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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    115 Iron Ave Salina, KS 67401

    • Retail space
    • 5,250 SF
    • 0.20 lot acres
    For Lease
    View listing
    Last Sale
    Jun 28, 2023
    Value Estimations
    $380,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US33-0728611
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Retail space

    Property Details for 115 Iron Ave

    Year built
    1908
    Construction
    CONCRETE BLOCKS
    Lot size
    0.20 lot acres
    Property size
    5,250 SF
    Property type
    Retail space
    APN
    086-13-0-20-11-002.00
    APU
    86130201100200

    Description

    This exceptional 5,250-square-foot office building, located at 115 W Iron Ave in Salina, Kansas, presents a unique opportunity for businesses seeking a prominent downtown location. Built in 1908, this two-story building boasts a classic architectural style and is situated between the Hoffman Building and the United Office Building, offering excellent visibility and accessibility. The property features a single-tenant occupancy, ideal for a company seeking a substantial and self-contained workspace. The interior layout includes a welcoming reception area, a convenient small conference room, a spacious work area perfect for collaborative efforts, and numerous individual offices spread across both floors. Parking is readily available, with street parking options supplemented by a convenient city parking lot directly behind the building. The building is zoned C-4, allowing for a variety of commercial uses. This property offers a compelling combination of historical charm, modern functionality, and a highly desirable downtown Salina address. The building does not have an elevator. This is a single-tenant property in Saline County, Kansas, with a zip code of 67401. Lease rates are highly competitive. The property is conveniently located near 7th Street.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $345,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $416,000
      Market price range: $253k - $683k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $450,000
      Current use
      AUTO REPAIR, GARAGE
      $410,000
      Change: -9% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $390,000
      Change: -13% Conversion: Easy
      WAREHOUSE, STORAGE
      $365,000
      Change: -19% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Salina
    County
    Saline
    State
    Kansas
    Longitude
    -97.6099
    Latitude
    38.8402
    CBSA code
    41460
    CBSA name
    SALINA, KS MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $6,691
    $14,548
    $33,828
    $48,376
    -
    $58,190
    $135,310
    $193,500

    Comparable in this City

    • Value Estimation
      $285,000
      2.02 Acres

      519 Pacific Ave

      RETAIL STORES (PERSONAL SERVICES) • 2.02 Acres
      519 Pacific Ave, Salina, KS 67401
      View Details
    • Value Estimation
      $670,000
      14,395 SF

      901 Crawford St Ste, Unit 100

      RETAIL STORES (PERSONAL SERVICES) • 14,395 SF
      901 Crawford St Ste, Salina, KS 67401-5124
      View Details
    • Value Estimation
      $585,000
      10,240 SF

      232 3rd St

      RETAIL STORES (PERSONAL SERVICES) • 10,240 SF
      232 3rd St, Salina, KS 67401-2322
      View Details
    • Value Estimation
      $350,000
      2,400 SF

      904 Grand Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,400 SF
      904 Grand Ave, Salina, KS 67401
      View Details
    • Value Estimation
      $285,000
      5,500 SF

      145 5th St

      RETAIL STORES (PERSONAL SERVICES) • 5,500 SF
      145 5th St, Salina, KS 67401-2803
      View Details
    • Value Estimation
      $390,000
      2,520 SF

      2596 9th St

      RETAIL STORES (PERSONAL SERVICES) • 2,520 SF
      2596 9th St, Salina, KS 67401-7603
      View Details

    Similar Nearby for Sale

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      1.80 Acres

      Salina Retail Redevelopment Opportunity

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    • $425,000
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    • $325,000
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    Similar Nearby for Lease

    • Contact for pricing
      3,244 SF

      Retail Space in Mid State Plaza

      Retail space available in a prominent Salina shopping center.
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      High-traffic location, build-to-suit option.
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    • $20 SF/Yr
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      Retail Space in Cold Shell

      End cap retail space with tenant improvement allowance.
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    • Contact for pricing
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      Salina Retail/Office Opportunity

      Freestanding building, prime location, 4,532 sq ft.
      3025 9Th St, Salina, KS 67401
      View Details
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      Prime Salina Executive Office Space

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    • Contact for pricing
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      Salina Retail Space: Restaurant Ready

      Prime Salina location, 5016 sq ft, high traffic.
      2445 9Th St, Salina, KS 67401
      View Details
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    115 Iron Ave
    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.

    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
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