acres
Taxes and HOA fees
Tax Description
LOT 2 BLK 1 MICHNA ESTATES
Tax Annual Amount
37399
Legal Description
LOT 2 BLK 1 MICHNA ESTATES
Utilities
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
2000
Floors in Building
1
Number of units
1
Flooring type
Tile, Laminate
Building materials
Brick, Concrete, Rock, Stone
Roof type
Metal
Listing Agency:
Hirschi Realtors
(940) 692-8120
Listed By:
Joseph Brannon · License #0527918
(940) 692-8120
Added: May 5
Changed: Aug 4
Last Checked: Aug 6 at 12:06PM
MLS# 21254488
Copyright © 2026 North Texas Real Estate Information Systems, Inc. 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.
Well maintained professional office building built in 2000 offering 13,224 sq ft on 1.2749 acres with prime highway frontage. The building is laid out into three suites: Texas Railroad Commission (4,385 sq ft) and North Texas Arthritis & Rheumatology (4,057 sq ft) are currently leased, and the remaining 4,674 sq ft suite is vacant and has fresh paint and new laminate flooring.
The metal roof was replaced in April 2023. Central heating uses natural gas and cooling is electric central air, with the landlord maintaining HVAC. Construction includes brick, concrete, rock, and stone. Parking is provided in a parking lot, and utilities are public water and public sewer.
This property supports both tenant-in-place and owner-user use with a combination of leased space and a ready-to-occupy vacant suite.
The metal roof was replaced in April 2023. Central heating uses natural gas and cooling is electric central air, with the landlord maintaining HVAC. Construction includes brick, concrete, rock, and stone. Parking is provided in a parking lot, and utilities are public water and public sewer.
This property supports both tenant-in-place and owner-user use with a combination of leased space and a ready-to-occupy vacant suite.
Key Highlights
- 13,224 sq ft office building on 1.2749 acres with prime highway frontage
- Three suites: Texas Railroad Commission (4,385 sq ft) and North Texas Arthritis & Rheumatology (4,057 sq ft) leased
- Vacant 4,674 sq ft suite with fresh paint and new laminate flooring
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
$162,457
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
8.16%
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%
$3,249,140
$3.2M
Cap Rate 7%
$2,320,814
$2.3M
Cap Rate 9%
$1,805,078
$1.8M
Market Conditions
NOI Build-Up for 13,224 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
$277.7K $21.00/SF
− Vacancy
−$61.1K −$4.62/SF
EGI
$216.6K $16.38/SF
− OpEx
−$54.2K −$4.10/SF
NOI
$162.5K $12.29/SF
Area
Wichita Falls, TX
Vacancy
22.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$3,249,140
Cap Rate 7%
$2,320,814
Cap Rate 9%
$1,805,078
Alternative Uses
Best Use
Office B
$2.32M
$2.03M – $2.71M
NOI $162,457 @ 7.0% cap · market cap 8.16%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$15.78M
$13.81M – $18.41M
NOI $1,104,740 @ 7.0% cap · market cap 55.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,175
Businesses Nearby
Explore this area
Business Placement
Demographics for 76310, TX
20,204
Population
8,450
Households
2.4
Avg Household Size
39
Median Age
35%
College-Educated
95%
High-School Grad
170.3 sq mi
ZIP Area
119
Density / Sq Mi
$83,610
Median Household Income
$46,428
Median Earnings
$1,005
Median Rent
$201,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Three-suit e office building with one vacant suite, refreshed with new laminate flooring and fresh paint.
Where is this office building located?
The property is located at 5800 Kell Boulevard Wichita Falls, TX.
What is the asking price?
The asking price for this property is $1,990,000.
What are key features of this property?
This property features: 13,224 sq ft office building on 1.2749 acres with prime highway frontage; Three suites: Texas Railroad Commission (4,385 sq ft) and North Texas Arthritis & Rheumatology (4,057 sq ft) leased; Vacant 4,674 sq ft suite with fresh paint and new laminate flooring
