Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    550 North 159th St E Andover, KS 67002

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    39,000 SF office space with scenic golf course views.

    Type:Office
    Property size:
    39,000 SF
    Added:
    Oct 21, 2019
    Days on Market:
    2384
    Last Refresh:
    Mar 17 at 1:17 pm

    Property Features for 550 North 159th St E

    General Information

    Standard status
    Active
    Size
    39,000 SF
    Property subtype
    Office

    Building Details

    Year Built
    1987

    Spaces For Lease

    at 550 North 159th St E Contact us

    Suite 1000 $17 /Mo

    Size
    1,586 SF
    Type
    Office
    Contact us

    Suite 305 $750 /Mo

    Size
    218 SF
    Type
    Office
    Contact us

    Suite 128 $825 /Mo

    Size
    Type
    Office
    Single office
    Contact us

    Suite 127 $750 /Mo

    Size
    Type
    Office
    Single office
    Contact us

    Suite 201 $750 /Mo

    Size
    200 SF
    Type
    Office
    Single ooffcie.
    Contact us
    Show more

    We can help!

    Listing Contact
    Istvan Tamas

    Listing agent Istvan Tamas License #KS 00223653

    Listing office Weigand-Omega

    Listing date Oct 21, 2019

    Source Crexi

    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 Weigand-Omega

    Overview

    Prestigious Office Building Overlooking Golf

    This 39,000-square-foot office building is located on the east side of Wichita, Kansas. The property is zoned for a range of commercial and professional uses. Constructed with a red brick exterior and a dark wood interior, the building features expansive windows with views of the Scottish Links golf course at Terradyne Country Club. The location provides accessibility within east Wichita. This property is suitable for corporate headquarters, medical offices, financial institutions, or professional service firms.
    Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Andover
    County
    Butler
    State
    Kansas
    Longitude
    -97.0855
    Latitude
    37.7002

    Nearby Similar for Lease

    • $2,700/Mo

      Andover Road Office Space Available

      Medical or general office space in prime Andover location.
      215 S Andover Road, Andover, KS 67002
      View Details
    • $2,700/Mo

      Andover Office Space For Lease

      Office space with multiple rooms in prime Andover location.
      215 S Andover Road, Andover, KS 67002
      View Details
    • Contact for pricing

      Andover Warehouse and Office Facility

      292,336 SF warehouse on 18.5 acres in Andover, Kansas.
      415 East 13th Street, Andover, KS 67002
      View Details
    • $18 SF/Yr

      Prime Commercial Space For Rent

      Commercial space in a vibrant, growing area with high visibility.
      321 S Andover Rd, Andover, KS
      View Details
    • Contact for pricing

      Retail Space in Andover, Kansas

      Retail space available in a busy Andover shopping center.
      620 N Andover Rd, Andover, KS
      View Details
    • $12 SF/Yr

      Andover Retail/Office/Medical Space Available

      Versatile space suitable for retail, office, or medical tenants.
      338 S Andover Rd, Andover, KS
      View Details
    • Contact for pricing

      Retail Space in Andover, KS

      Retail space available in Andover, Kansas's active lifestyle development.
      400 S Heritage Way, Andover, KS
      View Details
    • Contact for pricing

      Retail Space on Andover Road

      Easily accessible retail space near Andover Rd and US 54.
      338 S Andover Rd, Andover, KS 67002
      View Details

    FAQs

    What type of property is this?
    Office building - 39,000 SF office space with scenic golf course views.
    Where is this office building located?
    The property is located at 550 North 159th St E Andover, KS.
    What are key features of this property?
    This property features: 39,000 SF of professional office space; Prime east Wichita location with excellent accessibility; Flexible commercial zoning
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Istvan Tamas
    Real Estate License ID: KS 00223653
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!