Flex Space With Secured
For Sale
$250,000
136 South Pattie Street, Wichita, KS 67211
Office and flex space is paired with a fenced, secured yard on a compact commercial parcel.
Property Size2,076 SF
Lot Size0.24 Acres
Price / SF$120.42
Days on Market11
Property Features for 136 South Pattie Street
General Information
Standard status
Active
Size
2,076 SF
Lot size
0.24 Acres
Property subtype
Industrial
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Building Details
Building Size
2,076 SF
Year Built
1930
Listing Agency:
NAI Martens
(316) 258-4954
Listed By:
Ransom Butler · License #00244816
(316) 258-4954
Source:
Naiglobal
Added: Aug 2
Changed: Aug 3
Last Checked: Aug 12 at 4:38AM
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 NAI Martens
Investment Insights
Based on property information with market context.
Located at 136 South Pattie Street in Wichita, Kansas, this property combines 2,076 square feet of office and flex space with a fenced, secured yard. The improvements occupy a 0.24-acre parcel, providing both enclosed workspace and secured outdoor area within the same property.
Built in 1930, the asset offers an established commercial structure for an owner-user or occupant seeking a flexible office-oriented setting. The address is 136 South Pattie Street, Wichita, KS 67211.
Built in 1930, the asset offers an established commercial structure for an owner-user or occupant seeking a flexible office-oriented setting. The address is 136 South Pattie Street, Wichita, KS 67211.
Key Highlights
- 2,076 SF of office/flex space
- Fenced, secured yard
- 0.24‑acre parcel
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
$16,439
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
6.58%
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%
$328,780
$328.8K
Cap Rate 7%
$234,843
$234.8K
Cap Rate 9%
$182,656
$182.7K
Market Conditions
NOI Build-Up for 2,076 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
$26.9K $12.96/SF
− Vacancy
−$1.6K −$0.78/SF
EGI
$25.3K $12.18/SF
− OpEx
−$8.9K −$4.26/SF
NOI
$16.4K $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%
$328,780
Cap Rate 7%
$234,843
Cap Rate 9%
$182,656
Alternative Uses
Best Use
Office B
$358.8K
$314.0K – $418.6K
NOI $25,118 @ 7.0% cap · market cap 10.05%
Second Best
Flex RnD
$234.8K
$205.5K – $274.0K
NOI $16,439 @ 7.0% cap · market cap 6.58%
Theoretical Best
Office A
$514.0K
$449.8K – $599.7K
NOI $35,982 @ 7.0% cap · market cap 14.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
511
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 67211, KS
19,721
Population
9,568
Households
2.1
Avg Household Size
35
Median Age
14%
College-Educated
80%
High-School Grad
5.1 sq mi
ZIP Area
3,867
Density / Sq Mi
$44,003
Median Household Income
$31,335
Median Earnings
$841
Median Rent
$99,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Office and flex space is paired with a fenced, secured yard on a compact commercial parcel.
Where is this flex space located?
The property is located at 136 South Pattie Street Wichita, KS.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 2,076 SF of office/flex space; Fenced, secured yard; 0.24‑acre parcel
