Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    500 Waterman St Wichita, KS 67202-4509

    • Theaters & concert halls
    • 468,755 SF
    • 10.41 lot acres
    OFF-MARKET
    Value Estimations
    $19,215,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US33-0803720
    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

    • Dow Con Inc / Construction Company
    • Select-A-Seat Box Office at INTRUST Bank Arena / Event Ticket Seller
    • BEST Crowd Management / Security Service
    • Lead Foot Express Transport / Trucking Company
    • INTRUST Bank ATM / Atm

    Property Details for 500 Waterman St

    Year built
    2009
    Construction
    CONCRETE BLOCKS
    Lot size
    10.41 lot acres
    Property size
    468,755 SF
    Property type
    Theaters & concert halls
    APN
    087-125-21-0-32-06-001.00
    APU
    87125210320600100

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $19,214,000
      Market price range: $12.8M - $27.1M

    • Alternative Use

      Use
      Estimation
      THEATER (MOVIE)
      $19,215,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $27,255,000
      Change: +42% Conversion: Difficult
      WAREHOUSE, STORAGE
      $23,780,000
      Change: +24% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Wichita
    County
    Sedgwick
    State
    Kansas
    Longitude
    -97.3317
    Latitude
    37.6834
    CBSA code
    48620
    CBSA name
    WICHITA, KS METROPOLITAN 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
    $0.00
    $0.00
    $0.00
    $0.00
    -
    $1,269,800
    $234,503,510
    $235,773,310

    Comparable in this City

    • Value Estimation by Request
      0.14 Acres

      Wichita, KS 67202

      AUDITORIUM • 0.14 Acres
      Wichita, KS 67202
      View Details
    • Value Estimation by Request
      3,528 SF

      221 Saint Francis Ave

      AUDITORIUM • 3,528 SF
      221 Saint Francis Ave, Wichita, KS 67202-2609
      View Details
    • Value Estimation by Request
      7,704 SF

      650 2nd N St

      AUDITORIUM • 7,704 SF
      650 2nd N St, Wichita, KS 67202-2558
      View Details
    • Value Estimation by Request
      0.14 Acres

      Wichita, KS 67202

      AUDITORIUM • 0.14 Acres
      Wichita, KS 67202
      View Details
    • Value Estimation by Request
      0.03 Acres

      Wichita, KS 67202

      AUDITORIUM • 0.03 Acres
      Wichita, KS 67202
      View Details
    • Value Estimation by Request
      0.52 Acres

      702 2nd N St

      AUDITORIUM • 0.52 Acres
      702 2nd N St, Wichita, KS 67202
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      47,855 SF

      Downtown Wichita Mixed-Use Property

      Prime location, versatile spaces, high visibility
      330 Broadway Ave, Wichita, KS 67202
      View Details
    • Contact for pricing
      5,000 SF

      Historic Delano District Office Space

      Renovated office space in the Historic Delano District.
      567 W Douglas Ave, Wichita, KS 67202
      View Details
    • $4,300,000
      5,000 SF

      Downtown Wichita Office Building For Sale

      Office building in downtown Wichita with convenient parking options.
      110 S Main St, Wichita, KS 67202
      View Details
    • $650,000
      6,500 SF

      157 S Washington St.

      Flex space • 6,500 SF
      157 Washington St, Wichita, KS 67202
      View Details
    • Contact for pricing
      6,500 SF

      Showroom, Warehouse, and Shop Space

      6,500 SF showroom, warehouse, and shop space for sale.
      157 S Washington St, Wichita, KS 67202
      View Details
    • Contact for pricing
      2,548 SF

      Historic Delano District Office Space

      Renovated office space in the heart of the Delano District.
      557 W Douglas Ave, Wichita, KS 67202
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      61,155 SF

      Downtown Wichita Executive Office Space

      Modern office suites, prime location.
      645 Douglas Ave, Wichita, KS 67202
      View Details
    • $22 SF/Yr
      5,000 SF

      Downtown Wichita Retail Space

      Prime Retail/Office near KU/WSU Campus
      333 English St, Wichita, KS 67202
      View Details
    • $8 SF/Yr
      12,000 SF

      Downtown Wichita Office Space

      12,000 SF office space for lease in Downtown Wichita.
      434 N Main St, Wichita, KS 67202
      View Details
    • Contact for pricing
      4,391 SF

      Renovated Class A Office Space

      Historic building renovated into Class A office space.
      165 S Rock Island St, Wichita, KS 67202
      View Details
    • $19 SF/Yr
      10,228 SF

      Grand Hotel Office Space, Wichita

      Prime Wichita Office Space, Union Station
      801 Douglas Ave, Wichita, KS 67202
      View Details
    • $14 SF/Yr
      65,697 SF

      Downtown Wichita Office Space

      Historic Charm, Modern Amenities
      100 Main St, Wichita, KS 67202
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    500 Waterman St
    Wichita, KS 67202-4509
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.