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    550 S Florence St Wichita, KS 67209
    Property profile & analytics

    550 S Florence St, Wichita, KS 67209

    View on Map
    • Hotels
    • 17,160 SF
    • 0.98 lot acres
    For Sale
    $4,200,000
    View Listing →
    Wichita Economy Hotel Portfolio For Sale
    $4,200,000
    55,347 SF

    Wichita Economy Hotel Portfolio

    Two unencumbered hotels in Wichita, Kansas with 140 rooms.

    550 S Florence St, Wichita, KS 67209
    View Listing
    Property ID
    US33-0484783
    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
    Cap Rate Potential
    6.3%
    Hotels
    Location Intelligence

    Current Use by Public Records

    • Economy Hotel Wichita 2 / Hotel & Motel
    • Economy Hotel Wichita | Florence St. / Hotel & Motel

    Property Details for 550 S Florence St

    Year built
    1983
    Lot size
    0.98 lot acres
    Property type
    Hotels
    Property subtype
    Motels
    APN
    087-137-26-0-14-01-004.00
    APU
    87137260140100400

    Description

    This exceptional value-add opportunity presents a portfolio of two independently branded economy hotels in Wichita, Kansas. Comprising a total of 140 keys across 55,347 square feet, this portfolio is offered at $4,200,000 ($75.88/sq ft). Built in 1965 and 1983, and recently renovated in 2023, the properties sit on a combined 3.28 acres and are zoned GC and LI. Located at 550 S Florence St and 5805 W Kellogg Dr, Wichita, KS 67209, these hotels are offered debt-free and unencumbered by management agreements, providing a unique chance for investors to implement their operational strategies and capitalize on the significant discount to replacement cost. The portfolio presents a compelling investment opportunity due to its existing cash flow and potential for increased profitability through operational improvements. The properties can be purchased individually or as a portfolio, offering flexibility to potential buyers. This is a rare chance to acquire a well-located, established hotel portfolio in a growing market, offering immediate value and significant upside potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $705,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $740,000
      6.5%
      $685,000
      7%
      $635,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $736,000
      Market price range: $344k - $786k

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $535,000
      Current use
      OFFICE BUILDING
      $1,020,000
      Change: +89% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,005,000
      Change: +87% Conversion: Difficult
      WAREHOUSE, STORAGE
      $880,000
      Change: +63% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $805,000
      Change: +49% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Wichita
    County
    Sedgwick
    State
    Kansas
    Longitude
    -97.3912
    Latitude
    37.6754
    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
    $29,004
    $42,650
    $239,425
    $282,075
    -
    $170,600
    $957,700
    $1,128,300

    Comparable in this City

    • Value Estimation by Request
      0.41 Acres

      Wichita, KS 67209

      HOTEL/MOTEL
      Wichita, KS 67209
      View Details
    • Value Estimation by Request
      0.40 Acres

      Wichita, KS 67209

      HOTEL/MOTEL
      Wichita, KS 67209
      View Details
    • Value Estimation by Request
      0.65 Acres

      Wichita, KS 67209

      HOTEL/MOTEL
      Wichita, KS 67209
      View Details
    • Value Estimation by Request
      0.42 Acres

      Wichita, KS 67209

      HOTEL/MOTEL
      Wichita, KS 67209
      View Details
    • Value Estimation
      $2,130,000
      49,830 SF

      1236 Dugan Rd

      HOTEL/MOTEL
      1236 Dugan Rd, Wichita, KS 67209-2367
      View Details
    • Value Estimation by Request
      1,890 SF

      11430 Kellogg St

      HOTEL/MOTEL
      11430 Kellogg St, Wichita, KS 67209-1235
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      55,347 SF

      Wichita Economy Hotel Portfolio

      Two unencumbered hotels in Wichita, Kansas with 140 rooms.
      550 S Florence St, Wichita, KS 67209
      View Details
    • $4,200,000

      Economy Hotel Portfolio in Wichita

      Two Wichita hotels totaling 140 rooms, unencumbered and discounted.
      5805 W Kellogg Dr, Wichita, KS 67209
      View Details
    • Contact for pricing

      Kellogg and West Land Available

      Commercial land available near Kellogg and West, Wichita, Kansas.
      601 S Florence St, Wichita, KS 67209
      View Details
    • $1,600,000
      550 SF

      Wichita 7 Brew Coffee Investment

      High-yield NNN lease, prime location.
      325 Ridge Rd, Wichita, KS 67209
      View Details
    • Contact for pricing

      Land For Sale

      Land available with 49,695 square feet.
      1210 S Young St, Wichita, KS 67209
      View Details
    • Contact for pricing

      Prime Retail Pad Site Available

      28,974 SF pad site with high visibility on West Kellogg.
      4702 W Kellogg Dr, Wichita, KS 67209
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Secured Warehouse with 24/7 Access

      Lease secured basement warehouse with loading dock and ample parking.
      10915 W Kellogg Dr, Wichita, KS 67209
      View Details
    • Contact for pricing

      Prime Commercial Development Land Available

      13.39 acre commercial development site with high visibility.
      NW/c Kellogg & Tyler Rd, Wichita, KS 67209
      View Details
    • Contact for pricing
      2,000 SF

      High-Visibility Corner Retail Opportunity

      Corner lot with high visibility near major retailers and airport.
      6866 W Kellogg Dr, Wichita, KS 67209
      View Details
    • Contact for pricing
      1,815 SF

      Retail Space with Abundant Parking

      Retail space for lease with high-visibility signage and parking.
      526 S Ridge Rd, Wichita, KS 67209
      View Details
    • Contact for pricing
      1,800 SF

      Retail Suite at Kellogg & Tyler

      1,800 SF retail suite suitable for many uses.
      8909 W Kellogg Dr, Wichita, KS 67209
      View Details
    • Contact for pricing
      9,988 SF

      West Wichita Commercial Space Available

      New construction retail/office space for lease, ready June 2024.
      4608 W Maple St, Wichita, KS 67209
      View Details
    View Listing
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    Wichita, KS 67209
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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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