New Construction Ranch
For Sale
$169,900
Pending
501 E Harper St, Valley Center, KS 67147
Residential, Valley Center, KS
Property Size1,203 SF
Lot Size0.09 Acres
Days on Market334
Property Features for 501 E Harper St
General Information
Property type
Residential
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Laundry Room, Bedroom 1, Bedroom 3, Bathroom 2, Dining Room, Bedroom 2, Bathroom 1
Patio and Porch features
Patio
Subdivision
SUNFLOWER
Lot features
Standard
Elementary school
Valley Center
Middle school
Valley Center
High school
Valley Center
Elementary school district
Valley Center Pub School (USD 262)
Middle school district
Valley Center Pub School (USD 262)
High school district
Valley Center Pub School (USD 262)
Directions
West on 77th(Ford St.) - Go left onto Wybern St. Right onto E. Hayes St. and Right onto Harper St. Unit is on the left
Standard status
Pending
APN
087-093-06-0-21-02-006.09
Size
1,203 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Long Legal; See Taxes
HOA Fee
$600 Annually
Legal Description
Long Legal; See Taxes
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air, Natural Gas
Cooling system
Central Air, Electric
Building Details
Year built
2025
Floors in Building
1
Building materials
Frame
Roof type
Composition
Architectural style
Ranch
Listing Agency:
Heritage 1st Realty
(316) 512-1300
Listed By:
Dustin Lynam · License #00237038
(316) 259-9184
Added: Oct 4, 2025
Changed: Aug 31
Last Checked: Sep 2 at 3:06PM
MLS# 662871
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 ranch-style duplex is under construction and was built in 2025. The property provides 1,203 square feet with three bedrooms and two bathrooms, along with an open interior arrangement that connects the living room, kitchen, and dining areas. A large kitchen island and pantry add functional workspace and storage, while the primary suite includes a private bathroom and walk-in closet. The home also features a laundry room, patio, composition roof, frame construction, forced-air natural gas heating, and central electric cooling.
Set on a 0.09-acre lot at 501 E Harper St in Valley Center, the property includes an attached two-car garage. It is located within the Valley Center school district and has natural gas available.
Set on a 0.09-acre lot at 501 E Harper St in Valley Center, the property includes an attached two-car garage. It is located within the Valley Center school district and has natural gas available.
Key Highlights
- 3‑bedroom, 2‑bathroom duplex with 1,203 square feet
- Under construction with a 2025 build year
- Open floor plan with living room, kitchen, dining area, island, and pantry
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
$9,278
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
5.46%
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%
$185,560
$185.6K
Cap Rate 7%
$132,543
$132.5K
Cap Rate 9%
$103,089
$103.1K
Market Conditions
NOI Build-Up for 1,203 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
$17.8K $14.76/SF
− Vacancy
−$888 −$0.74/SF
EGI
$16.9K $14.02/SF
− OpEx
−$7.6K −$6.31/SF
NOI
$9.3K $7.71/SF
Area
Sedgwick County, KS
Vacancy
5.00%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
45.00%
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%
$185,560
Cap Rate 7%
$132,543
Cap Rate 9%
$103,089
Alternative Uses
Best Use
Apartment 5plus
$132.5K
$116.0K – $154.6K
NOI $9,278 @ 7.0% cap · market cap 5.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$250.7K
$219.4K – $292.5K
NOI $17,552 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
118
Businesses Nearby
Explore this area
Business Placement
Demographics for 67147, KS
10,715
Population
4,106
Households
2.6
Avg Household Size
37
Median Age
39%
College-Educated
92%
High-School Grad
103.6 sq mi
ZIP Area
103
Density / Sq Mi
$82,711
Median Household Income
$47,569
Median Earnings
$996
Median Rent
$227,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Ranch-style duplex under construction with an open layout, attached garage, and finishes suited to contemporary residential use.
Where is this single family property located?
The property is located at 501 E Harper St Valley Center, KS.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: 3‑bedroom, 2‑bathroom duplex with 1,203 square feet; Under construction with a 2025 build year; Open floor plan with living room, kitchen, dining area, island, and pantry
