Class A Office
For Sale
$2,800,000
9860 E 21st St N, Wichita, KS 67206
Prime East Wichita Class A office space for sale.
Property Size11,350 SF
Price / SF$246.70
Days on Market272
Property Features for 9860 E 21st St N
General Information
Standard status
Active
Size
11,350 SF
Property subtype
Office
Building Details
Year Built
2019
Listing Agency:
Sperry Ad Astra Commercial
(316) 207-1362
Listed By:
Will Harmon, CCIM · License #KS #sp00236251
Source:
Sperrycga
Added: Nov 21, 2025
Changed: Jul 6
Last Checked: Aug 19 at 5:34AM
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 Sperry Ad Astra Commercial
Investment Insights
Based on property information with market context.
Located in the heart of East Wichita, Kansas, the Class A office space at 9860 E 21st St N presents an opportunity for investors and businesses seeking high-quality office space. The property is situated in a well-established commercial hub, offering visibility and access to key traffic routes. It is positioned near retail centers, restaurants, and other businesses. The office space features a contemporary architectural design with clean lines and efficient floor plans. The interior includes spacious offices, conference rooms, and common areas. Offering versatile square footage of 11,350 square feet, the office space can be adapted to meet specific business needs, including open-plan areas or private offices. Ample parking is available for employees and visitors. The office space features premium flooring and lighting, as well as modern HVAC systems. The location at the intersection of N 21st St and Webb Road in northeast Wichita offers visibility and accessibility. Situated in one of the city's rapidly developing areas, the location benefits from high traffic volume and proximity to key regional roads. The area experiences significant daily foot and vehicle traffic. The location provides access to major roadways, including K-96 Highway and I-35, facilitating connectivity to downtown Wichita and other key neighborhoods and commercial districts. The area is home to numerous restaurants, retail centers, and service businesses, creating a dynamic environment for both employees and customers. Located near established and new residential developments, this location is positioned to attract local customers and clients from surrounding areas.
Key Highlights
- Prime East Wichita Location: Excellent visibility and convenient access at N 21st St & Webb Road.
- Class A Office Space: High‑quality construction for a professional image.
- Modern Design & High‑End Finishes: Features premium flooring, lighting, and modern HVAC.
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
$137,325
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
4.90%
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%
$2,746,500
$2.7M
Cap Rate 7%
$1,961,786
$2.0M
Cap Rate 9%
$1,525,833
$1.5M
Market Conditions
NOI Build-Up for 11,350 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
$227.5K $20.04/SF
− Vacancy
−$44.4K −$3.91/SF
EGI
$183.1K $16.13/SF
− OpEx
−$45.8K −$4.03/SF
NOI
$137.3K $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%
$2,746,500
Cap Rate 7%
$1,961,786
Cap Rate 9%
$1,525,833
Alternative Uses
Best Use
Office B
$1.96M
$1.72M – $2.29M
NOI $137,325 @ 7.0% cap · market cap 4.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.81M
$2.46M – $3.28M
NOI $196,721 @ 7.0% cap · market cap 7.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
786
Businesses Nearby
Explore this area
Business Placement
Demographics for 67206, KS
17,076
Population
8,310
Households
2.1
Avg Household Size
44
Median Age
64%
College-Educated
97%
High-School Grad
10.5 sq mi
ZIP Area
1,626
Density / Sq Mi
$85,442
Median Household Income
$58,671
Median Earnings
$1,186
Median Rent
$318,100
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?
Office building - Prime East Wichita Class A office space for sale.
Where is this office building located?
The property is located at 9860 E 21st St N Wichita, KS.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Prime East Wichita Location: Excellent visibility and convenient access at N 21st St & Webb Road.; Class A Office Space: High‑quality construction for a professional image.; Modern Design & High‑End Finishes: Features premium flooring, lighting, and modern HVAC.
