Diagnostic Imaging Building For
For Sale
Contact for pricing
2734 N Woodlawn Blvd, Wichita, KS 67226
Purpose-built medical office building with easy conversion opportunities.
Property Size11,028 SF
Price / SF$295.16
Days on Market1217
Property Features for 2734 N Woodlawn Blvd
General Information
Standard status
Active
Size
11,028 SF
Class
A
Property subtype
Office
Zoning
GO
Listing Agency:
Insite Real Estate Group
(316) 618-1100
Listed By:
Dan Unruh · License #KS 00033681
Source:
Crexi
Added: Apr 24, 2023
Changed: Aug 8
Last Checked: Aug 8 at 4:37AM
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 Insite Real Estate Group
Investment Insights
Based on property information with market context.
This 11,028 square foot building was purpose-built for diagnostic and imaging applications, offering easy conversion opportunities for future uses. The property is under lease from October 1, 2021, to September 30, 2026. The cap rate is 6.5%, increasing to 6.83%. Landlord responsibilities include roof and structural repair and replacement.
Key Highlights
- Cap Rate: 6.5% Increasing to 6.83%
- Highly Functional Building purpose‑built for diagnostic and imaging applications
- Lease Term: October 1, 2021 to September 30, 2026
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$133,429
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.10%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,668,580
$2.7M
Cap Rate 7%
$1,906,129
$1.9M
Cap Rate 9%
$1,482,544
$1.5M
Market Conditions
NOI Build-Up for 11,028 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$221.0K $20.04/SF
− Vacancy
−$43.1K −$3.91/SF
EGI
$177.9K $16.13/SF
− OpEx
−$44.5K −$4.03/SF
NOI
$133.4K $12.10/SF
Area
Wichita, KS
Vacancy
19.50%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,668,580
Cap Rate 7%
$1,906,129
Cap Rate 9%
$1,482,544
Alternative Uses
Best Use
Office B
$1.91M
$1.67M – $2.22M
NOI $133,429 @ 7.0% cap · market cap 4.10%
Second Best
Healthcare Medical
$1.87M
$1.63M – $2.18M
NOI $130,774 @ 7.0% cap · market cap 4.02%
Theoretical Best
Office A
$2.73M
$2.39M – $3.19M
NOI $191,140 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
292
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 67226, KS
20,767
Population
9,256
Households
2.2
Avg Household Size
37
Median Age
52%
College-Educated
97%
High-School Grad
24.7 sq mi
ZIP Area
841
Density / Sq Mi
$88,603
Median Household Income
$49,666
Median Earnings
$1,164
Median Rent
$274,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Purpose-built medical office building with easy conversion opportunities.
Where is this medical office space located?
The property is located at 2734 N Woodlawn Blvd Wichita, KS.
What is the asking price?
The asking price for this property is $3,255,000.
What are key features of this property?
This property features: Cap Rate: 6.5% Increasing to 6.83%; Highly Functional Building purpose‑built for diagnostic and imaging applications; Lease Term: October 1, 2021 to September 30, 2026
