Heated and Cooled
For Sale
Contact for pricing
1531 South Broadway, Wichita, KS 67211
Commercial building offers a drive-through wash bay, monument signage, and three-phase electrical service.
Property Size3,584 SF
Price / SF$104.63
Days on Market14
Property Features for 1531 South Broadway
General Information
Standard status
Active
Size
3,584 SF
Total Parking Spaces
17
Property subtype
Industrial
Warehouse & Industrial
Clear Height
18 ft
Drive-In Doors
3
Power
120 amps
Voltage
208 V
Three-Phase Power
Yes
Conditioned Warehouse
Yes
Amenities
monument signage
Building Details
Year Built
2002
Listing Agency:
ReeceNichols South Central Kansas
Listed By:
Alex Ibarra, CCIM · License #KS 00243154
Source:
Crexi
Added: Aug 18
Changed: Aug 31
Last Checked: Aug 31 at 9:59AM
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 ReeceNichols South Central Kansas
Investment Insights
Based on property information with market context.
This 3,584-square-foot warehouse was built in 2002 and includes a drive-through wash bay with three overhead doors. Two doors measure 12’ x 14’, while the third measures 12’ x 12’. The building is heated and cooled, supporting year-round operations.
Electrical service includes two panels, each rated at 120A/208V/3-Phase. The warehouse provides 18’ ceiling clearance, and monument signage is available. The property is located at 1531 South Broadway in Wichita, near Harry and Broadway.
Electrical service includes two panels, each rated at 120A/208V/3-Phase. The warehouse provides 18’ ceiling clearance, and monument signage is available. The property is located at 1531 South Broadway in Wichita, near Harry and Broadway.
Key Highlights
- 3,584‑square‑foot warehouse built in 2002
- Drive‑through wash bay with (2) 12’ x 14’ overhead doors
- One additional 12’ x 12’ overhead door
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
$30,722
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
8.19%
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%
$614,440
$614.4K
Cap Rate 7%
$438,886
$438.9K
Cap Rate 9%
$341,356
$341.4K
Market Conditions
NOI Build-Up for 3,584 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
$37.8K $10.56/SF
− Vacancy
−$1.7K −$0.48/SF
EGI
$36.1K $10.08/SF
− OpEx
−$5.4K −$1.51/SF
NOI
$30.7K $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%
$614,440
Cap Rate 7%
$438,886
Cap Rate 9%
$341,356
Alternative Uses
Best Use
Warehouse
$438.9K
$384.0K – $512.0K
NOI $30,722 @ 7.0% cap · market cap 8.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$887.4K
$776.5K – $1.04M
NOI $62,119 @ 7.0% cap · market cap 16.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
18 ft
Clear height
3
Drive-in doors
Location Intelligence
Trade Area within ½ mile
785
Businesses Nearby
Balanced
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 Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Cargill Inc — 1401 N Mosley St, Wichita, KS 67214
- Self-Storage at U-Haul — 1000 E 13th St N, Wichita, KS 67214
- CCGP Inc — 1940 S Topeka St, Wichita, KS 67214
Frequently Asked Questions
What type of property is this?
Warehouse - Commercial building offers a drive-through wash bay, monument signage, and three-phase electrical service.
Where is this warehouse located?
The property is located at 1531 South Broadway Wichita, KS.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 3,584‑square‑foot warehouse built in 2002; Drive‑through wash bay with (2) 12’ x 14’ overhead doors; One additional 12’ x 12’ overhead door
