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    7340 W 21St St Wichita, KS 67205

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    For Lease
    $2,850,000

    Office spaces in Northwest Wichita for general or medical use.

    Property size:
    962 SF
    Lot size:
    3.17 Acres

    Property Features for 7340 W 21St St

    General Information

    Size
    962 SF
    Lot size
    3.17 Acres
    Source: Moodyscre

    Listing Agent: Renda Robertson

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Northwest Wichita Office Space Available

    Office spaces are available in Northwest Wichita, suitable for general office use or small medical professionals. Suite 102 offers 1189 square feet and currently includes two large offices plus a reception area; it can be leased separately or further divided. Suite 106 provides 962 square feet, featuring a large office with a kitchen area plus a reception room, and it can also be divided. Suite 107 is a 130 square foot space. Some suites offer views of the Reflection Ridge golf course. The building provides signage on Ridge Road and a large parking lot. There is potential to divide or combine spaces. Current building tenants include Premier Physical Therapy, Rick Drees Agency, Sunoco, Spectrum, Janus RX, and Strata Insurance.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Premier Physical Therapy Physical Therapist Goosehead Insurance - Scott ... Insurance Agency LeaderOne Financial Corporation Mortgage Lender Federal Deposit Insurance ... Insurance Agency Nustar Pipeline Partners ... Distribution Service

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Wichita
    County
    Sedgwick
    State
    Kansas
    Longitude
    -97.427398
    Latitude
    37.725718

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    FAQs

    What type of property is this?
    Office space - Office spaces in Northwest Wichita for general or medical use.
    Where is this office space located?
    The property is located at 7340 W 21St St Wichita, KS.
    What are key features of this property?
    This property features: - Flexible space options: Suites can be leased separately, combined, or further demised to suit tenant needs.; - Signage available on Ridge Rd: Enhances visibility and brand exposure.; - Ample parking: Large parking lot provides convenient access for tenants and clients.
    (316) 744-5159
    Request Owner's contact information
    7340 W 21St St Wichita, KS 67205
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    Wichita, KS 67205
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    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.

    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
    7340 W 21St St Wichita, KS 67205
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