Garage Condominium Flex
New
For Sale
$139,000
4659 S Rock Rd, Derby, KS 67037
Commercial Sale, Derby, KS
Property Size1,250 SF
Price / SF$111.20
Days on Market3
Property Features for 4659 S Rock Rd
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Directions
From 47th St. S. And Rock Rd. Head north on rock and located on west side of the road.
Subdivision
SCKMLS
Standard status
Active
APN
087-224-20-0-11-00-001.00
Taxes and HOA fees
Tax Year
2026
Tax Description
See County Records.
Legal Description
See County Records.
Utilities
Utilities
Natural Gas Available
Water source
Public
Building Details
Year built
2025
Flooring type
Concrete
Building materials
Metal Siding
Roof type
Metal
Listing Agency:
Heritage 1st Realty
(316) 512-1300
Listed By:
Dustin Lynam · License #00237038
(316) 259-9184
Added: Sep 13
Last Checked: Sep 15 at 8:06AM
MLS# 679058
Copyright © 2026 South Central Kansas MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This under-construction flex property consists of garage condominium units measuring 25 feet wide by 50 feet deep, with 1,250 square feet per unit. The standard shell includes rough-in plumbing and rough-in electrical, allowing owners to configure the interior for storage, garage, showroom, recreation, or other customized flex applications. Concrete flooring, metal siding, and a metal roof are specified for the building, with construction dated 2025.
The property is located at 4659 S Rock Rd in Derby, near the corner of 47th Street and Rock Road and minutes from McConnell Air Force Base. Public water and natural gas availability are identified for the site. Units may be purchased individually or in multiples, subject to availability.
The property is located at 4659 S Rock Rd in Derby, near the corner of 47th Street and Rock Road and minutes from McConnell Air Force Base. Public water and natural gas availability are identified for the site. Units may be purchased individually or in multiples, subject to availability.
Key Highlights
- 25‑foot by 50‑foot garage condominium units
- 1,250 square feet per unit
- 2025 construction with under‑construction condition
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
$7,782
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
5.60%
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%
$155,640
$155.6K
Cap Rate 7%
$111,171
$111.2K
Cap Rate 9%
$86,467
$86.5K
Market Conditions
NOI Build-Up for 1,250 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
$9.8K $7.80/SF
− Vacancy
−$595 −$0.48/SF
EGI
$9.2K $7.32/SF
− OpEx
−$1.4K −$1.10/SF
NOI
$7.8K $6.23/SF
Area
Sedgwick County, KS
Vacancy
6.10%
Lease Rate
$7.80 /SF/Yr
Expense Ratio
15.00%
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%
$155,640
Cap Rate 7%
$111,171
Cap Rate 9%
$86,467
Alternative Uses
Best Use
Warehouse
$111.2K
$97.3K – $129.7K
NOI $7,782 @ 7.0% cap · market cap 5.60%
Second Best
Flex RnD
$108.6K
$95.0K – $126.7K
NOI $7,599 @ 7.0% cap · market cap 5.47%
Theoretical Best
Office A
$260.5K
$228.0K – $304.0K
NOI $18,237 @ 7.0% cap · market cap 13.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 67037, KS
30,005
Population
12,680
Households
2.4
Avg Household Size
37
Median Age
36%
College-Educated
96%
High-School Grad
53.6 sq mi
ZIP Area
560
Density / Sq Mi
$84,666
Median Household Income
$46,305
Median Earnings
$1,085
Median Rent
$227,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Under-construction units provide rough-in plumbing and electrical for customizable flex use.
Where is this flex space located?
The property is located at 4659 S Rock Rd Derby, KS.
What is the asking price?
The asking price for this property is $139,000.
What are key features of this property?
This property features: 25‑foot by 50‑foot garage condominium units; 1,250 square feet per unit; 2025 construction with under‑construction condition
