Leased Storefront
For Sale
Contact for pricing
3203 E Douglas Ave, Wichita, KS 67218
Three tenants occupy complementary professional office, service, and specialty retail spaces in a commercial storefront setting.
Property Size5,245 SF
Price / SF$209.72
Days on Market142
Property Features for 3203 E Douglas Ave
General Information
Standard status
Active
Size
5,245 SF
Class
B
Property subtype
Retail
Zoning
GC
Occupancy
100%
Lease Type
NNN
Building Details
Year Built
1930
Buildings
1
Stories
1
Units
3
Tenancy
Multi
Listing Agency:
J.P. Weigand & Sons Inc.
(913) 707-8992
Listed By:
Matthew McClure · License #00246245
Source:
Crexi
Added: Apr 13
Changed: Aug 31
Last Checked: Aug 30 at 8:15PM
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.
Investment Insights
Based on property information with market context.
This 5,245 SF storefront property at 3203 E Douglas Ave in Wichita includes three established tenant businesses: a law firm, a beauty spa, and a custom cabinet showroom. The property is fully leased and carries GC zoning, supporting its commercial configuration.
Constructed in 1930, the building received interior remodeling work in 2019, 2020, and 2026. It is located in the College Hill area along an East Wichita corridor described as high traffic, with the tenant mix combining professional office, service, and specialty retail uses.
Constructed in 1930, the building received interior remodeling work in 2019, 2020, and 2026. It is located in the College Hill area along an East Wichita corridor described as high traffic, with the tenant mix combining professional office, service, and specialty retail uses.
Key Highlights
- 5,245 SF storefront property at 3203 E Douglas Ave, Wichita, KS 67218
- Fully leased to 3 established tenants
- Tenant mix includes a law firm, beauty spa, and custom cabinet showroom
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
$63,460
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
5.77%
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%
$1,269,200
$1.3M
Cap Rate 7%
$906,571
$906.6K
Cap Rate 9%
$705,111
$705.1K
Market Conditions
NOI Build-Up for 5,245 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
$105.1K $20.04/SF
− Vacancy
−$20.5K −$3.91/SF
EGI
$84.6K $16.13/SF
− OpEx
−$21.2K −$4.03/SF
NOI
$63.5K $12.10/SF
Area
Wichita, KS
Vacancy
19.50%
Lease Rate
$20.04 /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%
$1,269,200
Cap Rate 7%
$906,571
Cap Rate 9%
$705,111
Alternative Uses
Best Use
Office B
$906.6K
$793.3K – $1.06M
NOI $63,460 @ 7.0% cap · market cap 5.77%
Second Best
Retail
$765.9K
$670.2K – $893.6K
NOI $53,616 @ 7.0% cap · market cap 4.87%
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $90,908 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
517
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 67218, KS
23,044
Population
11,483
Households
2
Avg Household Size
35
Median Age
25%
College-Educated
81%
High-School Grad
5.0 sq mi
ZIP Area
4,609
Density / Sq Mi
$47,905
Median Household Income
$33,750
Median Earnings
$905
Median Rent
$117,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Storefront property - Three tenants occupy complementary professional office, service, and specialty retail spaces in a commercial storefront setting.
Where is this storefront property located?
The property is located at 3203 E Douglas Ave Wichita, KS.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 5,245 SF storefront property at 3203 E Douglas Ave, Wichita, KS 67218; Fully leased to 3 established tenants; Tenant mix includes a law firm, beauty spa, and custom cabinet showroom
