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

    5475 Meridian Ave Wichita, KS 67204-1620

    • Outlet malls
    • 196,500 SF
    • 15.50 lot acres
    OFF-MARKET
    Value Estimations
    $995,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US33-0239727
    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

    • Walmart Baby & Nursery Services / Family Service Center
    • Walmart Photo Center / Photo Shop / Digital Printer
    • Walmart Patio & Garden Services / Landscaper
    • Claire's Walmart / Jewelry Store / Toy Store
    • Pursuant health kiosk / Health Consultant

    Property Details for 5475 Meridian Ave

    Year built
    2007
    Construction
    FRAME
    Lot size
    15.50 lot acres
    Property size
    196,500 SF
    Property type
    Outlet malls
    APN
    087-086-13-0-44-02-003.00
    APU
    87086130440200300

    Description

    This exceptional 1.97-acre commercial land parcel is ideally situated at 5475 N Meridian Ave in Wichita, Kansas, within Sedgwick County (zip code 67204). Zoned for Limited Commercial (LC) use, this property presents a remarkable opportunity for retail, office, or restaurant development. Its strategic location offers unparalleled visibility and accessibility, benefiting from proximity to both I-135 and I-235 interstates, ensuring high traffic volume and convenient access for customers and employees. The site's adjacency to a Walmart Supercenter, averaging approximately 1.7 million visits annually, guarantees significant foot traffic and brand synergy. Furthermore, the surrounding area is experiencing robust growth in both commercial and residential development, indicating a strong and expanding market. This presents a unique chance to capitalize on this upward trend and establish a thriving business in a high-demand location. The property's size and zoning provide flexibility for a variety of development plans, making it an attractive investment for both established businesses and new ventures seeking a prime location in a thriving Wichita market. This is a rare opportunity to acquire a highly visible and accessible commercial lot in a rapidly developing area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $995,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Wichita
    County
    Sedgwick
    State
    Kansas
    Longitude
    -97.3732
    Latitude
    37.7839
    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
    $342,161
    $337,550
    $2,266,225
    $2,603,775
    -
    $1,350,200
    $9,064,900
    $10,415,100

    Comparable in this City

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      $325,000
      6,699 SF

      2302 Arkansas Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 6,699 SF
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    • Value Estimation
      $1,155,000
      65,190 SF

      2263 Amidon Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 65,190 SF
      2263 Amidon Ave, Wichita, KS 67204-5627
      View Details
    • Value Estimation
      $375,000
      7,071 SF

      5303 Meridian Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 7,071 SF
      5303 Meridian Ave, Wichita, KS 67204-2435
      View Details
    • Value Estimation
      $225,000
      0.09 Acres

      614 22nd N St

      WHOLESALE OUTLET, DISCOUNT STORE • 0.09 Acres
      614 22nd N St, Wichita, KS 67204
      View Details
    • Value Estimation
      $485,000
      10,032 SF

      2629 53rd N St

      WHOLESALE OUTLET, DISCOUNT STORE • 10,032 SF
      2629 53rd N St, Wichita, KS 67204-2203
      View Details
    • Value Estimation
      $245,000
      3,816 SF

      902 29th St N Ste, Unit 100

      WHOLESALE OUTLET, DISCOUNT STORE • 3,816 SF
      902 29th St N Ste, Wichita, KS 67204-4809
      View Details

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      Available residential lots in Wichita, Kansas.
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    Similar Nearby for Lease

    • Contact for pricing
      1,097 SF

      Retail Space at High-Traffic Intersection

      Retail space available at a high-traffic Wichita intersection.
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      North Gate Retail Spaces Available

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      Wichita Office and Industrial Space

      2,519 SF office and industrial space for lease.
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    • $2,000 /Mo
      1,500 SF

      Office Space Near 21st Street

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      View Details
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    5475 Meridian Ave
    Wichita, KS 67204-1620
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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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