Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Wichita Economy Hotel Portfolio Title is generated by Realmo AI

    550 S Florence St, Wichita, KS 67209

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Two unencumbered hotels in Wichita, Kansas with 140 rooms.

    Type:Hospitality
    Property size:
    55,347 SF
    Price / SF:
    $75/SF
    Added:
    May 1, 2024
    Days on Market:
    765
    Last Refresh:
    May 12 at 9:59 pm

    Property Features for 550 S Florence St

    General Information

    Standard status
    Active
    Size
    55,347 SF
    Property subtype
    Hospitality

    We can help!

    Listing Contact
    Mihir Chokshi

    Listing agent Mihir Chokshi License #406685

    Listing office Avison Young - Atlanta

    Listing date May 1, 2024

    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 Avison Young - Atlanta

    HighLights

    • Available at a substantial discount to replacement cost.
    • Unencumbered of debt and management.
    • Existing in‑place cash flow.
    • Regionally concentrated portfolio in Wichita, Kansas.
    • Portfolio of 140 rooms across two hotels.
    • Opportunity to purchase as a portfolio or individually.

    Overview

    The Economy Hotel Wichita Portfolio features 140 rooms across two independently branded economy hotels located in Wichita, Kansas. Offered fully unencumbered of management and debt, the portfolio allows a new owner the opportunity to retool property-level operations with fresh capital. The properties are available for purchase as a portfolio or individually. The portfolio is offered at a discount compared to the price to replicate the same assets today, offering a new investor immediate value.
    Property Profile Location Intelligence

    Current Use by Public Records

    Economy Hotel Wichita ... Hotel & Motel Economy Hotel Wichita ... Hotel & Motel

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Wichita
    County
    Sedgwick
    State
    Kansas
    Longitude
    -97.3911963
    Latitude
    37.6754562

    Nearby Similar for Sale

    • $590,000
      5,816 SF

      Adaptable Commercial Building in Wichita

      5,816 SF commercial building suitable for various uses.
      3223 W 13th St. N, Wichita, KS 67203
      View Details
    • Contact for pricing
      6,300 SF

      Versatile Commercial Property in Wichita

      Multi-purpose commercial property ideal for various business operations.
      2555 N Market St. & Additional Lots, Wichita, KS 67219
      View Details
    • Contact for pricing
      6,000 SF

      Versatile Commercial Shop Building

      6,000 sq ft shop on 0.87 acres in Wichita.
      2325 S Crest, Wichita, KS 67207
      View Details
    • Contact for pricing
      5,440 SF

      Versatile Commercial Property in Wichita

      Remodeled 5,440 SF commercial building suited for various business uses.
      2234 S Oliver, Wichita, KS 67218
      View Details
    • $1,899,000
      15,237 SF

      Newer Multifamily Investment Opportunity

      Newer construction multifamily portfolio with 18 units in Wichita.
      3212-3244 S Victoria Ave, Wichita, KS 67216
      View Details
    • $249,900

      Versatile Commercial Property in Wichita

      Commercial property with overhead doors, ideal for automotive businesses.
      3419 E Harry St, Wichita, KS 67218
      View Details
    • $497,800
      2,960 SF

      New Duplexes in Crescent Creek

      Desirable duplexes with modern amenities in Wichita's Crescent Creek.
      711 N Rainbow Lake Suite 100, Wichita, KS 67235
      View Details
    • $354,000
      2,360 SF

      Wichita Duplex with Income Potential

      Duplex in Wichita, KS, with both sides currently leased.
      3846-3848 S Bluelake St, Wichita, KS 67215
      View Details
    • $123,000
      2,340 SF

      Wichita Multifamily Renovation Opportunity

      Four-unit property in East Wichita with renovation and equity potential.
      535 S Hunter, Wichita, KS 67207
      View Details
    • $1,090,550
      12,830 SF

      Wichita Office/Warehouse with Fenced Lot

      12,830 SF office/warehouse on 0.72-acre site for sale.
      1890 W Harry St, Wichita, KS 67213
      View Details
    • Contact for pricing
      20,776 SF

      Delano District Commercial Opportunity

      20,776 SF commercial property in Wichita's Delano District.
      470 N Seneca, Wichita, KS 67203
      View Details
    • Contact for pricing
      5,334 SF

      Corner Retail and Office Building

      Corner storefront with open main level showroom space and unfinished upper area for office, studio, or retail use.
      1001 W Douglas Ave, Wichita, KS 67213
      View Details

    FAQs

    What type of property is this?
    Hotel - Two unencumbered hotels in Wichita, Kansas with 140 rooms.
    Where is this hotel located?
    The property is located at 550 S Florence St Wichita, KS.
    What is the asking price?
    The asking price for this property is $4,200,000.
    What are key features of this property?
    This property features: Available at a substantial discount to replacement cost.; Unencumbered of debt and management.; Existing in‑place cash flow.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Mihir Chokshi
    Real Estate License ID: 406685
    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

    Thank You for Inquiry
    550 S Florence St, Wichita, KS 67209
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!