Retail Center with Lease-Up
For Sale
Contact for pricing
10646 W Central Ave, Wichita, KS 67212
Retail center with 2,575 SF available, and 37,285 VPD traffic count supporting strong local retail exposure.
Property Size7,930 SF
Price / SF$163.93
Days on Market246
Property Features for 10646 W Central Ave
General Information
Standard status
Active
Size
7,930 SF
Property subtype
RETAIL
Occupancy
66%
Additional Details
Traffic Count
37,285 vehicles/day
Listing Agency:
NAI Martens
(316) 262-0000
Listed By:
Patrick Ahern · License #SP00052327
(316) 253-0660
Source:
Moodyscre
Added: Jan 6
Changed: Aug 25
Last Checked: Sep 8 at 7:44AM
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 NAI Martens
Investment Insights
Based on property information with market context.
The property is a 7,930 SF retail center with 66% occupancy, offering 2,575 SF currently available for lease-up or an owner-occupant use. Rent roll information is available upon request.
The center is located at 10646 W Central Ave in Wichita, KS 67212, with listed traffic counts of 37,285 vehicles per day.
For sale, this setup provides an existing occupied component alongside meaningful available space to support leasing or owner-occupancy plans.
The center is located at 10646 W Central Ave in Wichita, KS 67212, with listed traffic counts of 37,285 vehicles per day.
For sale, this setup provides an existing occupied component alongside meaningful available space to support leasing or owner-occupancy plans.
Key Highlights
- 7,930 SF retail center with 2,575 SF currently available for lease‑up or owner occupancy
- 66% occupied retail center with rent roll available upon request
- Traffic counts of 37,285 VPD for strong local retail exposure
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
$82,552
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
6.35%
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%
$1,651,040
$1.7M
Cap Rate 7%
$1,179,314
$1.2M
Cap Rate 9%
$917,244
$917.2K
Market Conditions
NOI Build-Up for 7,930 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
$128.5K $16.20/SF
− Vacancy
−$10.5K −$1.33/SF
EGI
$117.9K $14.87/SF
− OpEx
−$35.4K −$4.46/SF
NOI
$82.6K $10.41/SF
Area
ZIP 67212
Vacancy
8.20%
Lease Rate
$16.20 /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%
$1,651,040
Cap Rate 7%
$1,179,314
Cap Rate 9%
$917,244
Alternative Uses
Best Use
Retail
$1.18M
$1.03M – $1.38M
NOI $82,552 @ 7.0% cap · market cap 6.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.73M
$1.51M – $2.02M
NOI $121,120 @ 7.0% cap · market cap 9.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
37,285 VPD
Traffic count
66%
Occupancy
Location Intelligence
Trade Area within ½ mile
269
Businesses Nearby
129k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 78%
Dining 13%
Shops & Services 9%
Dillons
Groceries
49,041 visits/mo
0.1 miles
Walmart Neighborhood Market
Groceries
27,815 visits/mo
0.1 miles
Aldi
Groceries
23,300 visits/mo
0.1 miles
Chili's Grill & Bar
Dining
15,942 visits/mo
0.0 miles
Dillons Fuel Center
Shops & Services
11,162 visits/mo
0.2 miles
Demographics for 67212, KS
43,587
Population
19,409
Households
2.2
Avg Household Size
39
Median Age
32%
College-Educated
93%
High-School Grad
12.5 sq mi
ZIP Area
3,487
Density / Sq Mi
$64,957
Median Household Income
$42,601
Median Earnings
$1,021
Median Rent
$189,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Shopping center - Retail center with 2,575 SF available, and 37,285 VPD traffic count supporting strong local retail exposure.
Where is this shopping center located?
The property is located at 10646 W Central Ave Wichita, KS.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 7,930 SF retail center with 2,575 SF currently available for lease‑up or owner occupancy; 66% occupied retail center with rent roll available upon request; Traffic counts of 37,285 VPD for strong local retail exposure
