Mixed-Use Property with Live-Work
For Sale
$329,000
414 S 4th, Manhattan, KS 66502
Mixed-use zoning accommodates commercial and residential uses in a downtown setting.
Property Size1,560 SF
Price / SF$210.90
Days on Market44
Property Features for 414 S 4th
General Information
Standard status
Active
Size
1,560 SF
Building Details
Year Built
1959
Listing Agency:
Alliance Realty
Listed By:
Mollie Avery
(785) 738-8773
Source:
Stoneandstory
Added: Aug 2
Changed: Sep 8
Last Checked: Sep 13 at 1:58PM
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 Alliance Realty
Investment Insights
Based on property information with market context.
Located at 414 S 4th in Manhattan, Kansas, this mixed-use property combines commercial and residential use potential within a downtown setting. The zoning supports a range of residential and commercial applications, including a business with living space, office use paired with a residence, or another compatible configuration.
The property is positioned near downtown restaurants, shopping, and entertainment, with Kansas State University also identified in the surrounding context. Built in 1959, the asset offers an established building for an owner-user, investor, or operator seeking a property that can accommodate both business and residential functions.
The property is positioned near downtown restaurants, shopping, and entertainment, with Kansas State University also identified in the surrounding context. Built in 1959, the asset offers an established building for an owner-user, investor, or operator seeking a property that can accommodate both business and residential functions.
Key Highlights
- Mixed‑use zoning supports both commercial and residential uses
- Located at 414 S 4th in Manhattan, KS 66502
- Downtown setting near restaurants, shopping, and entertainment
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
$23,965
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
7.28%
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%
$479,300
$479.3K
Cap Rate 7%
$342,357
$342.4K
Cap Rate 9%
$266,278
$266.3K
Market Conditions
NOI Build-Up for 1,560 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
$35.9K $23.04/SF
− Vacancy
−$4.0K −$2.56/SF
EGI
$32.0K $20.48/SF
− OpEx
−$8.0K −$5.12/SF
NOI
$24.0K $15.36/SF
Area
Riley County, KS
Vacancy
11.10%
Lease Rate
$23.04 /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%
$479,300
Cap Rate 7%
$342,357
Cap Rate 9%
$266,278
Alternative Uses
Best Use
Office B
$342.4K
$299.6K – $399.4K
NOI $23,965 @ 7.0% cap · market cap 7.28%
Second Best
Mixed Use
$235.7K
$206.2K – $275.0K
NOI $16,497 @ 7.0% cap · market cap 5.01%
Theoretical Best
Office A
$357.0K
$312.4K – $416.5K
NOI $24,990 @ 7.0% cap · market cap 7.60%
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
1,151
Businesses Nearby
Explore this area
Business Placement
Demographics for 66502, KS
44,384
Population
20,700
Households
2.1
Avg Household Size
28
Median Age
46%
College-Educated
95%
High-School Grad
221.7 sq mi
ZIP Area
200
Density / Sq Mi
$52,363
Median Household Income
$22,091
Median Earnings
$953
Median Rent
$217,500
Median Home Value
Check the figures for this property
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?
Mixed-use property - Mixed-use zoning accommodates commercial and residential uses in a downtown setting.
Where is this mixed-use property located?
The property is located at 414 S 4th Manhattan, KS.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Mixed‑use zoning supports both commercial and residential uses; Located at 414 S 4th in Manhattan, KS 66502; Downtown setting near restaurants, shopping, and entertainment
