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    9Th St Salina, KS 67401

    Sponsored
    For Lease
    $10 SF/Yr

    Prime Salina location, flexible suites, strong tenant mix.

    Lot size:
    33,150 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    Galaxy Center, a single-story, 33,150 square foot strip center, presents a unique opportunity for retail or office tenants in Salina, Kansas. Strategically located at the intersection of South 9th Street and Magnolia Road, this property enjoys high visibility and accessibility, situated just one block east of the I-135 interchange, placing it within easy reach of a large customer base. The building, constructed in 1987, features a 12-foot ceiling height and sits on a substantial 135,036 square foot lot. Currently, the center houses a diverse range of established businesses including Mattress Hub, Qdoba Mexican Restaurant, Showcase Jewelers, Express Personnel, and Copy Co. The property is zoned C-5, allowing for a variety of commercial uses. Available spaces range from a minimum of 1,575 square feet to a maximum contiguous space of 3,000 square feet, offering flexibility for businesses of varying sizes. The property's strong tenant mix and prime location, coupled with competitive lease rates and terms, make Galaxy Center an exceptional investment opportunity. Nearby established businesses include Dillon's Supermarket, McDonald's, Dick's Sporting Goods, Aldi, Chick-fil-A, Panera Bread, and Chipotle, further enhancing the property's desirability and potential for success. Suite sizes are adaptable and can be customized to meet specific tenant requirements.

    Property Features for 0 9Th St

    General Information

    Property type
    Strip malls
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    33,150 SF
    Total Rate
    27625

    Building Details

    Year Built
    1987
    Buildings
    1
    Stories
    1

    Unit(s) available at that property

    Space
    2320 S. Planet Ave
    Size
    2,875 SF
    Rate per SF
    $15
    Space
    2314 S. Planet Ave
    Size
    1,575 SF
    Rate per SF
    $15
    Space
    2306 S. Planet Ave
    Size
    1,950 SF
    Rate per SF
    $15

    HighLights

    • 33,150 SF retail/office strip center.
    • 1‑story building on a 135,036 SF lot, built in 1987.
    • Spaces available from 1,575 SF to 3,000 SF contiguous.
    • 12‑foot ceiling height.
    • C‑5 zoning.
    Property Profile Location Intelligence

    Current Use by Public Records

    Strip malls

    Map

    City
    Salina
    County
    Saline
    State
    Kansas
    Longitude
    -97.613237100062
    Latitude
    38.80048140023

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    FAQs

    What type of property is this?
    Strip mall - Prime Salina location, flexible suites, strong tenant mix.
    Where is this strip mall located?
    The property is located at 9Th St Salina, KS.
    What is the lease rate?
    The lease rate is $15 SF/Yr.
    What are key features of this property?
    This property features: 33,150 SF retail/office strip center.; 1-story building on a 135,036 SF lot, built in 1987.; Spaces available from 1,575 SF to 3,000 SF contiguous.
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    9Th St Salina, KS 67401
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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
    9Th St Salina, KS 67401
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