Absolute-Net Headquarters
For Sale
Contact for pricing
437 N HILLSIDE ST, Wichita, KS 67214
The property is offered with an absolute-net lease structure and corporate headquarters designation.
Property Size3,979 SF
Price / SF$335.51
Days on Market119
Property Features for 437 N HILLSIDE ST
General Information
Standard status
Active
Size
3,979 SF
Property subtype
Retail, Office
Lease Type
Absolute Net
Net Operating Income
$120,000
Additional Details
Cap Rate
9%
Building Details
Year Built
1948
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Deltondo Advisory Group Irvine
(949) 419-3200
Listed By:
Peter Deltondo · License #CA 01797033
Source:
Crexi
Added: May 5
Changed: Aug 30
Last Checked: Aug 30 at 9:07PM
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 Deltondo Advisory Group Irvine
Investment Insights
Based on property information with market context.
Located at 437 N Hillside St in Wichita, Kansas, this NNN property is identified as a corporate headquarters and was built in 1948. The recorded property size is 3,979, and the offering is structured on an absolute-net basis.
The investment profile includes a stated 9% cap rate and a 51-unit guarantor. The absolute-net structure is described as carrying zero landlord responsibilities, providing a defined lease framework for ownership.
The investment profile includes a stated 9% cap rate and a 51-unit guarantor. The absolute-net structure is described as carrying zero landlord responsibilities, providing a defined lease framework for ownership.
Key Highlights
- Absolute‑net lease structure
- Stated 9% cap rate
- Corporate headquarters property
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
$48,143
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
3.61%
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%
$962,860
$962.9K
Cap Rate 7%
$687,757
$687.8K
Cap Rate 9%
$534,922
$534.9K
Market Conditions
NOI Build-Up for 3,979 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
$79.7K $20.04/SF
− Vacancy
−$15.5K −$3.91/SF
EGI
$64.2K $16.13/SF
− OpEx
−$16.0K −$4.03/SF
NOI
$48.1K $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%
$962,860
Cap Rate 7%
$687,757
Cap Rate 9%
$534,922
Alternative Uses
Best Use
Office B
$687.8K
$601.8K – $802.4K
NOI $48,143 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$985.2K
$862.1K – $1.15M
NOI $68,965 @ 7.0% cap · market cap 5.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,611
Businesses Nearby
Explore this area
Business Placement
Demographics for 67214, KS
15,936
Population
8,197
Households
1.9
Avg Household Size
33
Median Age
13%
College-Educated
77%
High-School Grad
5.3 sq mi
ZIP Area
3,007
Density / Sq Mi
$36,636
Median Household Income
$25,518
Median Earnings
$752
Median Rent
$72,600
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?
NNN property - The property is offered with an absolute-net lease structure and corporate headquarters designation.
Where is this nnn property located?
The property is located at 437 N HILLSIDE ST Wichita, KS.
What is the asking price?
The asking price for this property is $1,335,000.
What are key features of this property?
This property features: Absolute‑net lease structure; Stated 9% cap rate; Corporate headquarters property
