215 & 219 S Water St., Derby, KS 67037

Building Details

Building Size 6,712 SF More

Year Built 1976 More

Listing Agency: J.P. Weigand & Sons, Inc.

Listed By: Ben Gartner, SIOR, CCIM Show Phone

Source: Weigand

Added: Jun 25 Changed: Nov 7 Last Checked: Nov 8 at 4:30AM

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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.

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Review the available facts, identify missing information and prepare questions for the agent.

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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.

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 / Yr

$44,229

Cap Rate

9.03%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$884,580 $884.6K

Cap Rate 7%

$631,843 $631.8K

Cap Rate 9%

$491,433 $491.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,352 SF

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 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 (±1% cap)

NOI $44,229 @ 7.0% cap · market cap 9.03%

Second Best

Warehouse

$298.1K

$260.9K – $347.8K (±1% cap)

NOI $20,868 @ 7.0% cap · market cap 4.26%

Theoretical Best

Office A

$698.7K

$611.3K – $815.1K (±1% cap)

NOI $48,906 @ 7.0% cap · market cap 9.98%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Flex space

Suggested Use

Top Pick Building Supply Real Estate Agency Law Firm Auto Parts Store Restaurant HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

Properties on Market for Flex space in Sedgwick County

Jul

Aug

Sep

Oct

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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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