New Construction Flex Space with Garage
For Sale
$1,600,000
1451 N Broadway Ave, Wichita, KS 67214
Twelve contractor garage suites offer gated access and room for outdoor storage.
Property Size14,400 SF
Price / SF$111.11
Days on Market195
Property Features for 1451 N Broadway Ave
General Information
Standard status
Active
Size
14,400 SF
Property subtype
Industrial
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Building Details
Building Size
14,400 SF
Year Built
2025
Buildings
2
Properties For Sale
at 1451 N Broadway Ave Contact us- Size
- 1,200 SF
- Lease Type
- Gross
1451 N Broadway
Listing Agency:
NAI Martens
(316) 262-0000
Listed By:
Ryan Hubbard · License #SP00237327
(316) 262-0000
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 31
Last Checked: Aug 31 at 12:39AM
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.
Completed in 2025, this flex property comprises two 7,200-square-foot buildings with six garage suites apiece, creating 12 units in total. Each suite includes a 14' x 10' powered garage door, LED lighting, a 3-ton mini-split system, and a bathroom. The buildings are configured for contractor-oriented garage use and provide a practical combination of enclosed workspace and service amenities.
The site is fully fenced with controlled gate access and includes room for outdoor storage. Located near 14th & Broadway in Wichita, the property also offers nearby highway access.
The site is fully fenced with controlled gate access and includes room for outdoor storage. Located near 14th & Broadway in Wichita, the property also offers nearby highway access.
Key Highlights
- Two 7,200 SF buildings completed in 2025
- 12 total garage units, with 6 units in each building
- Each unit includes a 14' x 10' garage door with motor
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
$123,438
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
7.71%
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%
$2,468,760
$2.5M
Cap Rate 7%
$1,763,400
$1.8M
Cap Rate 9%
$1,371,533
$1.4M
Market Conditions
NOI Build-Up for 14,400 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
$152.1K $10.56/SF
− Vacancy
−$6.8K −$0.48/SF
EGI
$145.2K $10.08/SF
− OpEx
−$21.8K −$1.51/SF
NOI
$123.4K $8.57/SF
Area
Wichita, KS
Vacancy
4.50%
Lease Rate
$10.56 /SF/Yr
Expense Ratio
15.00%
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%
$2,468,760
Cap Rate 7%
$1,763,400
Cap Rate 9%
$1,371,533
Alternative Uses
Best Use
Warehouse
$1.76M
$1.54M – $2.06M
NOI $123,438 @ 7.0% cap · market cap 7.71%
Second Best
Flex RnD
$1.63M
$1.43M – $1.90M
NOI $114,027 @ 7.0% cap · market cap 7.13%
Theoretical Best
Office A
$3.57M
$3.12M – $4.16M
NOI $249,584 @ 7.0% cap · market cap 15.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
964
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 67214, KS
15,936
Population
8,197
Households
1.9
Avg Household Size
33
Median Age
13%
College-Educated
77%
High-School Grad
5.3 sq mi
ZIP Area
3,007
Density / Sq Mi
$36,636
Median Household Income
$25,518
Median Earnings
$752
Median Rent
$72,600
Median Home Value
Market
Vacancy Rate% for Industrial 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 - Twelve contractor garage suites offer gated access and room for outdoor storage.
Where is this flex space located?
The property is located at 1451 N Broadway Ave Wichita, KS.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Two 7,200 SF buildings completed in 2025; 12 total garage units, with 6 units in each building; Each unit includes a 14' x 10' garage door with motor
