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    245 Waco Ave Wichita, KS 67202

    Sponsored
    For Lease
    $19 SF/Yr

    Class A Office Suites, 1,857-31,000 SF

    Lot size:
    43,334 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    405
    The Farm Credit Bank Building, located at 245 N Waco Ave, Wichita, KS 67202, offers exceptional Class A office space in Sedgwick County. This iconic building, constructed in 1983, boasts a striking limestone-clad exterior and has undergone extensive modernization. Five spaces are currently available, ranging from a minimum of 1,857 square feet to a maximum contiguous space of 31,000 square feet, suitable for multiple tenants. The building features a fully modernized interior, including granite lobby floors, updated elevators, and state-of-the-art fire and safety systems. Energy-efficient features are incorporated throughout. Amenities include an on-site cafeteria and conference center located on the garden level. Enjoy a prime location just northwest of Wichita's Central Business District, minutes from US Highway 54/400, providing easy access to all parts of the city within a 20-minute radius. Benefit from the $30 million in recent riverfront improvements, including a new promenade and enhanced walkways directly adjacent to the building, offering excellent visibility and a desirable work environment. This property provides the highest quality office space in Wichita. The building's multiple tenancy options allow for flexibility in space requirements.

    Property Features for 245 Waco Ave

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    43,334 SF
    Class
    A

    Unit(s) available at that property

    Space
    Suite 330
    Size
    30,368 SF
    Rate per SF
    $19
    Space
    Suite 220
    Size
    5,330 SF
    Rate per SF
    $19
    Space
    Suite 500
    Size
    1,650 SF
    Rate per SF
    $19
    Space
    Suite 350
    Size
    4,129 SF
    Rate per SF
    $19
    Space
    Suite 420
    Size
    1,857 SF
    Rate per SF
    $19

    We can help!

    Listing Contact
    Patrick Ahern
    Patrick Ahern

    Learn more

    HighLights

    • Prime downtown Wichita riverfront location.
    • Class A office building with strong tenant mix.
    • High‑speed internet & backup generator.
    • Ample parking: 230 surface spaces & 451 covered spaces.
    • 86% occupancy rate.
    • On‑site cafeteria and conference center.
    Property Profile Location Intelligence

    Current Use by Public Records

    Co-Immunity Foundation Non-Profit Organization SouthLaw, P.C. Law Firm Penner Lowe Law ... Law Firm Fair Market Health E-Commerce Service Wildcat Resources, Inc. Oil And Gas Exploration Service

    Suggested Use

    Realty agency Restaurant Spa & Massage Dental Office Hair Salon Law Firm 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
    -97.3436773
    Latitude
    37.6893032

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    FAQs

    What type of property is this?
    Office Property / Space - Class A Office Suites, 1,857-31,000 SF
    Where is this office property / space located?
    The property is located at 245 Waco Ave Wichita, KS.
    What is the lease rate?
    The lease rate is $19 SF/Yr.
    What are key features of this property?
    This property features: Prime downtown Wichita riverfront location.; Class A office building with strong tenant mix.; High-speed internet & backup generator.
    Request Owner's contact information
    245 Waco Ave 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
    245 Waco Ave Wichita, KS 67202
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    We can help!
    Listing Contact
    Patrick Ahern
    Patrick Ahern
    Real Estate License ID: KS SP00052327
    Learn more
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