Absolute NNN
For Sale
Contact for pricing
2002 E Pawnee St, Wichita, KS 67211
An occupied commercial asset with an absolute net lease and Limited Commercial zoning.
Property Size1,500 SF
Lot Size0.33 Acres
Price / SF$350
Days on Market12
Property Features for 2002 E Pawnee St
General Information
Standard status
Active
Size
1,500 SF
Lot size
0.33 Acres
Property subtype
RETAIL
Zoning
Limited Commercial
Financials
Asking Price
$525,000
Cap Rate
6.74%
Additional Details
Highway Access
Yes
Building Details
Year Built
1999
Listing Agency:
Landmark Commercial Real Estate
(316) 371-8087
Listed By:
David M Leyh, CCIM SEC
(316) 371-8087
Source:
Moodyscre
Added: Aug 20
Changed: Aug 30
Last Checked: Aug 30 at 1:43PM
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.
Located at 2002 E Pawnee St in Wichita, Kansas, this commercial property contains a 1,500-square-foot building on a 14,450-square-foot lot. Constructed in 1999, the asset carries Limited Commercial zoning and is leased under an absolute net structure.
The property offers highway access to I-135, I-235, and I-35. The lease is associated with a 6.74% cap rate, while the 2025 property taxes are $8,041.70.
The property offers highway access to I-135, I-235, and I-35. The lease is associated with a 6.74% cap rate, while the 2025 property taxes are $8,041.70.
Key Highlights
- Absolute net lease structure
- 1,500 SF building on a 14,450 SF lot
- Built in 1999
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
$15,334
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
2.92%
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%
$306,680
$306.7K
Cap Rate 7%
$219,057
$219.1K
Cap Rate 9%
$170,378
$170.4K
Market Conditions
NOI Build-Up for 1,500 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
$23.9K $15.96/SF
− Vacancy
−$2.0K −$1.36/SF
EGI
$21.9K $14.60/SF
− OpEx
−$6.6K −$4.38/SF
NOI
$15.3K $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%
$306,680
Cap Rate 7%
$219,057
Cap Rate 9%
$170,378
Alternative Uses
Best Use
Retail
$219.1K
$191.7K – $255.6K
NOI $15,334 @ 7.0% cap · market cap 2.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$371.4K
$325.0K – $433.3K
NOI $25,998 @ 7.0% cap · market cap 4.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
265
Businesses Nearby
27k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 67%
Shops & Services 33%
Spangles
Dining
7,760 visits/mo
0.1 miles
Burger King
Dining
6,743 visits/mo
0.1 miles
AutoZone
Shops & Services
4,557 visits/mo
0.2 miles
Pizza Hut
Dining
3,489 visits/mo
0.1 miles
Dollar General
Shops & Services
2,523 visits/mo
0.2 miles
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - An occupied commercial asset with an absolute net lease and Limited Commercial zoning.
Where is this nnn property located?
The property is located at 2002 E Pawnee St Wichita, KS.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Absolute net lease structure; 1,500 SF building on a 14,450 SF lot; Built in 1999
