Broadway Storefront in Historic
For Sale
Contact for pricing
200 North Broadway Avenue, Wichita, KS 67202
First-floor storefront space in the historic Orpheum for sale.
Property Size4,940 SF
Price / SF$151.62
Days on Market106
Property Features for 200 North Broadway Avenue
General Information
Standard status
Active
Size
4,940 SF
Property subtype
Retail, Office
Zoning
Central Business District
Building Details
Year Built
1921
Units
10
Listing Agency:
Insite Real Estate Group
Listed By:
Alyson Goodwin · License #KS 00249772
Source:
Crexi
Added: May 19
Changed: Aug 31
Last Checked: Aug 29 at 9:53PM
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 Insite Real Estate Group
Investment Insights
Based on property information with market context.
This is a rare opportunity to own first-floor Broadway storefront space in the historic Orpheum. The property offers a total size of 4940 square feet and is suitable for commercial real estate, office spaces, office units, retail properties, and storefront properties.
Key Highlights
- First‑floor Broadway storefront space
- Located in the historic Orpheum
- Rare opportunity
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
$50,499
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
6.74%
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%
$1,009,980
$1.0M
Cap Rate 7%
$721,414
$721.4K
Cap Rate 9%
$561,100
$561.1K
Market Conditions
NOI Build-Up for 4,940 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
$78.8K $15.96/SF
− Vacancy
−$6.7K −$1.36/SF
EGI
$72.1K $14.60/SF
− OpEx
−$21.6K −$4.38/SF
NOI
$50.5K $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%
$1,009,980
Cap Rate 7%
$721,414
Cap Rate 9%
$561,100
Alternative Uses
Best Use
Retail
$721.4K
$631.2K – $841.7K
NOI $50,499 @ 7.0% cap · market cap 6.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,621 @ 7.0% cap · market cap 11.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,722
Businesses Nearby
112k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 46%
Dining 43%
Hotels & Casinos 11%
QuikTrip
Shops & Services
43,089 visits/mo
0.5 miles
McDonald's
Dining
23,980 visits/mo
0.4 miles
SONIC Drive In
Dining
12,765 visits/mo
0.5 miles
Hilton Garden Inn
Hotels & Casinos
8,061 visits/mo
0.1 miles
Scooter's Coffee
Dining
5,621 visits/mo
0.5 miles
Demographics for 67202, KS
2,435
Population
1,778
Households
1.4
Avg Household Size
35
Median Age
53%
College-Educated
90%
High-School Grad
1.0 sq mi
ZIP Area
2,435
Density / Sq Mi
$67,892
Median Household Income
$41,160
Median Earnings
$1,039
Median Rent
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - First-floor storefront space in the historic Orpheum for sale.
Where is this storefront property located?
The property is located at 200 North Broadway Avenue Wichita, KS.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: First‑floor Broadway storefront space; Located in the historic Orpheum; Rare opportunity
