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    Clearwater, KS Duplex Investment Package Title is generated by Realmo AI

    183 N Indian Lakes Dr & 5 Additional Units, Clearwater, KS 67026

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    Claim this Listing
    For Sale
    $799,000

    MULTI_FAMILY - Other - Clearwater, KS

    Property size:
    6,300 SF
    Lot size:
    30,342.00 Acres
    Price / SF:
    $126/SF
    Added:
    Mar 27, 2026
    Days on Market:
    71
    Last Refresh:
    Jun 5 at 6:06 pm

    Property Features for 183 N Indian Lakes Dr & 5 Additional Units

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking
    12
    Appliances
    Dishwasher, Microwave, Range, Refrigerator
    Standard status
    Active
    APN
    26624-30030023
    Size
    6,300 SF
    Lot size
    30,342.00 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    PT LOT 15 BEG SE COR TH W 125 FT N 41.19 FT E 125.01 FT S 41.39 FT TO BEG BLOCK 2 INDIAN RIDGE AT CL
    Tax Annual Amount
    15189

    Utilities

    Utilities
    Natural Gas Available
    Heating system
    Natural Gas, Forced Air
    Cooling system
    Electric
    Water source
    Public

    Building Details

    Year built
    2024
    Number of units
    6
    Building materials
    Frame
    Roof type
    Composition
    Architectural style
    Other

    We can help!

    Listing Contact
    Braden McCurdy
    Braden McCurdy

    Listing agent Braden McCurdy License #BR00052737

    Listing office McCurdy Real Estate & Auction, LLC 12041 E 13th St N, wichita, KS

    Listing date Mar 27, 2026

    MLS# 670401 Listing URL

    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.

    HighLights

    • Package of 6 individual duplex units offering a rare investment opportunity.
    • Located in the highly desirable Clearwater, KS school district, ensuring strong rental appeal.
    • Four of six units are currently leased, providing immediate income.
    • Each unit features a modern, open‑concept layout with 3 bedrooms and 2 full bathrooms, approximately 1,050 sq ft.
    • Units include kitchens with granite countertops, stainless‑steel appliances, and large islands; all appliances included.
    • Each unit has a 1‑car attached garage, covered front porch, and individual legal description.

    Overview

    This offering presents the opportunity to acquire six individual duplex units as a package within the city limits of Clearwater, KS. The properties are located near shopping, schools, and other everyday amenities. Four of the six units are currently leased. Two units are leased at $1,295 per month, and two units are leased at $1,195 per month. The vacant units, located at 183 and 185 N. Indian Lakes Rd, are expected to be filled quickly. Each unit is approximately 1,050 square feet and features an open-concept layout with 3 bedrooms and 2 full bathrooms. Kitchens include large islands, granite countertops, and stainless-steel appliances. All kitchen appliances, including the refrigerator, range/oven, dishwasher, and microwave, will remain and transfer to the new buyer. The primary suite includes a private full bath and closet space. There are two additional bedrooms with closet storage, and a second full bath with built-in linen/storage niches. Each unit also has washer/dryer hookups. The construction is slab (no basement). Exterior features include a 1-car attached garage, additional driveway and street parking, and covered front porches with cedar posts. Units are connected at garage walls. Sod and sprinkler systems are currently being installed. Each unit has its own legal description and has already been split. The total property size is 6,300 square feet on a 30,342-acre lot.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $79.4k $12.60
    − Vacancy −$4.1k −$0.66
    EGI $75.3k $11.94
    − OpEx −$22.6k −$3.58
    NOI $52.7k $8.36
    6,300 SF · lease $12.60/SF/yr · vacancy 5.20% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $752.5K
    $658.5K – $878.0K (±1% cap)
    NOI $52,677 @ 7.0% cap · market cap 6.59%
    Second Best
    Apartment 5plus
    $694.1K
    $607.3K – $809.8K (±1% cap)
    NOI $48,586 @ 7.0% cap · market cap 6.08%
    Theoretical Best
    Office A
    $1.31M
    $1.15M – $1.53M (±1% cap)
    NOI $91,917 @ 7.0% cap · market cap 11.50%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Map

    City
    Clearwater
    County
    Sedgwick
    State
    Kansas
    Longitude
    -97.494196
    Latitude
    37.506414

    FAQs

    What type of property is this?
    Duplex - Six duplex units in Clearwater, KS, near schools and amenities.
    Where is this duplex located?
    The property is located at 183 N Indian Lakes Dr & 5 Additional Units Clearwater, KS.
    What is the asking price?
    The asking price for this property is $799,000.
    What are key features of this property?
    This property features: Package of 6 individual duplex units offering a rare investment opportunity.; Located in the highly desirable Clearwater, KS school district, ensuring strong rental appeal.; Four of six units are currently leased, providing immediate income.
    (316) 683-0612
    We can help!
    Listing Contact
    Braden McCurdy
    Braden McCurdy
    Real Estate License ID: BR00052737
    Learn More
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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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