Waterfront Office
For Sale
$1,375,000
13203 W 21st Ct. N, Wichita, KS 67235
Commercial Sale, Wichita, KS
Property Size5,252 SF
Lot Size0.54 Acres
Price / SF$261.81
Days on Market69
Property Features for 13203 W 21st Ct. N
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
General Office
Parking features
Parking Lot
Subdivision
NONE LISTED ON TAX RECORD
Directions
21st & 135th - East on 21st, South on 21st Ct., first east entrance in office park to property
Standard status
Active
APN
141-12-0-21-02-002.00
Lot size
0.54 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
TH PT LOT 1 BEG NE COR TH SELY 98.92 FT WLY 99.23 FT WLY 98.08 FT WLY 77.67 FT NWLY ALG CUR TO LEFT
Tax Annual Amount
26202
Legal Description
TH PT LOT 1 BEG NE COR TH SELY 98.92 FT WLY 99.23 FT WLY 98.08 FT WLY 77.67 FT NWLY ALG CUR TO LEFT
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air, Electric
Water source
Public
Amenities
7 office spaces
2 restrooms
break room
Building Details
Year built
2012
Floors in Building
1
Flooring type
Tile, Carpet
Building materials
Stucco
Listing Agency:
McCurdy Real Estate & Auction, LLC
(316) 867-3600
Listed By:
Braden McCurdy · License #BR00052737
(316) 683-0612
Added: Jul 29
Changed: Oct 2
Last Checked: Oct 5 at 4:06AM
MLS# 677441
Copyright © 2026 South Central Kansas MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5,252+/- sq. ft. office building sits on a 0.54+/- acre parcel and was built in 2012. Its layout includes 7 office spaces, 2 restrooms, and a break room. Tile and carpet flooring, central air, and forced-air natural gas heat serve the interior; the site also has a parking lot and public water and sewer service.
The property is at 21st and 135th in Wichita, with convenient street access. It is currently leased, with the tenant’s extended occupancy scheduled through 04/30/2027. General Office zoning applies.
The property is at 21st and 135th in Wichita, with convenient street access. It is currently leased, with the tenant’s extended occupancy scheduled through 04/30/2027. General Office zoning applies.
Key Highlights
- 5,252+/- sq. ft. office building on a 0.54+/- acre lot
- Waterfront setting at 21st and 135th in Wichita
- Interior includes 7 office spaces, 2 restrooms, and a break room
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
$63,545
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
4.62%
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%
$1,270,900
$1.3M
Cap Rate 7%
$907,786
$907.8K
Cap Rate 9%
$706,056
$706.1K
Market Conditions
NOI Build-Up for 5,252 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
$105.3K $20.04/SF
− Vacancy
−$20.5K −$3.91/SF
EGI
$84.7K $16.13/SF
− OpEx
−$21.2K −$4.03/SF
NOI
$63.5K $12.10/SF
Area
Wichita, KS
Vacancy
19.50%
Lease Rate
$20.04 /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%
$1,270,900
Cap Rate 7%
$907,786
Cap Rate 9%
$706,056
Alternative Uses
Best Use
Office B
$907.8K
$794.3K – $1.06M
NOI $63,545 @ 7.0% cap · market cap 4.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,029 @ 7.0% cap · market cap 6.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
71
Businesses Nearby
Explore this area
Business Placement
Demographics for 67235, KS
14,824
Population
5,311
Households
2.8
Avg Household Size
38
Median Age
45%
College-Educated
98%
High-School Grad
10.8 sq mi
ZIP Area
1,373
Density / Sq Mi
$112,500
Median Household Income
$51,333
Median Earnings
$1,541
Median Rent
$298,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Seven private offices, a break room, and on-site parking support a practical professional workspace.
Where is this office building located?
The property is located at 13203 W 21st Ct. N Wichita, KS.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: 5,252+/- sq. ft. office building on a 0.54+/- acre lot; Waterfront setting at 21st and 135th in Wichita; Interior includes 7 office spaces, 2 restrooms, and a break room
