Pet Retail
For Sale
Contact for pricing
533 South Tracy Street, Wichita, KS 67209
Single-tenant PetSmart building offered for sale as 100% fee simple interest.
Property Size26,988 SF
Lot Size3.20 Acres
Price / SF$151.73
Days on Market109
Property Features for 533 South Tracy Street
General Information
Standard status
Active
Size
26,988 SF
Lot size
3.20 Acres
Property subtype
Retail
Investment Type
Net Lease
Net Operating Income
$296,868
Building Details
Year Built
1997
Stories
1
Units
2
Tenancy
Single
Listing Agency:
Northmarq Capital, LLC
(918) 794-9516
Listed By:
Chad Byerly · License #OK 155856
Source:
Crexi
Added: May 8
Changed: Aug 21
Last Checked: Aug 23 at 5:59AM
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 Northmarq Capital, LLC
Investment Insights
Based on property information with market context.
The offering includes the 100% fee simple interest in a PetSmart retail property located at 533 S Tracy St in Wichita, Kansas. The asset is a 26,988-square-foot building situated on a 3.20-acre parcel.
As presented, the property is operated as a PetSmart location, providing a purpose-built retail footprint for the tenant.
This is a straight-forward acquisition of the existing retail building and land parcel in fee simple.
As presented, the property is operated as a PetSmart location, providing a purpose-built retail footprint for the tenant.
This is a straight-forward acquisition of the existing retail building and land parcel in fee simple.
Key Highlights
- Single‑tenant PetSmart building for sale as 100% fee simple interest
- 26,988‑square‑foot building
- Situated on a 3.20‑acre parcel of land
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
$275,882
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
6.74%
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%
$5,517,640
$5.5M
Cap Rate 7%
$3,941,171
$3.9M
Cap Rate 9%
$3,065,356
$3.1M
Market Conditions
NOI Build-Up for 26,988 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
$430.7K $15.96/SF
− Vacancy
−$36.6K −$1.36/SF
EGI
$394.1K $14.60/SF
− OpEx
−$118.2K −$4.38/SF
NOI
$275.9K $10.22/SF
Area
Wichita, KS
Vacancy
8.50%
Lease Rate
$15.96 /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%
$5,517,640
Cap Rate 7%
$3,941,171
Cap Rate 9%
$3,065,356
Alternative Uses
Best Use
Retail
$3.94M
$3.45M – $4.60M
NOI $275,882 @ 7.0% cap · market cap 6.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.68M
$5.85M – $7.80M
NOI $467,762 @ 7.0% cap · market cap 11.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
586
Businesses Nearby
280k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 42%
Shops & Services 30%
Apparel 20%
Electronics 6%
QuikTrip
Shops & Services
39,644 visits/mo
0.4 miles
McDonald's
Dining
25,522 visits/mo
0.2 miles
DICK'S Sporting Goods
Apparel
21,537 visits/mo
0.5 miles
Dutch Bros. Coffee
Dining
20,995 visits/mo
0.2 miles
PetSmart
Shops & Services
20,256 visits/mo
0.1 miles
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Single-tenant PetSmart building offered for sale as 100% fee simple interest.
Where is this retail space located?
The property is located at 533 South Tracy Street Wichita, KS.
What is the asking price?
The asking price for this property is $4,095,000.
What are key features of this property?
This property features: Single‑tenant PetSmart building for sale as 100% fee simple interest; 26,988‑square‑foot building; Situated on a 3.20‑acre parcel of land
