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    2422 Seneca St Wichita, KS 67217

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    2422 Seneca St Wichita, KS 67217

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    • Neighborhood centers
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Wizardo's Barbershop / Barber Shop
    • M&M Jewelry / (Bike/Boat/Book/etc) Store
    • Long OverDue Smoke Shop / (Bike/Boat/Book/etc) Store
    • Mosaic Massage / Alternative Medicine Practice / Spa & Massage Center
    • Mane Effects / Hair Salon / Nail Salon

    Property Details for 2422 Seneca St

    Year built
    1970
    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    This exceptional property at 2422 S Seneca, Wichita, KS offers a unique blend of retail and office spaces for lease. The single-story, Class B building, constructed in 1970, provides multiple tenancy options ranging from 355 to 782 square feet. Ideal for businesses seeking high visibility and accessibility, this location boasts excellent frontage on Seneca and convenient access from both front and rear. Each unit includes a private bathroom and a private storage unit equipped with a sink. The property features ample parking with 10 spaces available. The submarket is South Central Wichita, near the intersection of Seneca and Pawnee. This is an excellent opportunity for businesses seeking affordable and functional space in a thriving commercial area. Monthly lease rates for retail spaces start below $1000, while office spaces are available from $500 per month. Don't miss this chance to establish your business in a prime South Central Wichita location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Wichita
    County
    Sedgwick
    State
    Kansas
    Longitude
    -97.3526
    Latitude
    37.6506

    Comparable in this City

    • Value Estimation by Request
      4,935 SF

      2420 Seneca St

      SHOPPING CENTER, STRIP CENTER • 4,935 SF
      2420 Seneca St, Wichita, KS 67217-2802
      View Details
    • Value Estimation
      $535,000
      13,696 SF

      1309 31st S St

      SHOPPING CENTER, STRIP CENTER • 13,696 SF
      1309 31st S St, Wichita, KS 67217-2516
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    • Value Estimation by Request
      4,228 SF

      1301 31st S St

      SHOPPING CENTER, STRIP CENTER • 4,228 SF
      1301 31st S St, Wichita, KS 67217-2535
      View Details
    • Value Estimation by Request
      1.39 Acres

      Wichita, KS 67217

      SHOPPING CENTER, STRIP CENTER • 1.39 Acres
      Wichita, KS 67217
      View Details
    • Value Estimation by Request
      0.24 Acres

      Wichita, KS 67217

      SHOPPING CENTER, STRIP CENTER • 0.24 Acres
      Wichita, KS 67217
      View Details
    • Value Estimation by Request
      3,320 SF

      2790 Seneca St

      SHOPPING CENTER, STRIP CENTER • 3,320 SF
      2790 Seneca St, Wichita, KS 67217-2808
      View Details

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    Similar Nearby for Lease

    • Contact for pricing

      Retail and Office Spaces Available

      Prime retail and office spaces for rent in Wichita, KS.
      2422 S Seneca St, Wichita, KS 67217
      View Details
    • $15 SF/Yr
      355 SF

      Retail & Office Spaces

      Retail and office spaces for lease in Wichita, Kansas.
      2422 S Seneca St, Wichita, KS 67217
      View Details
    • Contact for pricing

      Office/Warehouse Space For Lease

      Office and warehouse space available in desirable industrial location.
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      3,600 SF

      Retail Space For Lease

      Retail space available for lease with signage and parking.
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      1,856 SF

      Retail Space with Street Visibility

      Affordable retail space with high visibility on South Seneca.
      2452 S Seneca St, Wichita, KS 67217
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      Retail Space Near Walmart

      Retail space in South Wichita, anchored by Walmart Neighborhood Market.
      3105 S Seneca St, Wichita, KS 67217
      View Details
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    Wichita, KS 67217
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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.

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    2422 Seneca St, Wichita, KS, 67217

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