Flex Space with Gated
New
For Sale
Contact for pricing
1227 W Mccormick Ave, Wichita, KS 67213
Climate-controlled workspace includes an overhead door, office, and shop bathroom.
Property Size1,056 SF
Price / SF$150.57
Days on Market4
Property Features for 1227 W Mccormick Ave
General Information
Standard status
Active
Size
1,056 SF
Property subtype
INDUSTRIAL
Listing Agency:
InSite Real Estate Group, LLC
Listed By:
Levi J Iseman
(316) 618-1100
Source:
Moodyscre
Added: Sep 1
Changed: Sep 3
Last Checked: Sep 3 at 2:06AM
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 InSite Real Estate Group, LLC
Investment Insights
Based on property information with market context.
Located at 1227 W Mccormick Ave in Wichita, Kansas, this 1,056-square-foot flex space combines climate-controlled garage space with practical office and service areas. The building includes an 8 ft overhead door with an awning, a large office, and a shop bathroom.
A gated yard provides secured outdoor space associated with the property. The configuration offers a compact commercial facility with enclosed workspace, administrative area, and yard access in one location.
A gated yard provides secured outdoor space associated with the property. The configuration offers a compact commercial facility with enclosed workspace, administrative area, and yard access in one location.
Key Highlights
- 1,056 square feet of flex space
- Climate‑controlled garage area
- 8 ft overhead door with awning
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
$8,362
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
5.26%
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%
$167,240
$167.2K
Cap Rate 7%
$119,457
$119.5K
Cap Rate 9%
$92,911
$92.9K
Market Conditions
NOI Build-Up for 1,056 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
$13.7K $12.96/SF
− Vacancy
−$821 −$0.78/SF
EGI
$12.9K $12.18/SF
− OpEx
−$4.5K −$4.26/SF
NOI
$8.4K $7.92/SF
Area
Wichita, KS
Vacancy
6.00%
Lease Rate
$12.96 /SF/Yr
Expense Ratio
35.00%
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%
$167,240
Cap Rate 7%
$119,457
Cap Rate 9%
$92,911
Alternative Uses
Best Use
Flex RnD
$119.5K
$104.5K – $139.4K
NOI $8,362 @ 7.0% cap · market cap 5.26%
Second Best
Industrial
$99.9K
$87.4K – $116.6K
NOI $6,994 @ 7.0% cap · market cap 4.40%
Theoretical Best
Office A
$261.5K
$228.8K – $305.1K
NOI $18,303 @ 7.0% cap · market cap 11.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
384
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 67213, KS
21,007
Population
9,788
Households
2.1
Avg Household Size
34
Median Age
13%
College-Educated
83%
High-School Grad
6.6 sq mi
ZIP Area
3,183
Density / Sq Mi
$48,015
Median Household Income
$32,186
Median Earnings
$920
Median Rent
$80,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Climate-controlled workspace includes an overhead door, office, and shop bathroom.
Where is this flex space located?
The property is located at 1227 W Mccormick Ave Wichita, KS.
What is the asking price?
The asking price for this property is $159,000.
What are key features of this property?
This property features: 1,056 square feet of flex space; Climate‑controlled garage area; 8 ft overhead door with awning
