Renovated Office Showroom
For Sale
Contact for pricing
1815 E Central Ave, Wichita, KS 67214
Fully renovated office building with large showroom and meeting space plus private offices and stations.
Property Size8,112 SF
Lot Size1.14 Acres
Price / SF$129.44
Days on Market155
Property Features for 1815 E Central Ave
General Information
Standard status
Active
Size
8,112 SF
Lot size
1.14 Acres
Property subtype
OFFICE
Zoning
General Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Listing Agency:
Landmark Commercial Real Estate
(316) 262-2442
Listed By:
Scott Harper MBA, CCIM
(316) 293-9733
Source:
Moodyscre
Added: Apr 6
Changed: Aug 21
Last Checked: Jul 22 at 8:49PM
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 Landmark Commercial Real Estate
Investment Insights
Based on property information with market context.
This fully renovated, well-maintained office building includes a mix of private offices, work stations, and a large showroom/meeting room. The property is configured to support both client-facing presentation space and day-to-day office operations, with dedicated on-site parking.
The building is described as having highly visible placement and immediate access to I-135, with strong traffic counts noted. It is also positioned for straightforward navigation and easy visibility.
Available for sale as a building with approximately 8,112 square feet, the property sits on a lot of approximately 49,712 square feet and is zoned for General Commercial use, supporting a flexible commercial office/showroom setup within the existing configuration.
The building is described as having highly visible placement and immediate access to I-135, with strong traffic counts noted. It is also positioned for straightforward navigation and easy visibility.
Available for sale as a building with approximately 8,112 square feet, the property sits on a lot of approximately 49,712 square feet and is zoned for General Commercial use, supporting a flexible commercial office/showroom setup within the existing configuration.
Key Highlights
- Fully renovated, well‑maintained office building with large showroom/meeting space and private offices
- 8,112 SF building with a mix of private offices, work stations, and large showroom/meeting rooms
- 49,712 SF lot with a large private parking lot
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
$82,924
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
7.90%
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%
$1,658,480
$1.7M
Cap Rate 7%
$1,184,629
$1.2M
Cap Rate 9%
$921,378
$921.4K
Market Conditions
NOI Build-Up for 8,112 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
$129.5K $15.96/SF
− Vacancy
−$11.0K −$1.36/SF
EGI
$118.5K $14.60/SF
− OpEx
−$35.5K −$4.38/SF
NOI
$82.9K $10.22/SF
Area
Wichita, KS
Vacancy
8.50%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
30.00%
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%
$1,658,480
Cap Rate 7%
$1,184,629
Cap Rate 9%
$921,378
Alternative Uses
Best Use
Office B
$1.40M
$1.23M – $1.64M
NOI $98,148 @ 7.0% cap · market cap 9.35%
Second Best
Retail
$1.18M
$1.04M – $1.38M
NOI $82,924 @ 7.0% cap · market cap 7.90%
Theoretical Best
Office A
$2.01M
$1.76M – $2.34M
NOI $140,599 @ 7.0% cap · market cap 13.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,072
Businesses Nearby
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 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 - Fully renovated office building with large showroom and meeting space plus private offices and stations.
Where is this office building located?
The property is located at 1815 E Central Ave Wichita, KS.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Fully renovated, well‑maintained office building with large showroom/meeting space and private offices; 8,112 SF building with a mix of private offices, work stations, and large showroom/meeting rooms; 49,712 SF lot with a large private parking lot
