Office

1861 N Rock

1861 N Rock Rd, Wichita, KS 67206

Listing Price: $3,950,000

Cap Rate
7.30%
Gross SF
35,406
Rentable SF
35,406
Price/Gross SF
$111.56
Lot Size
1.73 acres
Year Built
1982

Investment Overview

Marcus & Millichap is proud to present 1861 North Rock Road, a three-story office building located in Wichita, Kansas. The building has 35,406 rentable square feet and was built in 1982. This asset is located on North Rock Road directly across the street from Bradley Fair which is over 280,000 square feet of high-end retail space. This office building was constructed in 1982 utilizing masonry construction. All leases in the building are currently at below market rents by about $2.00 per foot creating upside for new leasing activity. 1861 North Rock Road is currently 93.53 percent occupied by a mix of professional and medical tenants. Heartland Dermatology leases 26 percent of the rentable square footage, and they offer a number of corrective procedures to help patients look and feel their best. Their services include sclerotherapy for spider veins and state-of-the-art laser treatment for brown spots, vascular tumors, birthmarks, tattoos and hair removal. They also offer narrow band phototherapy for conditions such as psoriasis, eczema and atopic dermatitis. A little over 75 percent of the tenant base is medical, with the balance in the fields of law, oil and gas, and insurance. See pages 17-23 for tenant profiles. Wichita is the largest city in the state of Kansas and accommodates the headquarters of numerous nationally recognized companies and installations including Koch Industries, Cessna Aircraft, Spirit Aerosystem, Bombardier Learjet, and McConnell Air Force Base. It is also home of Wichita State University, Kansas State University, and University of Kansas. Wichita metro is home to over 8,000 engineers and engineering technicians, one of the highest per capita in the United States. Considering the 100 largest metro areas in the United States, Wichita is number one in manufacturing jobs; number three in percent of manufacturing jobs classified as “hightech” (2014); number 22 in jobs classified as science, technology, engineering and math (2013). Money Magazine recently listed Wichita as “one of the best cities in the United States to live”. This asset is being offered at only $111.56 per square foot which is a fraction of replacement cost, and a going-in capitalization rate of 7.30 percent based on 93.53 percent occupancy.

Investment Highlights

  • 1861 North Rock Road is priced at a fraction of its replacement cost, providing a new owner tremendous profit potential.
  • The property is located directly on North Rock Road which is only four miles from Interstate -135 and less than five miles from the Central Business District.
  • At the current pricing level, an investor should realize above-market return-on-investment as the property becomes more occupied.
  • Located in Wichita Kansas' largest city (population 389,000). Wichita is recognized as the aviation capital of the world. The asset sits across the street from Bradley Fair, a 280,000 square foot lifestyle shopping center with numerous retail and dining options.
  • The property has over 1,000,000 square feet of retail space within a one-mile radius, drawing an abundance of traffic and commerce to the area.
  • Over $300,000 in tenant upgrades throughout the building.
  • 1861 North Rock Road is located on the corner of North Rock Court and North Rock Road, which has traffic counts of 28,240 vehicles per day.

Exclusively Listed By

  • Barry Higgins

    Senior Vice President Investments

    Email Barry

    License(s): CO: EA748415

    Denver

  • Daniel Greenamyre

    Senior Associate

    (816) 410-1028

    Email Daniel

    License(s): KS: SP00236311

    Kansas City

Broker of Record

  • Colby Haugness

    First Vice President Investments

    License(s): KS: 00241410

    Kansas

Listing Price: $3,950,000

Cap Rate
7.30%
Gross SF
35,406
Rentable SF
35,406
Price/Gross SF
$111.56
Lot Size
1.73 acres
Year Built
1982

Investment Highlights

  • 1861 North Rock Road is priced at a fraction of its replacement cost, providing a new owner tremendous profit potential.
  • The property is located directly on North Rock Road which is only four miles from Interstate -135 and less than five miles from the Central Business District.
  • At the current pricing level, an investor should realize above-market return-on-investment as the property becomes more occupied.
  • Located in Wichita Kansas' largest city (population 389,000). Wichita is recognized as the aviation capital of the world. The asset sits across the street from Bradley Fair, a 280,000 square foot lifestyle shopping center with numerous retail and dining options.
  • The property has over 1,000,000 square feet of retail space within a one-mile radius, drawing an abundance of traffic and commerce to the area.
  • Over $300,000 in tenant upgrades throughout the building.
  • 1861 North Rock Road is located on the corner of North Rock Court and North Rock Road, which has traffic counts of 28,240 vehicles per day.

Investment Overview

Marcus & Millichap is proud to present 1861 North Rock Road, a three-story office building located in Wichita, Kansas. The building has 35,406 rentable square feet and was built in 1982. This asset is located on North Rock Road directly across the street from Bradley Fair which is over 280,000 square feet of high-end retail space. This office building was constructed in 1982 utilizing masonry construction. All leases in the building are currently at below market rents by about $2.00 per foot creating upside for new leasing activity. 1861 North Rock Road is currently 93.53 percent occupied by a mix of professional and medical tenants. Heartland Dermatology leases 26 percent of the rentable square footage, and they offer a number of corrective procedures to help patients look and feel their best. Their services include sclerotherapy for spider veins and state-of-the-art laser treatment for brown spots, vascular tumors, birthmarks, tattoos and hair removal. They also offer narrow band phototherapy for conditions such as psoriasis, eczema and atopic dermatitis. A little over 75 percent of the tenant base is medical, with the balance in the fields of law, oil and gas, and insurance. See pages 17-23 for tenant profiles. Wichita is the largest city in the state of Kansas and accommodates the headquarters of numerous nationally recognized companies and installations including Koch Industries, Cessna Aircraft, Spirit Aerosystem, Bombardier Learjet, and McConnell Air Force Base. It is also home of Wichita State University, Kansas State University, and University of Kansas. Wichita metro is home to over 8,000 engineers and engineering technicians, one of the highest per capita in the United States. Considering the 100 largest metro areas in the United States, Wichita is number one in manufacturing jobs; number three in percent of manufacturing jobs classified as “hightech” (2014); number 22 in jobs classified as science, technology, engineering and math (2013). Money Magazine recently listed Wichita as “one of the best cities in the United States to live”. This asset is being offered at only $111.56 per square foot which is a fraction of replacement cost, and a going-in capitalization rate of 7.30 percent based on 93.53 percent occupancy.

Exclusively Listed By

  • Barry Higgins

    Senior Vice President Investments

    Email Barry

    License(s): CO: EA748415

    Denver

  • Daniel Greenamyre

    Senior Associate

    (816) 410-1028

    Email Daniel

    License(s): KS: SP00236311

    Kansas City

Broker of Record

  • Colby Haugness

    First Vice President Investments

    License(s): KS: 00241410

    Kansas

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