High-Traffic Commercial Property for
For Sale
Contact for pricing
405 South Holland Street, Wichita, KS 67209
Commercial property in high-traffic area with diverse tenant mix.
Property Size14,700 SF
Price / SF$163.27
Days on Market85
Property Features for 405 South Holland Street
General Information
Standard status
Active
Size
14,700 SF
Class
B
Property subtype
Office
Zoning
Limited Commercial
Investment Type
Institutional
Building Details
Tenancy
Multi
Listing Agency:
Landmark Commercial Real Estate
(316) 262-2442
Listed By:
Don Piros · License #KS 00223322
Source:
Crexi
Added: May 19
Changed: Aug 8
Last Checked: Aug 8 at 7:20AM
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 Landmark Commercial Real Estate
Investment Insights
Based on property information with market context.
This commercial property is located in a highly traveled area with a strong mix of retail, restaurant, medical professionals, and service/specialty users. The property benefits from high traffic counts. It offers an excellent ground floor opportunity for an owner/operator. The second floor is fully leased, providing stable income. The property size is 14700 square feet.
Key Highlights
- High Traffic Location: Situated in a highly traveled area with high traffic counts.
- Strong Mix of Tenants: Includes retail, restaurant, medical professionals, and service/specialty users.
- Excellent Ground Floor Opportunity: Ideal for an owner/operator.
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
$177,858
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
7.41%
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%
$3,557,160
$3.6M
Cap Rate 7%
$2,540,829
$2.5M
Cap Rate 9%
$1,976,200
$2.0M
Market Conditions
NOI Build-Up for 14,700 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
$294.6K $20.04/SF
− Vacancy
−$57.4K −$3.91/SF
EGI
$237.1K $16.13/SF
− OpEx
−$59.3K −$4.03/SF
NOI
$177.9K $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%
$3,557,160
Cap Rate 7%
$2,540,829
Cap Rate 9%
$1,976,200
Alternative Uses
Best Use
Office B
$2.54M
$2.22M – $2.96M
NOI $177,858 @ 7.0% cap · market cap 7.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.64M
$3.18M – $4.25M
NOI $254,784 @ 7.0% cap · market cap 10.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
507
Businesses Nearby
Explore this area
Business Placement
Demographics for 67209, KS
14,217
Population
5,381
Households
2.6
Avg Household Size
38
Median Age
35%
College-Educated
94%
High-School Grad
12.3 sq mi
ZIP Area
1,156
Density / Sq Mi
$86,103
Median Household Income
$47,939
Median Earnings
$942
Median Rent
$209,900
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?
Office building - Commercial property in high-traffic area with diverse tenant mix.
Where is this office building located?
The property is located at 405 South Holland Street Wichita, KS.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: High Traffic Location: Situated in a highly traveled area with high traffic counts.; Strong Mix of Tenants: Includes retail, restaurant, medical professionals, and service/specialty users.; Excellent Ground Floor Opportunity: Ideal for an owner/operator.
