Duplex with Fenced
New
For Sale
$360,000
12148 W 33rd St N, Wichita, KS 67205
Residential Income, Wichita, KS
Property Size2,432 SF
Lot Size0.29 Acres
Price / SF$148.03
Days on Market3
Property Features for 12148 W 33rd St N
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking
4
Appliances
Dishwasher, Disposal, Microwave, Range, Refrigerator
Elementary school
Maize USD266
Middle school
Maize
High school
Maize
Elementary school district
Maize School District (USD 266)
Middle school district
Maize School District (USD 266)
High school district
Maize School District (USD 266)
Directions
119tht W and 33rd N west to house
Subdivision
SCKMLS
Standard status
Active
APN
87-077-36-0-41-01-019.00
Size
2,432 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6018
HOA Fee
$1,920 Annually
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air, Natural Gas
Cooling system
Electric
Water source
Public
Amenities
zero-entry access
soaring 9' and 11' ceilings
luxury vinyl flooring
granite countertops
stainless steel appliances
ceiling fans
fully fenced private backyard
automatic sprinkler system
irrigation well
Building Details
Year built
2021
Number of units
2
Building materials
Masonite
Roof type
Composition
Architectural style
Other
Listing Agency:
Collins & Associates
(316) 500-0631
Listed By:
Matt Birch · License #00230085
(316) 393-4270
Added: Aug 18
Changed: Aug 20
Last Checked: Aug 20 at 6:06PM
MLS# 677739
Copyright © 2026 South Central Kansas MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 2021, this 2,432-square-foot duplex offers a three-bedroom, two-bathroom configuration with zero-entry access and a combination of 9-foot and 11-foot ceilings. Luxury vinyl flooring, granite kitchen countertops, stainless steel appliances, and ceiling fans are installed throughout the residence. The kitchen includes a dishwasher, disposal, microwave, range, and refrigerator.
The 0.2852-acre property includes a fully fenced private backyard with an automatic sprinkler system supplied by an irrigation well. Forced-air natural gas heating, electric cooling, public water, and a composition roof serve the improvements. Masonite is used for the exterior construction material, and natural gas is available. One side is currently rented, while the other side may provide owner occupancy subject to the applicable loan qualification requirements.
An assumable loan with a 2.25% rate is identified for qualified buyers purchasing the property as their primary residence.
The 0.2852-acre property includes a fully fenced private backyard with an automatic sprinkler system supplied by an irrigation well. Forced-air natural gas heating, electric cooling, public water, and a composition roof serve the improvements. Masonite is used for the exterior construction material, and natural gas is available. One side is currently rented, while the other side may provide owner occupancy subject to the applicable loan qualification requirements.
An assumable loan with a 2.25% rate is identified for qualified buyers purchasing the property as their primary residence.
Key Highlights
- 2,432‑square‑foot duplex built in 2021
- Three‑bedroom, two‑bathroom configuration with zero‑entry access
- 9‑foot and 11‑foot ceilings with luxury vinyl flooring
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$20,335
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.65%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$406,700
$406.7K
Cap Rate 7%
$290,500
$290.5K
Cap Rate 9%
$225,944
$225.9K
Market Conditions
NOI Build-Up for 2,432 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$30.6K $12.60/SF
− Vacancy
−$1.6K −$0.66/SF
EGI
$29.0K $11.94/SF
− OpEx
−$8.7K −$3.58/SF
NOI
$20.3K $8.36/SF
Area
ZIP 67205
Vacancy
5.20%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$406,700
Cap Rate 7%
$290,500
Cap Rate 9%
$225,944
Alternative Uses
Best Use
Multifamily LT 5
$290.5K
$254.2K – $338.9K
NOI $20,335 @ 7.0% cap · market cap 5.65%
Second Best
Apartment 5plus
$267.9K
$234.5K – $312.6K
NOI $18,756 @ 7.0% cap · market cap 5.21%
Theoretical Best
Office A
$516.3K
$451.8K – $602.4K
NOI $36,141 @ 7.0% cap · market cap 10.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
18
Businesses Nearby
Explore this area
Business Placement
Demographics for 67205, KS
20,461
Population
7,467
Households
2.7
Avg Household Size
40
Median Age
50%
College-Educated
98%
High-School Grad
16.9 sq mi
ZIP Area
1,211
Density / Sq Mi
$120,630
Median Household Income
$65,457
Median Earnings
$1,237
Median Rent
$314,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Zero-entry access, upgraded finishes, and private fenced outdoor space support comfortable residential use.
Where is this duplex located?
The property is located at 12148 W 33rd St N Wichita, KS.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: 2,432‑square‑foot duplex built in 2021; Three‑bedroom, two‑bathroom configuration with zero‑entry access; 9‑foot and 11‑foot ceilings with luxury vinyl flooring
