Office/Warehouse with Five
For Sale
$490,000
215 & 219 S Water St., Derby, KS 67037
Well-maintained office/warehouse with five 10-by-10 drive-in overhead doors and quick access to Hwy K-15.
Property Size6,712 SF
Price / SF$146.18
Days on Market48
Property Features for 215 & 219 S Water St.
General Information
Standard status
Active
Size
6,712 SF
Property subtype
Industrial
Zoning
M-1 Industrial
Additional Details
Highway Access
Yes
Drive-In Doors
5
Building Details
Building Size
6,712 SF
Year Built
1976
Listing Agency:
J.P. Weigand & Sons, Inc.
(316) 292-3967
Listed By:
Ben Gartner, SIOR, CCIM
Source:
Weigand
Added: Jun 25
Changed: Aug 11
Last Checked: Aug 11 at 6:16AM
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 J.P. Weigand & Sons, Inc.
Investment Insights
Based on property information with market context.
This well-maintained office/warehouse building includes an office area of approximately 3,352 SF and five 10’ x 10’ drive-in overhead doors for straightforward loading and access. The property is being offered in connection with a tenant relocation, supporting an owner-user or multi-use configuration that pairs functional office space with warehouse operations.
The property is located at 215 & 219 S. Water St., Derby, KS 67037, with quick access to Hwy. K-15. The offering allows for the commercial building to be purchased separately or together, with the home not being sold separately prior to the commercial building.
For tenants and buyers seeking a combined workspace, the drive-in door setup supports daily receiving, deliveries, and storage needs while keeping office space on-site. The current layout should appeal to businesses that need proximity between administrative functions and warehouse activity, particularly when planning for continued operations during or after a relocation timeline.
The property is located at 215 & 219 S. Water St., Derby, KS 67037, with quick access to Hwy. K-15. The offering allows for the commercial building to be purchased separately or together, with the home not being sold separately prior to the commercial building.
For tenants and buyers seeking a combined workspace, the drive-in door setup supports daily receiving, deliveries, and storage needs while keeping office space on-site. The current layout should appeal to businesses that need proximity between administrative functions and warehouse activity, particularly when planning for continued operations during or after a relocation timeline.
Key Highlights
- 1976‑built well‑maintained office/warehouse building with approximately 3,352 SF office area
- Includes five 10' x 10' drive‑in overhead doors
- Quick access to Hwy K‑15
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
$44,229
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
9.03%
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%
$884,580
$884.6K
Cap Rate 7%
$631,843
$631.8K
Cap Rate 9%
$491,433
$491.4K
Market Conditions
NOI Build-Up for 3,352 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
$65.2K $19.44/SF
− Vacancy
−$6.2K −$1.85/SF
EGI
$59.0K $17.59/SF
− OpEx
−$14.7K −$4.40/SF
NOI
$44.2K $13.19/SF
Area
Sedgwick County, KS
Vacancy
9.50%
Lease Rate
$19.44 /SF/Yr
Expense Ratio
25.00%
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%
$884,580
Cap Rate 7%
$631,843
Cap Rate 9%
$491,433
Alternative Uses
Best Use
Office B
$631.8K
$552.9K – $737.2K
NOI $44,229 @ 7.0% cap · market cap 9.03%
Second Best
Warehouse
$298.1K
$260.9K – $347.8K
NOI $20,868 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$698.7K
$611.3K – $815.1K
NOI $48,906 @ 7.0% cap · market cap 9.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
469
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 67037, KS
30,005
Population
12,680
Households
2.4
Avg Household Size
37
Median Age
36%
College-Educated
96%
High-School Grad
53.6 sq mi
ZIP Area
560
Density / Sq Mi
$84,666
Median Household Income
$46,305
Median Earnings
$1,085
Median Rent
$227,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Well-maintained office/warehouse with five 10-by-10 drive-in overhead doors and quick access to Hwy K-15.
Where is this flex space located?
The property is located at 215 & 219 S Water St. Derby, KS.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: 1976‑built well‑maintained office/warehouse building with approximately 3,352 SF office area; Includes five 10' x 10' drive‑in overhead doors; Quick access to Hwy K‑15
