Downtown Retail Redevelopment
For Sale
$495,000
101 N Santa Fe Ave, Salina, KS 67401
Recently demoed retail property with 2,600+ above-grade square feet and possible usable rooftop space.
Property Size2,600 SF
Price / SF$190.38
Days on Market142
Property Features for 101 N Santa Fe Ave
General Information
Standard status
Active
Size
2,600 SF
Taxes and HOA fees
Annual Taxes
$10,180
Listing Agency:
SalinaHomes
(785) 820-5900
Listed By:
Jessica Decker
(785) 342-0935
Source:
Exprealty
Added: Apr 16
Changed: Aug 21
Last Checked: Sep 4 at 10:26AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SalinaHomes
Investment Insights
Based on property information with market context.
This recently demoed retail property at 101 N Santa Fe Ave in Salina is positioned for an immediate redevelopment plan. The building offers 2,600+ square feet of above-grade space, with potential for additional usable area on the rooftop.
The property is being offered for sale, and the current condition is described as ready for your vision. Prospective buyers should confirm the extent and feasibility of any rooftop usable area during due diligence.
With its existing above-grade retail footprint and possible rooftop expansion area, the site may fit buyers looking for a retail redevelopment with room to reimagine the structure’s usable space.
The property is being offered for sale, and the current condition is described as ready for your vision. Prospective buyers should confirm the extent and feasibility of any rooftop usable area during due diligence.
With its existing above-grade retail footprint and possible rooftop expansion area, the site may fit buyers looking for a retail redevelopment with room to reimagine the structure’s usable space.
Key Highlights
- Recently demoed retail property in downtown Salina
- 2,600+ sq ft of above‑grade space
- Possible additional usable rooftop area
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
$25,735
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
5.20%
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%
$514,700
$514.7K
Cap Rate 7%
$367,643
$367.6K
Cap Rate 9%
$285,944
$285.9K
Market Conditions
NOI Build-Up for 2,600 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
$38.4K $14.76/SF
− Vacancy
−$1.6K −$0.62/SF
EGI
$36.8K $14.14/SF
− OpEx
−$11.0K −$4.24/SF
NOI
$25.7K $9.90/SF
Area
Saline County, KS
Vacancy
4.20%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
30.00%
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%
$514,700
Cap Rate 7%
$367,643
Cap Rate 9%
$285,944
Alternative Uses
Best Use
Retail
$367.6K
$321.7K – $428.9K
NOI $25,735 @ 7.0% cap · market cap 5.20%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$27.13M
$23.74M – $31.65M
NOI $1,899,182 @ 7.0% cap · market cap 383.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,207
Businesses Nearby
63k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 64%
Hotels & Casinos 21%
Shops & Services 15%
Home Improvements & Furnishings 1%
SONIC Drive In
Dining
18,580 visits/mo
0.5 miles
Homewood Suites by Hilton Salina Downtown
Hotels & Casinos
12,902 visits/mo
0.4 miles
Old Chicago
Dining
8,863 visits/mo
0.3 miles
Dollar General
Shops & Services
7,853 visits/mo
0.4 miles
Burger King
Dining
6,174 visits/mo
0.3 miles
Demographics for 67401, KS
50,338
Population
22,434
Households
2.2
Avg Household Size
39
Median Age
29%
College-Educated
93%
High-School Grad
252.0 sq mi
ZIP Area
200
Density / Sq Mi
$62,603
Median Household Income
$36,995
Median Earnings
$913
Median Rent
$172,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Recently demoed retail property with 2,600+ above-grade square feet and possible usable rooftop space.
Where is this retail space located?
The property is located at 101 N Santa Fe Ave Salina, KS.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Recently demoed retail property in downtown Salina; 2,600+ sq ft of above‑grade space; Possible additional usable rooftop area
