Updated Brick
For Sale
$240,000
Pending
2037 W McCormick Ave, Wichita, KS 67213
Residential Income, Wichita, KS
Property Size2,160 SF
Lot Size0.17 Acres
Days on Market10
Property Features for 2037 W McCormick Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
4
Basement
Unfinished
Appliances
Dishwasher, Disposal, Range, Refrigerator
Subdivision
GARFIELD
Elementary school
Stanley
Middle school
Hamilton
High school
West
Elementary school district
Wichita School District (USD 259)
Middle school district
Wichita School District (USD 259)
High school district
Wichita School District (USD 259)
Directions
From 235 & Meridian * East on Mccormick* South on Bonn. Property is on the corner of Mccormick & Bonn.
Standard status
Pending
APN
00202490
Size
2,160 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 99-101 MC CORMICK AVE GARFIELD ADD.
Tax Annual Amount
2298
Legal Description
LOTS 99-101 MC CORMICK AVE GARFIELD ADD.
Utilities
Cooling system
Multi Units
Water source
Public
Amenities
security cameras
commercial grade fencing gate
Building Details
Year built
1955
Number of units
4
Building materials
Brick
Roof type
Composition
Architectural style
Other
Listing Agency:
Keller Williams Hometown Partners · Keller Williams Realty
(316) 729-8500
Listed By:
Jean Kouame
(316) 670-0859
Added: Aug 22
Changed: Aug 27
Last Checked: Aug 31 at 7:06AM
MLS# 677970
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.
This 2,160-square-foot quadplex contains four one-bedroom units, all currently occupied. Built in 1955, the brick property sits on a 0.1654-acre lot and has received extensive updates throughout the interiors and building systems. Improvements include kitchen cabinets and appliances, electrical and plumbing work, attic ventilation fans, bath fixtures, lighting, flooring, interior paint, windows, and R-13 wall insulation.
The property also includes coordinated fire alarms serving all units, a security camera system, and a commercial-grade fence and gate. Additional physical features include multi-unit cooling, a composition roof, public water service, dishwashers, disposals, ranges, and refrigerators.
The property also includes coordinated fire alarms serving all units, a security camera system, and a commercial-grade fence and gate. Additional physical features include multi-unit cooling, a composition roof, public water service, dishwashers, disposals, ranges, and refrigerators.
Key Highlights
- 2,160 SF quadplex with four one‑bedroom units
- All units currently occupied
- 0.1654‑acre lot with brick construction
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
$17,813
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
7.42%
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%
$356,260
$356.3K
Cap Rate 7%
$254,471
$254.5K
Cap Rate 9%
$197,922
$197.9K
Market Conditions
NOI Build-Up for 2,160 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
$27.2K $12.60/SF
− Vacancy
−$1.8K −$0.82/SF
EGI
$25.4K $11.78/SF
− OpEx
−$7.6K −$3.53/SF
NOI
$17.8K $8.25/SF
Area
Wichita, KS
Vacancy
6.50%
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%
$356,260
Cap Rate 7%
$254,471
Cap Rate 9%
$197,922
Alternative Uses
Best Use
Multifamily LT 5
$254.5K
$222.7K – $296.9K
NOI $17,813 @ 7.0% cap · market cap 7.42%
Second Best
Apartment 5plus
$236.7K
$207.1K – $276.2K
NOI $16,570 @ 7.0% cap · market cap 6.90%
Theoretical Best
Office A
$534.8K
$468.0K – $624.0K
NOI $37,438 @ 7.0% cap · market cap 15.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
288
Businesses Nearby
Explore this area
Business Placement
Demographics for 67213, KS
21,007
Population
9,788
Households
2.1
Avg Household Size
34
Median Age
13%
College-Educated
83%
High-School Grad
6.6 sq mi
ZIP Area
3,183
Density / Sq Mi
$48,015
Median Household Income
$32,186
Median Earnings
$920
Median Rent
$80,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four occupied one-bedroom units with updated interiors, appliances, and building systems.
Where is this quadplex located?
The property is located at 2037 W McCormick Ave Wichita, KS.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: 2,160 SF quadplex with four one‑bedroom units; All units currently occupied; 0.1654‑acre lot with brick construction
