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

    7111 E 21St St N Wichita, KS 67206

    • Medical offices
    • 40,059 SF
    • 1.76 lot acres
    For Lease
    View listing
    Value Estimations
    $1,465,000
    Cap Rate Potential
    Location Intelligence
    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.

    Current Use by Public Records

    • Rhonda K. Charles, RPH / Pharmacy
    • Primary Care Associates / Medical Clinic / Family Practice Physician
    • 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 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 valuation — 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

    • 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
    • Value Estimation
      $1,030,000
      15,921 SF

      9333 21st N St

      MEDICAL BUILDING • 15,921 SF
      9333 21st N St, Wichita, KS 67206-2927
      View Details
    • Value Estimation by Request
      6,387 SF

      9360 Central Ave

      MEDICAL BUILDING • 6,387 SF
      9360 Central Ave, Wichita, KS 67206-2560
      View Details
    • Value Estimation
      $630,000
      9,610 SF

      9840 21st N St

      MEDICAL BUILDING • 9,610 SF
      9840 21st N St, Wichita, KS 67206-3589
      View Details
    • Value Estimation
      $1,350,000
      31,161 SF

      9211 21st N St

      MEDICAL BUILDING • 31,161 SF
      9211 21st N St, Wichita, KS 67206-2900
      View Details
    • Value Estimation by Request
      4,526 SF

      1443 Rock Rd

      MEDICAL BUILDING • 4,526 SF
      1443 Rock Rd, Wichita, KS 67206-1245
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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    • $2,800,000
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      Class A Office Space

      Prime East Wichita Class A office space for sale.
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      Wichita Office Building For Sale

      Office building available for purchase in Wichita, Kansas.
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    • $3,950,000
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      Prime Office Building For Sale

      Office building with excellent visibility and door-side parking available for sale.
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    • Contact for pricing
      18,316 SF

      Office Space in Wichita, Kansas

      Office property with 18,316 square feet of space.
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    Similar Nearby for Lease

    • $17 SF/Yr
      51,000 SF

      Cranbrook Office Suites, Wichita, KS

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      View Details
    • $16 SF/Yr
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      Prime Wichita Office Space

      Versatile Office Suites, Full-Service Lease
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      View Details
    • $26 SF/Yr
      63,600 SF

      Crestpoint Office Suites, Wichita, KS

      Class A Office Space, Flexible Suites, Wichita
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      View Details
    • $20 SF/Yr
      8,917 SF

      Wichita Office Building For Lease

      Prime Wichita Office Space: 3,665 SF Available
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    • $26 SF/Yr
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      Class A Office/Medical Development

      Class A office/medical space for lease, sale, or build-to-suit.
      Wichita, KS 67206
      View Details
    • $14 SF/Yr
      8,917 SF

      Northeast Wichita Office Space

      Office space for lease in northeast Wichita near retail.
      7015 E Central Ave, Wichita, KS 67206
      View Details
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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.

    More about this property
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