Freestanding Building on Broadway
For Sale
$189,999
2032 S Broadway Ave, Wichita, KS
Adaptable 1,680 SF building on .35 acres for sale.
Property Size1,680 SF
Lot Size0.35 Acres
Price / SF$113.09
Days on Market119
Property Features for 2032 S Broadway Ave
General Information
Standard status
Active
Size
1,680 SF
Lot size
0.35 Acres
Taxes and HOA fees
Annual Taxes
$345
Listing Agency:
Lange Real Estate
(316) 214-0052
Listed By:
Kirsten Haas · License #00249356
(316) 214-0052
Source:
Exprealty
Added: Apr 27
Changed: Aug 23
Last Checked: Aug 23 at 8:25AM
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 Lange Real Estate
Investment Insights
Based on property information with market context.
The property features a 1,680 SF freestanding building on a .35 acre lot. The site is fully paved and fenced, and includes 15 parking stalls and dual access points. Recent improvements include a new roof installed in 2023, updated HVAC, upgraded lighting, and a freshly painted exterior. The property is located along South Broadway, near the intersection of Pawnee and Broadway, and is just minutes from downtown Wichita and Kellogg. The location offers strong visibility. The site is well positioned for a car lot or similar outdoor-use business, with flexibility for retail or service users, and potential for a restaurant concept with drive-thru and existing walk-in cooler capability.
Key Highlights
- Highly visible location on South Broadway near Pawnee intersection.
- Fully paved and fenced lot with 15 parking stalls and dual access.
- Recent improvements: new roof (2023), updated HVAC, upgraded lighting, and freshly painted exterior.
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
$17,174
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
9.04%
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%
$343,480
$343.5K
Cap Rate 7%
$245,343
$245.3K
Cap Rate 9%
$190,822
$190.8K
Market Conditions
NOI Build-Up for 1,680 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
$26.8K $15.96/SF
− Vacancy
−$2.3K −$1.36/SF
EGI
$24.5K $14.60/SF
− OpEx
−$7.4K −$4.38/SF
NOI
$17.2K $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%
$343,480
Cap Rate 7%
$245,343
Cap Rate 9%
$190,822
Alternative Uses
Best Use
Specialty Retail
$285.2K
$249.6K – $332.8K
NOI $19,967 @ 7.0% cap · market cap 10.51%
Second Best
Retail
$245.3K
$214.7K – $286.2K
NOI $17,174 @ 7.0% cap · market cap 9.04%
Theoretical Best
Office A
$416.0K
$364.0K – $485.3K
NOI $29,118 @ 7.0% cap · market cap 15.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,325
Businesses Nearby
17k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 48%
Shops & Services 34%
Electronics 17%
Spangles
Dining
4,294 visits/mo
0.3 miles
Burger King
Dining
4,115 visits/mo
0.5 miles
O'Reilly Auto Parts
Shops & Services
3,019 visits/mo
0.3 miles
Commerce Bank
Shops & Services
2,946 visits/mo
0.3 miles
Metro by T-Mobile
Electronics
1,517 visits/mo
0.3 miles
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- U-Haul Neighborhood Dealer — 1161 N Broadway Ave, Wichita, KS 67214
Frequently Asked Questions
What type of property is this?
Parking lot & garage - Adaptable 1,680 SF building on .35 acres for sale.
Where is this parking lot & garage located?
The property is located at 2032 S Broadway Ave Wichita, KS.
What is the asking price?
The asking price for this property is $189,999.
What are key features of this property?
This property features: Highly visible location on South Broadway near Pawnee intersection.; Fully paved and fenced lot with **15 parking stalls and dual access**.; Recent improvements: new roof (2023), updated HVAC, upgraded lighting, and freshly painted exterior.
