Four-Bedroom Duplex with Private
For Sale
$398,000
Pending
3903 N Pepper Ridge, Wichita, KS 67205
Residential Income, Wichita, KS
Property Size3,962 SF
Lot Size0.28 Acres
Days on Market55
Property Features for 3903 N Pepper Ridge
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking
8
Basement
Finished
Appliances
Dishwasher, Disposal, Microwave, Range, Refrigerator
Subdivision
AVALON PARK 2ND
Elementary school
Maize USD266
Middle school
Maize South
High school
Maize South
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
Tyler and 37th go north to Havenhurst, east Havenhurst turns into Pepper Ridge. (No signs in yard.)
Standard status
Pending
APN
088-28-0-33-02-006.00
Size
3,962 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 6 BLOCK 2 AVALON PARK 2ND ADD.
Tax Annual Amount
4983
HOA Fee
$1,920 Annually
Legal Description
LOT 6 BLOCK 2 AVALON PARK 2ND ADD.
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air, Natural Gas
Cooling system
Electric, Gas (Cooling)
Water source
Public
Amenities
lawn care
trash service
Building Details
Year built
2005
Number of units
2
Flooring type
Carpet
Building materials
Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
ERA Great American Realty · ERA Real Estate
(316) 686-4111
Listed By:
Reuben Loyd · License #SP00222634
(316) 806-1241
Added: Jul 2
Changed: Aug 19
Last Checked: Aug 25 at 6:06AM
MLS# 675390
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 duplex offers two tenant-occupied units, each featuring four bedrooms and three bathrooms, main-floor laundry, a view-out basement, vaulted ceilings, a fireplace, and a private deck. Interior appointments are limited: showings are scheduled only upon an accepted contract and satisfactory interior inspection, and tenants should not be disturbed. The home is framed construction with carpet flooring, composition roofing, and natural gas forced-air heating with electric and gas cooling. Appliances include a dishwasher, disposal, microwave, range, and refrigerator. The property sits on a 0.28-acre lot and has a total size of 3,962 square feet.
The duplex is located at 3903 N Pepper Ridge in Wichita, Kansas 67205, within the Maize South School District. Public water is available, and natural gas is available for service. HOA is in place and covers lawn care and trash service.
Built in 2005, this is a straightforward duplex configuration suited to tenants looking for in-unit laundry, outdoor deck space, and finished, view-out basement living.
The duplex is located at 3903 N Pepper Ridge in Wichita, Kansas 67205, within the Maize South School District. Public water is available, and natural gas is available for service. HOA is in place and covers lawn care and trash service.
Built in 2005, this is a straightforward duplex configuration suited to tenants looking for in-unit laundry, outdoor deck space, and finished, view-out basement living.
Key Highlights
- Two tenant‑occupied units with four bedrooms and three bathrooms per unit
- Each unit includes main‑floor laundry and a private deck
- View‑out basement, vaulted ceilings, and a fireplace in each unit
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
$33,128
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
8.32%
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%
$662,560
$662.6K
Cap Rate 7%
$473,257
$473.3K
Cap Rate 9%
$368,089
$368.1K
Market Conditions
NOI Build-Up for 3,962 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
$49.9K $12.60/SF
− Vacancy
−$2.6K −$0.66/SF
EGI
$47.3K $11.94/SF
− OpEx
−$14.2K −$3.58/SF
NOI
$33.1K $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%
$662,560
Cap Rate 7%
$473,257
Cap Rate 9%
$368,089
Alternative Uses
Best Use
Multifamily LT 5
$473.3K
$414.1K – $552.1K
NOI $33,128 @ 7.0% cap · market cap 8.32%
Second Best
Apartment 5plus
$436.5K
$381.9K – $509.3K
NOI $30,555 @ 7.0% cap · market cap 7.68%
Theoretical Best
Office A
$841.1K
$736.0K – $981.3K
NOI $58,878 @ 7.0% cap · market cap 14.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
39
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 - Duplex with private decks, view-out basements, vaulted ceilings, and main-floor laundry in each unit within the Maize South School District.
Where is this duplex located?
The property is located at 3903 N Pepper Ridge Wichita, KS.
What is the asking price?
The asking price for this property is $398,000.
What are key features of this property?
This property features: Two tenant‑occupied units with four bedrooms and three bathrooms per unit; Each unit includes main‑floor laundry and a private deck; View‑out basement, vaulted ceilings, and a fireplace in each unit
