Office Condo in Office
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1223 North Rock Road, Wichita, KS 67206
Office condominium positioned within Polo Club Office Park for professional business use.
Property Size3,000 SF
Price / SF$233.33
Days on Market11
Property Features for 1223 North Rock Road
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Office
Building Details
Year Built
1981
Listing Agency:
Landmark Commercial Real Estate
Listed By:
Andrea Ray · License #00248575
(316) 262-2442
Source:
Crexi
Added: Aug 26
Changed: Aug 31
Last Checked: Sep 2 at 3:32AM
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 Landmark Commercial Real Estate
Investment Insights
Based on property information with market context.
This office condominium is located within Polo Club Office Park and offers a dedicated commercial office setting. The property was built in 1981 and is identified as an office unit suitable for professional workspace.
Key Highlights
- Office condominium at Polo Club Office Park
- Built in 1981
- Located at 1223 North Rock Road, Wichita, KS 67206
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
$36,297
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
5.19%
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%
$725,940
$725.9K
Cap Rate 7%
$518,529
$518.5K
Cap Rate 9%
$403,300
$403.3K
Market Conditions
NOI Build-Up for 3,000 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
$60.1K $20.04/SF
− Vacancy
−$11.7K −$3.91/SF
EGI
$48.4K $16.13/SF
− OpEx
−$12.1K −$4.03/SF
NOI
$36.3K $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%
$725,940
Cap Rate 7%
$518,529
Cap Rate 9%
$403,300
Alternative Uses
Best Use
Office B
$518.5K
$453.7K – $605.0K
NOI $36,297 @ 7.0% cap · market cap 5.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$742.8K
$650.0K – $866.6K
NOI $51,997 @ 7.0% cap · market cap 7.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
762
Businesses Nearby
Explore this area
Business Placement
Demographics for 67206, KS
17,076
Population
8,310
Households
2.1
Avg Household Size
44
Median Age
64%
College-Educated
97%
High-School Grad
10.5 sq mi
ZIP Area
1,626
Density / Sq Mi
$85,442
Median Household Income
$58,671
Median Earnings
$1,186
Median Rent
$318,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office condominium positioned within Polo Club Office Park for professional business use.
Where is this office units located?
The property is located at 1223 North Rock Road Wichita, KS.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Office condominium at Polo Club Office Park; Built in 1981; Located at 1223 North Rock Road, Wichita, KS 67206
