Retail/Office Building on Baltimore
For Sale
$350,000
727 & 729 N Baltimore Ave., Derby, KS 67037
Two-story retail/office building with recent upgrades and high visibility.
Property Size2,916 SF
Price / SF$120.03
Days on Market168
Property Features for 727 & 729 N Baltimore Ave.
General Information
Standard status
Active
Size
2,916 SF
Property subtype
Office
Zoning
B-4
Building Details
Building Size
2,916 SF
Year Built
1966
Listing Agency:
J.P. Weigand & Sons, Inc.
Listed By:
Ben Gartner, SIOR, CCIM
(316) 292-3967
Source:
Weigand
Added: Mar 27
Changed: Sep 8
Last Checked: Sep 9 at 8:32AM
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 J.P. Weigand & Sons, Inc.
Investment Insights
Based on property information with market context.
Located on Baltimore Avenue (K-15), this two-story building offers excellent access and visibility. The property features steel framework with wood siding and decking, complemented by an EIFS facade. Recent improvements completed in 2022 include a roof replacement, HVAC system replacement, new siding, new guttering, a new water main, and an updated electric panel. The building provides signage opportunities on K-15 and the potential for additional parking on the west side. The property at 727 N. Baltimore includes 816 square feet on the upper level and 2,100 square feet on the ground level. Doorside parking is available, along with one 10'x10' grade-level door. The total property size is 3,750 square feet. This property is suitable for retail or office use.
Key Highlights
- Excellent access and visibility on Baltimore Ave./K‑15
- Significant improvements completed in 2022: New roof, HVAC, siding, guttering, water main, and electric panel
- Signage opportunity on K‑15**
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
$31,272
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
8.93%
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%
$625,440
$625.4K
Cap Rate 7%
$446,743
$446.7K
Cap Rate 9%
$347,467
$347.5K
Market Conditions
NOI Build-Up for 2,916 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
$52.8K $18.12/SF
− Vacancy
−$8.2K −$2.80/SF
EGI
$44.7K $15.32/SF
− OpEx
−$13.4K −$4.60/SF
NOI
$31.3K $10.72/SF
Area
Sedgwick County, KS
Vacancy
15.45%
Lease Rate
$18.12 /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%
$625,440
Cap Rate 7%
$446,743
Cap Rate 9%
$347,467
Alternative Uses
Best Use
Office B
$549.7K
$481.0K – $641.3K
NOI $38,476 @ 7.0% cap · market cap 10.99%
Second Best
Retail
$446.7K
$390.9K – $521.2K
NOI $31,272 @ 7.0% cap · market cap 8.93%
Theoretical Best
Office A
$607.8K
$531.8K – $709.1K
NOI $42,544 @ 7.0% cap · market cap 12.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
549
Businesses Nearby
Explore this area
Business Placement
Demographics for 67037, KS
30,005
Population
12,680
Households
2.4
Avg Household Size
37
Median Age
36%
College-Educated
96%
High-School Grad
53.6 sq mi
ZIP Area
560
Density / Sq Mi
$84,666
Median Household Income
$46,305
Median Earnings
$1,085
Median Rent
$227,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Retail space - Two-story retail/office building with recent upgrades and high visibility.
Where is this retail space located?
The property is located at 727 & 729 N Baltimore Ave. Derby, KS.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Excellent access and visibility on Baltimore Ave./K‑15; Significant improvements completed in 2022: **New roof, HVAC, siding, guttering, water main, and electric panel**; Signage opportunity on K‑15**
