7111 E 21St St N Wichita, KS 67206
- Medical offices
- 40,059 SF
- 1.76 lot acres
Current Use by Public Records
- Rhonda K. Charles, RPH / Pharmacy
- Primary Care Associates / Family Practice Physician / Doctor
- Dylan Reimer / Physical Therapist
- Jeremy Milford / Physical Therapist / Practitioner Service Location
- Debra Davis / General Practitioner / Physician Assistant
Property Details for 7111 E 21St St N
- Year built
- 1996
- Construction
- FRAME
- Lot size
- 1.76 lot acres
- Property size
- 40,059 SF
- Property type
- Medical offices
- Property subtype
- Medical centers
- APN
- 087-113-07-0-12-01-004.00
- APU
- 87113070120100400
Description
This exceptional 39,602 square-foot medical office building in Wichita, Kansas, presents a compelling investment opportunity. Boasting an impressive 10.05% cap rate and 86% occupancy, the property features three tenants, primarily anchored by Primary Care Associates, under a triple-net (NNN) lease structure. The building, constructed in 1980 and renovated in 1996, sits on a 4.82-acre lot with ample parking (200 spaces). Recent capital expenditures exceeding $872,000 have enhanced the property, including lobby renovations, parking lot resurfacing, HVAC upgrades, and significant tenant improvement allowances. The roof, replaced in 2017, carries a warranty extending to November 2025. Strategically located on East 21st Street North, this property enjoys high visibility and accessibility, situated near major roadways including Highway 96 and just one mile from Wesley Woodlawn Hospital & ER. The property's zoning is GO, and the asking price is $6,950,000, translating to $175.50 per square foot. The substantial net operating income (NOI) of $698,742 further underscores the investment potential. This stabilized investment offers a value-add opportunity through lease-up potential and is well below replacement cost. The property's strong market fundamentals and institutional maintenance history make it an attractive acquisition for discerning investors. APN: 113070120100400, 113070120100500, 113070120100501.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $945,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $1,100,000
- 6.5%
- $1,245,000
- 7%
- $1,105,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $1,235,000
- Geo Method
- $1,260,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $1,240,000
- Retail
- $1,235,000
- Mixed-Use
- $1,055,000
- Hospitality
- $1,000,000
- Educational
- $1,110,000
- Residential Income
- $1,265,000
- Energy
- $1,120,000
- Income-Based Land
- $960,000
- Food Service
- $1,100,000
Location Insight
- Map
- Local Demand
- City
- Wichita
- County
- Sedgwick
- State
- Kansas
- Longitude
- -97.2533
- Latitude
- 37.7225
- CBSA code
- 48620
- CBSA name
- WICHITA, KS METROPOLITAN STATISTICAL AREA
