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    7111 E 21St St N Wichita, KS 67206

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    7111 E 21St St N Wichita, KS 67206

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    • Medical Office Space
    • 40,059 SF
    • 1.76 lot acres
    For Lease
    $1,465,000
    View Listing →
    Wichita Office Space Available For Lease
    $1,465,000
    5,326 SF

    Wichita Office Space Available

    5,326 SF office space for rent in Wichita.

    7111 E 21st St N, Wichita, KS
    View Listing
    Property ID
    US33-0197176
    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
    $1,465,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Rhonda K. Charles, RPH / Pharmacy
    • Primary Care Associates / Pediatrician / Physician
    • Dylan Reimer / Physician
    • Jeremy Milford / Physician
    • Debra Davis / Physician

    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 Office Space
    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 Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $945,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,986,000
      Market price range: $1.99M - $3.29M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,385,000

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

    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

    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
    $85,648
    $86,075
    $667,035
    $753,110
    -
    $344,300
    $2,668,140
    $3,012,440

    Comparable in this City

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      7,348 SF

      1857 Webb Rd

      MEDICAL BUILDING • 7,348 SF
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      View Details
    • Value Estimation
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      11,039 SF

      2077 Webb Rd

      MEDICAL BUILDING • 11,039 SF
      2077 Webb Rd, Wichita, KS 67206-3411
      View Details
    • Value Estimation by Request
      3,962 SF

      7207 21st N St

      MEDICAL BUILDING • 3,962 SF
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      View Details
    • Value Estimation
      $5,905,000
      61,391 SF

      1961 Founders Cir

      MEDICAL BUILDING • 61,391 SF
      1961 Founders Cir, Wichita, KS 67206-3548
      View Details

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      Four-Story Office Building For Sale

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    Similar Nearby for Lease

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      Class A office/medical space for lease, sale, or build-to-suit.
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      3,357 SF

      Class A Office Space Available

      Premier office space in medical corridor with rooftop terrace.
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    • $20 SF/Yr
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      Class A Office/Medical Space

      Class A office/medical space for lease near amenities.
      12111 E 21St St N, Wichita, KS 67206
      View Details
    • Contact for pricing

      Class A Office Space Available

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      View Details
    View Listing
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    Wichita, KS 67206
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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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    7111 E 21St St N, Wichita, KS, 67206

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