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    2420 Main St Hutchinson, KS 67502-3658

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    2420 Main St Hutchinson, KS 67502-3658

    View on Map
    • Strip malls
    • 8,566 SF
    • 0.69 lot acres
    Off-Market
    Property ID
    US33-0242556
    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.
    Value Estimations
    $1,070,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Andy Fry - State Farm Insurance Agent / Insurance Agency
    • Sugar Creek Boutique & Gifts / Clothing & Fashion Store
    • CareCloud / Medical Billing Service
    • Anna Crable: Allstate Insurance / Insurance Agency

    Property Details for 2420 Main St

    Year built
    1954
    Construction
    STEEL FRAME
    Lot size
    0.69 lot acres
    Property size
    8,566 SF
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    121-01-0-20-24-001.00
    APU
    121010202400100

    Description

    This exceptional retail investment opportunity presents a well-located 8,566 square foot shopping center situated on a 30,000 square foot lot at the busy intersection of North Main Street and 23rd Avenue/State Fair Road in Hutchinson, Kansas. The Class A property, built in 1954 and 1965, boasts a desirable C-4 zoning and currently enjoys 80% occupancy across its six units. Tenants include established businesses such as State Farm Insurance, Meridian Medical Offices, and Imperial Nutrition, with space available for two additional tenants. The center benefits from high visibility, with approximately 4,500 cars passing daily. Its strategic location is surrounded by a mix of local and national businesses, including First National Bank of Hutchinson, Kwik Shop, various restaurants, and national chains like Verizon, Dominoes, Subway, Dairy Queen, and Village Inn. The property's proximity to Morgan Elementary School and the Kansas State Fairgrounds (September) further enhances its appeal. Ample parking is available, including a large lot with handicap accessibility and angled street parking. Each suite features a back alley entrance and separate meters. Large, visible signage is also a key feature. The asking price is $425,000, translating to $49.61 per square foot. Pre-approved buyers only.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,735,000
      APARTMENT HOUSE (5+ UNITS)
      $1,395,000
      RESTAURANT
      $1,240,000
      OFFICE BUILDING
      $1,010,000
      MEDICAL BUILDING
      $900,000
      AUTO REPAIR, GARAGE
      $825,000
      RETAIL STORES
      $810,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Hutchinson
    County
    Reno
    State
    Kansas
    Longitude
    -97.9315
    Latitude
    38.0806
    CBSA code
    26740
    CBSA name
    HUTCHINSON, 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
    $14,693
    $25,000
    $63,425
    $88,425
    -
    $100,000
    $253,700
    $353,700

    Comparable in this City

    • Value Estimation
      $2,625,000
      22,000 SF

      2803 Lorraine St

      SHOPPING CENTER, STRIP CENTER • 22,000 SF
      2803 Lorraine St, Hutchinson, KS 67502-4354
      View Details
    • Value Estimation
      $680,000
      5,132 SF

      532 30th Ave

      SHOPPING CENTER, STRIP CENTER • 5,132 SF
      532 30th Ave, Hutchinson, KS 67502-8431
      View Details
    • Value Estimation by Request
      2,142 SF

      528 30th Ave

      SHOPPING CENTER, STRIP CENTER • 2,142 SF
      528 30th Ave, Hutchinson, KS 67502-8431
      View Details
    • Value Estimation
      $1,420,000
      11,159 SF

      2901 Lorraine St

      SHOPPING CENTER, STRIP CENTER • 11,159 SF
      2901 Lorraine St, Hutchinson, KS 67502-4276
      View Details
    • Value Estimation by Request
      3,162 SF

      526 30th Ave

      SHOPPING CENTER, STRIP CENTER • 3,162 SF
      526 30th Ave, Hutchinson, KS 67502-8431
      View Details
    • Value Estimation
      $730,000
      5,610 SF

      522 30th Ave

      SHOPPING CENTER, STRIP CENTER • 5,610 SF
      522 30th Ave, Hutchinson, KS 67502-8431
      View Details

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      Retail space with excellent visibility and ample parking.
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      Freestanding restaurant with drive-thru, high traffic location.
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    • $449,000
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      Former bank branch with redevelopment potential near Kansas State Fair.
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      High Traffic Corner Location

      Prime medical/professional opportunity in a growing corridor.
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    • Contact for pricing
      0.31 Acres

      Residential Land in Oxford Pointe

      Land for sale in Wiley School District.
      Birmingham Ave, Hutchinson, KS 67502
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    Similar Nearby for Lease

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      6,800 SF

      Retail Space Near 30th Avenue

      High-traffic retail space with 17' ceilings and ample parking.
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      View Details
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      Tailored office spaces with coworking and virtual office options.
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    Hutchinson, KS 67502-3658
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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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