Renovated Apartment
For Sale
$4,800,000
333 West 21st Street, Wichita, KS 67203
Completely renovated, stabilized apartment building offered for sale with operational upside.
Property Size40,350 SF
Days on Market50
Property Features for 333 West 21st Street
General Information
Standard status
Active
Size
40,350 SF
Property subtype
Multifamily
Building Details
Building Size
40,350 SF
Year Built
1980
Listing Agency:
NAI Martens
Listed By:
Trent Garman · License #SP00237691
(316) 613-2447
Source:
Naimartens
Added: Jul 22
Changed: Sep 6
Last Checked: Sep 8 at 6:48AM
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 NAI Martens
Investment Insights
Based on property information with market context.
This completely renovated stabilized apartment building is offered for sale. The property is described as having upside and is positioned to be operated by third-party management with minimal on-site employees.
The asset is located at 333 West 21st Street in Wichita, Kansas (per the provided information).
Given its stabilized status and recently completed renovations, the property’s current structure supports ongoing operations, while the noted upside centers on how it can be managed with limited on-site staffing.
The asset is located at 333 West 21st Street in Wichita, Kansas (per the provided information).
Given its stabilized status and recently completed renovations, the property’s current structure supports ongoing operations, while the noted upside centers on how it can be managed with limited on-site staffing.
Key Highlights
- Apartment building built in 1980
- Completely renovated
- Stabilized asset
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
$336,150
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
7.00%
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%
$6,723,000
$6.7M
Cap Rate 7%
$4,802,143
$4.8M
Cap Rate 9%
$3,735,000
$3.7M
Market Conditions
NOI Build-Up for 40,350 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
$653.7K $16.20/SF
− Vacancy
−$42.5K −$1.05/SF
EGI
$611.2K $15.15/SF
− OpEx
−$275.0K −$6.82/SF
NOI
$336.1K $8.33/SF
Area
ZIP 67203
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$6,723,000
Cap Rate 7%
$4,802,143
Cap Rate 9%
$3,735,000
Alternative Uses
Best Use
Apartment 5plus
$4.80M
$4.20M – $5.60M
NOI $336,150 @ 7.0% cap · market cap 7.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.88M
$8.64M – $11.52M
NOI $691,438 @ 7.0% cap · market cap 14.40%
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
Explore this area
Business Placement
Demographics for 67203, KS
30,498
Population
14,851
Households
2.1
Avg Household Size
37
Median Age
25%
College-Educated
83%
High-School Grad
7.2 sq mi
ZIP Area
4,236
Density / Sq Mi
$50,411
Median Household Income
$33,431
Median Earnings
$921
Median Rent
$126,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Completely renovated, stabilized apartment building offered for sale with operational upside.
Where is this apartment building located?
The property is located at 333 West 21st Street Wichita, KS.
What is the asking price?
The asking price for this property is $4,800,000.
What are key features of this property?
This property features: Apartment building built in 1980; Completely renovated; Stabilized asset
