Downtown Wichita Commercial
For Sale
$2,700,000
410 N Saint Francis Ave, Wichita, KS 67202
20,000 SF commercial property with office and warehouse space.
Property Size20,000 SF
Price / SF$135
Days on Market267
Property Features for 410 N Saint Francis Ave
General Information
Standard status
Active
Size
20,000 SF
Class
C
Property subtype
Office
Building Details
Building Size
20,000 SF
Year Built
1968
Listing Agency:
(316) 847-4908
Listed By:
Grant Glasgow, SIOR
(316) 847-4908
Source:
Naimartens
Added: Nov 25, 2025
Changed: Aug 9
Last Checked: Aug 19 at 5:44AM
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 Grant Glasgow, SIOR
Investment Insights
Based on property information with market context.
This 20,000 square foot commercial property, located in downtown Wichita, features 16,000 square feet of office space, with 8,325 square feet on the first floor and 7,500 square feet on the second floor. Additionally, it includes a 4,175 square foot warehouse with a 10-foot overhead door and a dock-high door. The property was remodeled in 2017 and includes updated electrical and lighting systems, a new fire sprinkler system, and a VRF HVAC system with independent temperature controls for each room. Further improvements include a new concrete parking lot completed in October 2024, a new office area roof installed in 2017, and a warehouse roof replaced in 2021. Constructed in 1968, the property is situated on a 0.48-acre lot and offers high visibility and accessibility, with proximity to major roads, public transport, and various amenities. The surrounding area features a mix of businesses, dining options, and cultural attractions, making it suitable for commercial use. This move-in-ready space is ideal for businesses seeking modern amenities and prime accessibility.
Key Highlights
- 20,000 SF commercial property featuring 16,000 SF of office space and a 4,000 SF warehouse.
- Prime downtown Wichita location with high visibility and accessibility.
- Remodeled in 2017 with updated electrical, lighting, and a fire sprinkler system.
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
$241,983
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
8.96%
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%
$4,839,660
$4.8M
Cap Rate 7%
$3,456,900
$3.5M
Cap Rate 9%
$2,688,700
$2.7M
Market Conditions
NOI Build-Up for 20,000 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
$400.8K $20.04/SF
− Vacancy
−$78.2K −$3.91/SF
EGI
$322.6K $16.13/SF
− OpEx
−$80.7K −$4.03/SF
NOI
$242.0K $12.10/SF
Area
Wichita, KS
Vacancy
19.50%
Lease Rate
$20.04 /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%
$4,839,660
Cap Rate 7%
$3,456,900
Cap Rate 9%
$2,688,700
Alternative Uses
Best Use
Office B
$3.46M
$3.02M – $4.03M
NOI $241,983 @ 7.0% cap · market cap 8.96%
Second Best
Warehouse
$2.45M
$2.14M – $2.86M
NOI $171,442 @ 7.0% cap · market cap 6.35%
Theoretical Best
Office A
$4.95M
$4.33M – $5.78M
NOI $346,644 @ 7.0% cap · market cap 12.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,722
Businesses Nearby
Explore this area
Business Placement
Demographics for 67202, KS
2,435
Population
1,778
Households
1.4
Avg Household Size
35
Median Age
53%
College-Educated
90%
High-School Grad
1.0 sq mi
ZIP Area
2,435
Density / Sq Mi
$67,892
Median Household Income
$41,160
Median Earnings
$1,039
Median Rent
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - 20,000 SF commercial property with office and warehouse space.
Where is this office building located?
The property is located at 410 N Saint Francis Ave Wichita, KS.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: 20,000 SF commercial property featuring 16,000 SF of office space and a 4,000 SF warehouse.; Prime downtown Wichita location with high visibility and accessibility.; Remodeled in 2017 with updated electrical, lighting, and a fire sprinkler system.
