Wichita Behavioral Health Facility For
For Sale
Contact for pricing
Pending
825 N Waco Avenue Wichita, Wichita, KS 67203
Single-tenant behavioral health facility in Wichita, Kansas.
Property Size9,203 SF
Days on Market168
Property Features for 825 N Waco Avenue Wichita
General Information
Standard status
Pending
Size
9,203 SF
Property subtype
Office
Occupancy
100%
Lease Type
Absolute Net
Net Operating Income
$112,644
Building Details
Year Built
1981
Tenancy
Single
Listing Agency:
JLL Chicago | North Riverside Plaza
Listed By:
Quinn VanZee · License #6501452646
Source:
Crexi
Added: Mar 10
Changed: Aug 14
Last Checked: Aug 23 at 8:16AM
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 JLL Chicago | North Riverside Plaza
Investment Insights
Based on property information with market context.
This single-tenant behavioral health facility, totaling 9,203 square feet, is located in Wichita, Kansas. The property is occupied by TP Soma Acquisition, LLC, operating as Soma Therapy, a behavioral health services provider specializing in mental healthcare. Founded in 2018, Soma Therapy operates five locations within the Wichita MSA, delivering therapy and psychiatric medication management for adults, children, couples, and families. In April 2025, Soma was acquired by Traverse Pointe Partners. The property benefits from a long-term lease with contractual 2.0% annual rent increases and minimal landlord expense responsibilities.
Key Highlights
- Single‑tenant behavioral health facility occupied by Soma Therapy, the largest mental health provider in the Wichita, Kansas MSA.
- Long‑term lease in place with contractual 2.0% annual rent increases.
- Minimal landlord expense responsibilities.
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
$104,958
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
6.77%
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%
$2,099,160
$2.1M
Cap Rate 7%
$1,499,400
$1.5M
Cap Rate 9%
$1,166,200
$1.2M
Market Conditions
NOI Build-Up for 9,203 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
$198.8K $21.60/SF
− Vacancy
−$23.9K −$2.59/SF
EGI
$174.9K $19.01/SF
− OpEx
−$70.0K −$7.60/SF
NOI
$105.0K $11.40/SF
Area
ZIP 67203
Vacancy
12.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
40.00%
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%
$2,099,160
Cap Rate 7%
$1,499,400
Cap Rate 9%
$1,166,200
Alternative Uses
Best Use
Healthcare Medical
$1.50M
$1.31M – $1.75M
NOI $104,958 @ 7.0% cap · market cap 6.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.25M
$1.97M – $2.63M
NOI $157,703 @ 7.0% cap · market cap 10.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,905
Businesses Nearby
Explore this area
Business Placement
Demographics for 67203, KS
30,498
Population
14,851
Households
2.1
Avg Household Size
37
Median Age
25%
College-Educated
83%
High-School Grad
7.2 sq mi
ZIP Area
4,236
Density / Sq Mi
$50,411
Median Household Income
$33,431
Median Earnings
$921
Median Rent
$126,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical center - Single-tenant behavioral health facility in Wichita, Kansas.
Where is this medical center located?
The property is located at 825 N Waco Avenue Wichita Wichita, KS.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Single‑tenant behavioral health facility occupied by Soma Therapy, the largest mental health provider in the Wichita, Kansas MSA.; Long‑term lease in place with contractual 2.0% annual rent increases.; Minimal landlord expense responsibilities.
