Newer Construction Duplex
For Sale
$1,799,000
3212-3244 S Victoria Ave, Wichita, KS 67216
Residential Income, Wichita, KS
Property Size15,237 SF
Lot Size0.97 Acres
Price / SF$118.07
Days on Market227
Property Features for 3212-3244 S Victoria Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking
18
Appliances
Dishwasher, Disposal, Microwave, Range, Refrigerator
Subdivision
RAINBOW 1ST ADDITION
Elementary school
Anderson
Middle school
Mead
High school
South
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 Hydraulic & 31st St South - W. on 31st St, S. on Victoria Ave to property.
Standard status
Active
APN
21209-00131831
Size
15,237 SF
Lot size
0.97 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BLOCK 16 EXC S 200 FT W 144 FT & EXC E 459.5 FT & EXC N 120 FT THEREOF RAINBOW FIRST ADDITION
Tax Annual Amount
18825
Legal Description
BLOCK 16 EXC S 200 FT W 144 FT & EXC E 459.5 FT & EXC N 120 FT THEREOF RAINBOW FIRST ADDITION
Utilities
Heating system
Electric (Heating)
Cooling system
Electric
Water source
Public
Building Details
Year built
2023
Number of units
18
Building materials
Frame
Roof type
Composition
Listing Agency:
McCurdy Real Estate & Auction, LLC
(316) 867-3600
Listed By:
Braden McCurdy · License #BR00052737
(316) 683-0612
Added: Jan 21
Changed: Aug 26
Last Checked: Sep 5 at 11:06AM
MLS# 667319
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 Wichita multifamily property includes 9 duplex buildings totaling 18 units on one parcel with a single legal description. Completed in 2023, each building contains 1,696 square feet of finished living space, divided into two 848-square-foot residences. Every unit has two bedrooms, one bathroom, an open living plan, a fully equipped kitchen, and laundry hookups. The property includes a site sprinkler system, public water, a shared 2-inch water meter, and separately metered electric service.
Located at 3212-3244 S Victoria Ave in Wichita, the property occupies 0.9726 acres and provides one paved parking space per unit, along with additional street parking. Ownership covers water and sewer, trash, lawn care, and parking lot maintenance, while residents pay electric service. The lot is reported to have room for 2-3 additional duplex buildings. The property is currently self-managed with internal staff.
Located at 3212-3244 S Victoria Ave in Wichita, the property occupies 0.9726 acres and provides one paved parking space per unit, along with additional street parking. Ownership covers water and sewer, trash, lawn care, and parking lot maintenance, while residents pay electric service. The lot is reported to have room for 2-3 additional duplex buildings. The property is currently self-managed with internal staff.
Key Highlights
- 9 duplex buildings with 18 total units on one parcel
- Built in 2023 with 1,696 square feet per duplex building
- Each unit includes 2 bedrooms, 1 bathroom, and 848 square feet
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
$125,655
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
6.98%
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%
$2,513,100
$2.5M
Cap Rate 7%
$1,795,071
$1.8M
Cap Rate 9%
$1,396,167
$1.4M
Market Conditions
NOI Build-Up for 15,237 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
$192.0K $12.60/SF
− Vacancy
−$12.5K −$0.82/SF
EGI
$179.5K $11.78/SF
− OpEx
−$53.9K −$3.53/SF
NOI
$125.7K $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%
$2,513,100
Cap Rate 7%
$1,795,071
Cap Rate 9%
$1,396,167
Alternative Uses
Best Use
Multifamily LT 5
$1.80M
$1.57M – $2.09M
NOI $125,655 @ 7.0% cap · market cap 6.98%
Second Best
Apartment 5plus
$1.67M
$1.46M – $1.95M
NOI $116,891 @ 7.0% cap · market cap 6.50%
Theoretical Best
Office A
$3.77M
$3.30M – $4.40M
NOI $264,091 @ 7.0% cap · market cap 14.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18
Residential units
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
221
Businesses Nearby
Explore this area
Business Placement
Demographics for 67216, KS
23,212
Population
9,928
Households
2.3
Avg Household Size
34
Median Age
8%
College-Educated
78%
High-School Grad
12.2 sq mi
ZIP Area
1,903
Density / Sq Mi
$47,172
Median Household Income
$30,732
Median Earnings
$876
Median Rent
$92,000
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 - Two-story duplex buildings offer modern layouts, private laundry hookups, and equipped kitchens across a consolidated multifamily property.
Where is this duplex located?
The property is located at 3212-3244 S Victoria Ave Wichita, KS.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: 9 duplex buildings with 18 total units on one parcel; Built in 2023 with 1,696 square feet per duplex building; Each unit includes 2 bedrooms, 1 bathroom, and 848 square feet
