Class A Medical Office
New
For Sale
Contact for pricing
307 W US Highway 54, Andover, KS 67002
Fully leased medical office property with diversified tenants and scheduled rent escalations.
Property Size13,590 SF
Price / SF$235.47
Days on Market6
Property Features for 307 W US Highway 54
General Information
Standard status
Active
Size
13,590 SF
Class
Class A
Property subtype
OFFICE
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Tenancy
Multi
Listing Agency:
InSite Real Estate Group, LLC
(316) 461-5400
Listed By:
Ryan Dugan · License #00227891
(316) 461-5400
Source:
Moodyscre
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 9 at 3:40PM
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
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.
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 = 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
$154,991
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
4.84%
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%
$3,099,820
$3.1M
Cap Rate 7%
$2,214,157
$2.2M
Cap Rate 9%
$1,722,122
$1.7M
Market Conditions
NOI Build-Up for 13,590 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
$293.5K $21.60/SF
− Vacancy
−$35.2K −$2.59/SF
EGI
$258.3K $19.01/SF
− OpEx
−$103.3K −$7.60/SF
NOI
$155.0K $11.40/SF
Area
Butler County, KS
Vacancy
12.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
40.00%
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%
$3,099,820
Cap Rate 7%
$2,214,157
Cap Rate 9%
$1,722,122
Alternative Uses
Best Use
Healthcare Medical
$2.21M
$1.94M – $2.58M
NOI $154,991 @ 7.0% cap · market cap 4.84%
Second Best
Office B
$2.05M
$1.80M – $2.40M
NOI $143,837 @ 7.0% cap · market cap 4.49%
Theoretical Best
Office A
$2.89M
$2.52M – $3.37M
NOI $201,958 @ 7.0% cap · market cap 6.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
231
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
Questions? Ask Rey
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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
