Freestanding Building on K-42
For Sale
Contact for pricing
12420 W K42 Hwy, Wichita, KS 67227
Adaptable freestanding building suitable for various commercial uses.
Property Size8,640 SF
Price / SF$86.81
Days on Market357
Property Features for 12420 W K42 Hwy
General Information
Standard status
Active
Size
8,640 SF
Property subtype
Industrial, Office
Zoning
GO
Building Details
Year Built
1995
Buildings
1
Tenancy
Single
Listing Agency:
J.P. Weigand & Sons Inc.
(316) 773-2154
Listed By:
Austin Swisher, CCIM · License #KS 00240314
Source:
Crexi
Added: Aug 20, 2025
Changed: Aug 9
Last Checked: Aug 10 at 5:21AM
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.
This is a rare opportunity to occupy a free-standing building with K-42 frontage. The property, formerly a call center, can be adapted to a multitude of uses, including light assembly or manufacturing, ag-related businesses, daycare, church, and general contractors. The pre-engineered steel structure features a clear span with a 16ft ceiling height at the peak and an 11ft ceiling height at the sidewall. The property includes a large parking lot suitable for employees, customers, or fenced storage and display. The building size is 8,640 square feet. The location provides easy access to Wichita and western Sedgwick County.
Key Highlights
- High‑visibility K‑42 frontage.
- Adaptable free‑standing building suitable for diverse uses.
- Pre‑engineered steel structure with clear span and high ceilings (16ft peak, 11ft sidewall).
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
$68,416
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
9.12%
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%
$1,368,320
$1.4M
Cap Rate 7%
$977,371
$977.4K
Cap Rate 9%
$760,178
$760.2K
Market Conditions
NOI Build-Up for 8,640 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
$112.0K $12.96/SF
− Vacancy
−$6.7K −$0.78/SF
EGI
$105.3K $12.18/SF
− OpEx
−$36.8K −$4.26/SF
NOI
$68.4K $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%
$1,368,320
Cap Rate 7%
$977,371
Cap Rate 9%
$760,178
Alternative Uses
Best Use
Flex RnD
$977.4K
$855.2K – $1.14M
NOI $68,416 @ 7.0% cap · market cap 9.12%
Second Best
Industrial
$817.5K
$715.3K – $953.8K
NOI $57,226 @ 7.0% cap · market cap 7.63%
Theoretical Best
Office A
$2.14M
$1.87M – $2.50M
NOI $149,750 @ 7.0% cap · market cap 19.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
13
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 67227, KS
473
Population
98
Households
4.8
Avg Household Size
39
Median Age
28%
College-Educated
58%
High-School Grad
4.8 sq mi
ZIP Area
99
Density / Sq Mi
$74,338
Median Household Income
$43,897
Median Earnings
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 - Adaptable freestanding building suitable for various commercial uses.
Where is this flex space located?
The property is located at 12420 W K42 Hwy Wichita, KS.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: High‑visibility K‑42 frontage.; Adaptable free‑standing building suitable for diverse uses.; Pre‑engineered steel structure with clear span and high ceilings (16ft peak, 11ft sidewall).
