Main Street Office and
For Sale
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434 N Main St, Wichita, KS 67202
12,000 SF office and storage space for sale.
Property Size12,000 SF
Price / SF$72.92
Days on Market1476
Property Features for 434 N Main St
General Information
Standard status
Active
Size
12,000 SF
Class
B
Property subtype
Office
Lease Type
NNN
Building Details
Buildings
1
Stories
2
Listing Agency:
NAI Martens
(316) 847-4914
Listed By:
Patrick Ahern · License #KS SP00052327
Source:
Crexi
Added: Aug 18, 2022
Changed: Aug 24
Last Checked: Aug 29 at 1:08PM
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.
The property offers a total of 12,000 square feet of space, including 6,000 square feet of office space on the main level and 6,000 square feet of storage and meeting room space on the lower level. The floor plan features a balance between perimeter offices and open cube space, with conference and break rooms. It includes a large monument sign along Main Street, an elevator, and 16 doorside parking stalls. The property is centrally located and within walking distance to City Hall, Sedgwick County Courthouse, Robert D. Love YMCA, and the Federal Courthouse. The property is suitable for office and storage use.
Key Highlights
- 12,000 SF Total space available with 6,000 SF of office and 6,000 SF for storage/meeting purposes
- Centrally located near City Hall, Courthouses, and YMCA
- Features a balance of perimeter offices and open cube space with conference and break rooms
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
$79,481
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
9.08%
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%
$1,589,620
$1.6M
Cap Rate 7%
$1,135,443
$1.1M
Cap Rate 9%
$883,122
$883.1K
Market Conditions
NOI Build-Up for 12,000 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
$119.5K $9.96/SF
− Vacancy
−$6.0K −$0.50/SF
EGI
$113.5K $9.46/SF
− OpEx
−$34.1K −$2.84/SF
NOI
$79.5K $6.62/SF
Area
Wichita, KS
Vacancy
5.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
30.00%
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%
$1,589,620
Cap Rate 7%
$1,135,443
Cap Rate 9%
$883,122
Alternative Uses
Best Use
Office B
$2.07M
$1.81M – $2.42M
NOI $145,190 @ 7.0% cap · market cap 16.59%
Second Best
Warehouse
$1.47M
$1.29M – $1.71M
NOI $102,865 @ 7.0% cap · market cap 11.76%
Theoretical Best
Office A
$2.97M
$2.60M – $3.47M
NOI $207,987 @ 7.0% cap · market cap 23.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,014
Businesses Nearby
Explore this area
Business Placement
Demographics for 67202, KS
2,435
Population
1,778
Households
1.4
Avg Household Size
35
Median Age
53%
College-Educated
90%
High-School Grad
1.0 sq mi
ZIP Area
2,435
Density / Sq Mi
$67,892
Median Household Income
$41,160
Median Earnings
$1,039
Median Rent
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 - 12,000 SF office and storage space for sale.
Where is this office building located?
The property is located at 434 N Main St Wichita, KS.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 12,000 SF Total space available with 6,000 SF of office and 6,000 SF for storage/meeting purposes; Centrally located near City Hall, Courthouses, and YMCA; Features a balance of perimeter offices and open cube space with conference and break rooms
