307 W US Highway 54, Andover, KS 67002

Building Details

Tenancy Multi More

Listing Agency: InSite Real Estate Group, LLC Show Phone

Listed By: Ryan Dugan Show Phone

Source: Moodyscre

Added: Aug 4 Changed: Oct 25 Last Checked: Nov 8 at 8:20AM

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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 InSite Real Estate Group, LLC

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

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This 13,590-square-foot Class A medical office property is fully leased and occupied by a diversified medical tenant mix. Scheduled rent escalations support the existing lease structure, while an anchor tenant controls occupancy through 2045 with extension options.

The property is positioned at the US-54 and Andover Road intersection, serving Andover and surrounding communities. Its location provides exposure to more than 33,000 vehicles per day and places the building within a regional commercial destination.

Key Highlights

• 13,590 square feet of Class A medical office space
• Fully leased with a diversified medical tenant mix
• Anchor tenant controls occupancy through 2045 with extension options

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$147,163

Cap Rate

4.60%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,943,260 $2.9M

Cap Rate 7%

$2,102,329 $2.1M

Cap Rate 9%

$1,635,144 $1.6M

Is this asking price fair?

Market Conditions

NOI Build-Up for 13,590 SF

Gross rent

$260.9K $19.20/SF

− Vacancy

−$15.7K −$1.15/SF

EGI

$245.3K $18.05/SF

− OpEx

−$98.1K −$7.22/SF

NOI

$147.2K $10.83/SF

Area

Butler County, KS

Vacancy

6.00%

Lease Rate

$19.20 /SF/Yr

Expense Ratio

40.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,943,260

Cap Rate 7%

$2,102,329

Cap Rate 9%

$1,635,144

Alternative Uses

Best Use

Healthcare Medical

$2.10M

$1.84M – $2.45M (±1% cap)

NOI $147,163 @ 7.0% cap · market cap 4.60%

Second Best

Office B

$2.05M

$1.80M – $2.40M (±1% cap)

NOI $143,837 @ 7.0% cap · market cap 4.49%

Theoretical Best

Office A

$2.93M

$2.57M – $3.42M (±1% cap)

NOI $205,324 @ 7.0% cap · market cap 6.42%

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

Medical Office Space

Suggested Use

Top Pick Real Estate Agency Dental Office Building Supply Law Firm Big Box & Wholesale Store Auto Parts Store

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

100%

Occupancy

Multi-tenant

Tenancy

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

256

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 67002, KS

16,518

Population

6,006

Households

2.8

Avg Household Size

35

Median Age

50%

College-Educated

97%

High-School Grad

37.5 sq mi

ZIP Area

440

Density / Sq Mi

$105,625

Median Household Income

$53,432

Median Earnings

$1,492

Median Rent

$272,400

Median Home Value

Market

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?

Medical Office Space - Fully leased medical office property with diversified tenants and scheduled rent escalations.

Where is this medical office space located?

The property is located at 307 W US Highway 54 Andover, KS.

What is the asking price?

The asking price for this property is $3,200,000.

What are key features of this property?

This property features: 13,590 square feet of Class A medical office space; Fully leased with a diversified medical tenant mix; Anchor tenant controls occupancy through 2045 with extension options