Wichita Behavioral Health
For Sale
Contact for pricing
Pending
8623 E 32nd Street North Wichita, Wichita, KS 67226
Single-tenant medical asset with long-term lease and annual rent increases.
Property Size8,453 SF
Days on Market168
Property Features for 8623 E 32nd Street North Wichita
General Information
Standard status
Pending
Size
8,453 SF
Property subtype
Office
Occupancy
100%
Lease Type
Absolute Net
Net Operating Income
$159,120
Building Details
Year Built
2007
Tenancy
Single
Listing Agency:
JLL Chicago | North Riverside Plaza
Listed By:
Quinn VanZee · License #6501452646
Source:
Crexi
Added: Mar 10
Changed: Aug 13
Last Checked: Aug 23 at 11:37AM
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 8,453 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, providing 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.
- 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
$102,274
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
4.65%
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%
$2,045,480
$2.0M
Cap Rate 7%
$1,461,057
$1.5M
Cap Rate 9%
$1,136,378
$1.1M
Market Conditions
NOI Build-Up for 8,453 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
$169.4K $20.04/SF
− Vacancy
−$33.0K −$3.91/SF
EGI
$136.4K $16.13/SF
− OpEx
−$34.1K −$4.03/SF
NOI
$102.3K $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%
$2,045,480
Cap Rate 7%
$1,461,057
Cap Rate 9%
$1,136,378
Alternative Uses
Best Use
Office B
$1.46M
$1.28M – $1.70M
NOI $102,274 @ 7.0% cap · market cap 4.65%
Second Best
Healthcare Medical
$1.43M
$1.25M – $1.67M
NOI $100,239 @ 7.0% cap · market cap 4.56%
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,509 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,300
Businesses Nearby
Explore this area
Business Placement
Demographics for 67226, KS
20,767
Population
9,256
Households
2.2
Avg Household Size
37
Median Age
52%
College-Educated
97%
High-School Grad
24.7 sq mi
ZIP Area
841
Density / Sq Mi
$88,603
Median Household Income
$49,666
Median Earnings
$1,164
Median Rent
$274,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical center - Single-tenant medical asset with long-term lease and annual rent increases.
Where is this medical center located?
The property is located at 8623 E 32nd Street North Wichita Wichita, KS.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Single‑tenant behavioral health facility occupied by Soma Therapy.; Long‑term lease in place with contractual 2.0% annual rent increases.; Minimal landlord expense responsibilities.
