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    165 Rock Is Ave Wichita, KS 67202

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    For Lease
    Contact for pricing

    Historic Charm, Modern Amenities, Flexible Suites

    Lot size:
    18,904 SF

    Property Features for 165 Rock Is Ave

    General Information

    Property type
    Office Units
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    18,904 SF
    Class
    A
    Total Rate
    36232.67

    Building Details

    Year Built/Renovated
    1901/2020
    Stories
    3

    Spaces For Lease

    at 165 Rock Is Ave, Wichita, KS 67202 Contact us
    Unit Suite 200

    $23 /Mo

    Size
    5,171 SF
    Contact us
    Unit Suite 110

    $23 /Mo

    Size
    4,391 SF
    Contact us

    We can help!

    Listing Contact
    Charlie King
    Charlie King

    Listing Agency: Occidental Management Listing Agent: Charlie King

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

    Learn more

    Overview

    The Ice House, a stunningly renovated Class A office building in downtown Wichita, offers unparalleled workspace solutions. Originally constructed in 1901 and meticulously renovated in 2020, this three-story building boasts 18,904 square feet of premium office space. Currently, 14,873 square feet is available, divisible into units ranging from 2,617 to 9,641 contiguous square feet, perfect for businesses of various sizes. Located directly east of the Union Station campus, this prime location provides easy access to a vibrant mix of restaurants, entertainment venues, Naftzger Park, and Intrust Bank Arena, creating an attractive environment for employees. The Ice House seamlessly blends historic architectural elements with contemporary design, offering flexible layouts to accommodate diverse office needs. This unique property provides a sophisticated and efficient workspace within a thriving downtown setting, making it an ideal choice for businesses seeking a prestigious address and a dynamic work environment in Sedgwick County. The building's rich history, dating back to its use as a hardware warehouse and later an ice storage facility, adds character and a unique story to this exceptional office space. The renovation has resulted in approximately 38,000 square feet of Class A office space across three floors.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office Units

    Map

    City
    Wichita
    County
    Sedgwick
    State
    Kansas
    Longitude
    -97.328486
    Latitude
    37.684491

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    FAQs

    What type of property is this?
    Office units - Historic Charm, Modern Amenities, Flexible Suites
    Where is this office units located?
    The property is located at 165 Rock Is Ave Wichita, KS.
    What is the lease rate?
    The lease rate is $23 SF/Yr.
    What are key features of this property?
    This property features: Class A office building totaling 18,904 square feet.; Multiple tenancy options available, with spaces ranging from 2,617 to 9,641 contiguous square feet.; 14,873 square feet of vacant space currently available.
    (316) 330-9355 Call to check price and availability
    Request Owner's contact information
    165 Rock Is Ave Wichita, KS 67202
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    Wichita, KS 67202
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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.

    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
    165 Rock Is Ave Wichita, KS 67202
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    Contact for Pricing
    Please call us for current price
    and status of this listing Charlie King
    Charlie King
    Real Estate License ID: 00234848
    (316) 330-9355
    Learn more
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