Medical Office
New
For Sale
$2,000,000
655 North Woodlawn Boulevard, Wichita, KS 67208
Available suites support medical, dental, clinic, and general office uses.
Property Size11,891 SF
Days on Market3
Property Features for 655 North Woodlawn Boulevard
General Information
Standard status
Active
Size
11,891 SF
Class
B
Property subtype
Office
Building Details
Building Size
11,891 SF
Year Built
1982
Listing Agency:
NAI Martens
(316) 613-2449
Listed By:
Trevor Stacy, CCIM · License #00244816
Source:
Naiglobal
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 11 at 6:42AM
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.
This professional office property offers suites identified for medical, dental, clinic, and general office purposes. The building was constructed in 1982 and is located at 655 North Woodlawn Boulevard in Wichita, Kansas.
Key Highlights
- Medical, dental, clinic, and general office suite uses identified
- Professional office building constructed in 1982
- Located at 655 North Woodlawn Boulevard, Wichita, KS 67208
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
$143,871
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
7.19%
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%
$2,877,420
$2.9M
Cap Rate 7%
$2,055,300
$2.1M
Cap Rate 9%
$1,598,567
$1.6M
Market Conditions
NOI Build-Up for 11,891 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
$238.3K $20.04/SF
− Vacancy
−$46.5K −$3.91/SF
EGI
$191.8K $16.13/SF
− OpEx
−$48.0K −$4.03/SF
NOI
$143.9K $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%
$2,877,420
Cap Rate 7%
$2,055,300
Cap Rate 9%
$1,598,567
Alternative Uses
Best Use
Office B
$2.06M
$1.80M – $2.40M
NOI $143,871 @ 7.0% cap · market cap 7.19%
Second Best
Healthcare Medical
$2.01M
$1.76M – $2.35M
NOI $141,008 @ 7.0% cap · market cap 7.05%
Theoretical Best
Office A
$2.94M
$2.58M – $3.43M
NOI $206,097 @ 7.0% cap · market cap 10.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
647
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 67208, KS
17,901
Population
8,067
Households
2.2
Avg Household Size
33
Median Age
41%
College-Educated
94%
High-School Grad
5.0 sq mi
ZIP Area
3,580
Density / Sq Mi
$60,049
Median Household Income
$39,056
Median Earnings
$1,008
Median Rent
$179,100
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?
Medical Office Space - Available suites support medical, dental, clinic, and general office uses.
Where is this medical office space located?
The property is located at 655 North Woodlawn Boulevard Wichita, KS.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Medical, dental, clinic, and general office suite uses identified; Professional office building constructed in 1982; Located at 655 North Woodlawn Boulevard, Wichita, KS 67208
