Standalone NNN Office
For Sale
Contact for pricing
2310 Anderson Avenue, Manhattan, KS 66502
Standalone professional office building leased under a triple-net structure.
Property Size2,460 SF
Price / SF$202.85
Days on Market119
Property Features for 2310 Anderson Avenue
General Information
Standard status
Active
Size
2,460 SF
Property subtype
Office
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Building Details
Year Built
1970
Stories
1
Units
3
Tenancy
Single
Listing Agency:
Kansas Commercial Real Estate Services Inc
(785) 272-2525
Listed By:
Brady Lundeen · License #00234800
Source:
Crexi
Added: May 5
Changed: Aug 31
Last Checked: Aug 30 at 9:13PM
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 Kansas Commercial Real Estate Services Inc
Investment Insights
Based on property information with market context.
This standalone professional office building contains 2,460 square feet and was constructed in 1970. The property is fully leased to Advena Group, providing an established office occupancy within a dedicated commercial building.
The lease is structured as NNN, placing the property within a defined triple-net operating framework. Located at 2310 Anderson Avenue in Manhattan, Kansas, the asset is positioned in the West-Central Manhattan area and is offered for sale.
The lease is structured as NNN, placing the property within a defined triple-net operating framework. Located at 2310 Anderson Avenue in Manhattan, Kansas, the asset is positioned in the West-Central Manhattan area and is offered for sale.
Key Highlights
- 2,460‑square‑foot standalone professional office building
- Constructed in 1970
- Fully leased to Advena Group
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
$37,790
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
7.57%
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%
$755,800
$755.8K
Cap Rate 7%
$539,857
$539.9K
Cap Rate 9%
$419,889
$419.9K
Market Conditions
NOI Build-Up for 2,460 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
$56.7K $23.04/SF
− Vacancy
−$6.3K −$2.56/SF
EGI
$50.4K $20.48/SF
− OpEx
−$12.6K −$5.12/SF
NOI
$37.8K $15.36/SF
Area
Riley County, KS
Vacancy
11.10%
Lease Rate
$23.04 /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%
$755,800
Cap Rate 7%
$539,857
Cap Rate 9%
$419,889
Alternative Uses
Best Use
Office B
$539.9K
$472.4K – $629.8K
NOI $37,790 @ 7.0% cap · market cap 7.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$563.0K
$492.6K – $656.8K
NOI $39,407 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
842
Businesses Nearby
Explore this area
Business Placement
Demographics for 66502, KS
44,384
Population
20,700
Households
2.1
Avg Household Size
28
Median Age
46%
College-Educated
95%
High-School Grad
221.7 sq mi
ZIP Area
200
Density / Sq Mi
$52,363
Median Household Income
$22,091
Median Earnings
$953
Median Rent
$217,500
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?
Office building - Standalone professional office building leased under a triple-net structure.
Where is this office building located?
The property is located at 2310 Anderson Avenue Manhattan, KS.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 2,460‑square‑foot standalone professional office building; Constructed in 1970; Fully leased to Advena Group
