Industrial Warehouse with 3-Phase
For Sale
$1,500,000
8900 Green Valley Drive, Manhattan, KS 66503
Commercial Sale, Manhattan, KS
Property Size21,875 SF
Lot Size1.65 Acres
Price / SF$68.57
Days on Market166
Property Features for 8900 Green Valley Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
Size
21,875 SF
Lot size
1.65 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
GREEN VALLEY BUS PK UN 2, S10, T10, R08, Lot 11, ACRES 1.65
Tax Annual Amount
18342
Legal Description
GREEN VALLEY BUS PK UN 2, S10, T10, R08, Lot 11, ACRES 1.65
Utilities
Heating system
Electric (Heating)
Building Details
Year built
2002
Roof type
Metal
Listing Agency:
Alliance Realty
(785) 320-2828
Listed By:
Angela Durtschi · License #SP00241638
(303) 748-2217
Added: Mar 27
Changed: Sep 6
Last Checked: Sep 8 at 8:06AM
MLS# 20260760
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 21,875-square-foot industrial warehouse, built in 2002, occupies 1.6479 acres and provides a substantial footprint for warehouse or industrial operations. The building includes dedicated office areas and a bathroom, while the 8-inch concrete floor is suited to demanding equipment and storage requirements. A metal roof and electric heating are also in place.
Power infrastructure includes 440-volt, 3-phase electric service. The property is located at 8900 Green Valley Drive in Manhattan, Kansas, with dimensions of approximately 175 feet by 125 feet. Its combination of industrial utility, administrative space, and sizable land area supports a range of commercial operating needs.
Power infrastructure includes 440-volt, 3-phase electric service. The property is located at 8900 Green Valley Drive in Manhattan, Kansas, with dimensions of approximately 175 feet by 125 feet. Its combination of industrial utility, administrative space, and sizable land area supports a range of commercial operating needs.
Key Highlights
- 21,875‑square‑foot warehouse on 1.6479 acres
- 440‑volt, 3‑phase electric service
- 8‑inch concrete floor
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
$106,608
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
7.11%
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%
$2,132,160
$2.1M
Cap Rate 7%
$1,522,971
$1.5M
Cap Rate 9%
$1,184,533
$1.2M
Market Conditions
NOI Build-Up for 21,875 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
$131.5K $6.01/SF
− Vacancy
−$6.0K −$0.28/SF
EGI
$125.4K $5.73/SF
− OpEx
−$18.8K −$0.86/SF
NOI
$106.6K $4.87/SF
Area
Riley County, KS
Vacancy
4.60%
Lease Rate
$6.01 /SF/Yr
Expense Ratio
15.00%
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%
$2,132,160
Cap Rate 7%
$1,522,971
Cap Rate 9%
$1,184,533
Alternative Uses
Best Use
Warehouse
$1.52M
$1.33M – $1.78M
NOI $106,608 @ 7.0% cap · market cap 7.11%
Second Best
Industrial
$1.25M
$1.10M – $1.46M
NOI $87,795 @ 7.0% cap · market cap 5.85%
Theoretical Best
Office A
$5.01M
$4.38M – $5.84M
NOI $350,419 @ 7.0% cap · market cap 23.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Heavy power
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
159
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 66503, KS
16,565
Population
7,855
Households
2.1
Avg Household Size
36
Median Age
61%
College-Educated
98%
High-School Grad
83.2 sq mi
ZIP Area
199
Density / Sq Mi
$96,000
Median Household Income
$51,647
Median Earnings
$1,215
Median Rent
$325,400
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- MKC — 3384 Excel Rd, Manhattan, KS 66502
- Leisure Self Storage — 8405 US-24, Manhattan, KS 66502
Frequently Asked Questions
What type of property is this?
Warehouse - Large industrial facility with office space, bathroom, metal roofing, and electric heating for operational flexibility.
Where is this warehouse located?
The property is located at 8900 Green Valley Drive Manhattan, KS.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 21,875‑square‑foot warehouse on 1.6479 acres; 440‑volt, 3‑phase electric service; 8‑inch concrete floor
