Renovated Retail Space in
For Sale
$425,000
301 N Washington Ave, Wellington, KS 67152
Recently renovated commercial space in downtown Wellington, Kansas.
Property Size3,032 SF
Price / SF$140.17
Days on Market272
Property Features for 301 N Washington Ave
General Information
Standard status
Active
Size
3,032 SF
Property subtype
Retail
Building Details
Building Size
3,032 SF
Year Built
1983
Listing Agency:
(316) 847-4908
Listed By:
Grant Glasgow, SIOR
Source:
Naiglobal
Added: Nov 21, 2025
Changed: Aug 9
Last Checked: Aug 20 at 4:26AM
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 Grant Glasgow, SIOR
Investment Insights
Based on property information with market context.
Located in the heart of downtown Wellington, Kansas, the property at 301 N. Washington & 115 E. 8th Street features 4,532 square feet of recently renovated commercial space. Positioned on a corner along Main Street, the property offers a flexible layout that can be divided into a 3,032 square foot boutique retail or restaurant space and a 1,500 square foot shop area suitable for storage, workspace, or service operations. The walkable location provides convenient access to surrounding retail, dining, and office establishments. The property is ideal for boutique retail or restaurant use, with the shop area adding flexibility for workspace, storage, or a service business.
Key Highlights
- 4,532 SF of recently renovated commercial space in downtown Wellington, Kansas.
- Prime corner location on Main Street.
- Divisible into a 3,032 SF retail/restaurant space and a 1,500 SF shop area.
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
$32,814
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
7.72%
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%
$656,280
$656.3K
Cap Rate 7%
$468,771
$468.8K
Cap Rate 9%
$364,600
$364.6K
Market Conditions
NOI Build-Up for 3,032 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
$47.3K $15.60/SF
− Vacancy
−$3.5K −$1.17/SF
EGI
$43.8K $14.43/SF
− OpEx
−$10.9K −$3.61/SF
NOI
$32.8K $10.82/SF
Area
Sumner County, KS
Vacancy
7.50%
Lease Rate
$15.60 /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%
$656,280
Cap Rate 7%
$468,771
Cap Rate 9%
$364,600
Alternative Uses
Best Use
Specialty Retail
$468.8K
$410.2K – $546.9K
NOI $32,814 @ 7.0% cap · market cap 7.72%
Second Best
Retail
$374.2K
$327.4K – $436.6K
NOI $26,195 @ 7.0% cap · market cap 6.16%
Theoretical Best
Office A
$643.7K
$563.2K – $751.0K
NOI $45,058 @ 7.0% cap · market cap 10.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
413
Businesses Nearby
10k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 55%
Shops & Services 33%
Electronics 12%
O'Reilly Auto Parts
Shops & Services
3,059 visits/mo
0.4 miles
SUBWAY
Dining
2,351 visits/mo
0.4 miles
Pizza Hut
Dining
2,093 visits/mo
0.5 miles
Verizon
Electronics
1,172 visits/mo
0.5 miles
Daylight Donuts
Dining
768 visits/mo
0.2 miles
Demographics for 67152, KS
9,019
Population
4,288
Households
2.1
Avg Household Size
40
Median Age
23%
College-Educated
92%
High-School Grad
233.9 sq mi
ZIP Area
39
Density / Sq Mi
$50,836
Median Household Income
$36,042
Median Earnings
$814
Median Rent
$105,100
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?
Retail space - Recently renovated commercial space in downtown Wellington, Kansas.
Where is this retail space located?
The property is located at 301 N Washington Ave Wellington, KS.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 4,532 SF of recently renovated commercial space in downtown Wellington, Kansas.; Prime corner location on Main Street.; Divisible into a 3,032 SF retail/restaurant space and a 1,500 SF shop area.
