Ranch Duplex with Attached Two-Car
For Sale
$187,500
506 E Harper St, Valley Center, KS 67147
Residential, Valley Center, KS
Property Size1,379 SF
Lot Size0.09 Acres
Price / SF$135.97
Days on Market234
Property Features for 506 E Harper St
General Information
Property type
Residential
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 3, Bathroom 1, Dining Room, Bedroom 1, Bedroom 2, Laundry Room, Bathroom 2
Patio and Porch features
Patio
Interior features
Ceiling Fan(s), Walk-In Closet(s), Vaulted Ceiling(s), Smoke Detector(s)
Exterior features
Guttering - ALL, Sprinkler System
Fireplace
1
Appliances
Dishwasher, Disposal, Microwave, Range, Smoke Detector
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
Active
APN
087-093-06-0-21-02-003.00
Size
1,379 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 1 BLOCK B SUNFLOWER VALLEY ADDITION
HOA Fee
$600 Annually
Legal Description
LOT 1 BLOCK B SUNFLOWER VALLEY ADDITION
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air, Natural Gas
Cooling system
Electric, Central Air
Building Details
Year built
2025
Floors in Building
1
Flooring type
Smoke detector(s)
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: Jan 11
Changed: Aug 19
Last Checked: Sep 2 at 8:06PM
MLS# 666901
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 under-construction ranch duplex features a split-bedroom floor plan with four bedrooms and two bathrooms. The layout includes a spacious kitchen with a walk-in pantry, plus a separate laundry area. Interior comforts include vaulted ceilings, walk-in closets, ceiling fans, central air, and forced-air heating with natural gas. The attached two-car garage provides convenience and additional storage. A covered patio extends the living space outdoors, and a fireplace is included in the home.
Exterior details include frame construction with a composition roof. The property also includes an installed sprinkler system and guttering for upkeep. Built in 2025 and located in the Valley Center School District, this twin home also lists a water view from the covered back patio. Appliances and finishes noted include a range, microwave, dishwasher, disposal, and a smoke detector.
Lot size is 0.09 acres, with 1,379 square feet of interior space.
Exterior details include frame construction with a composition roof. The property also includes an installed sprinkler system and guttering for upkeep. Built in 2025 and located in the Valley Center School District, this twin home also lists a water view from the covered back patio. Appliances and finishes noted include a range, microwave, dishwasher, disposal, and a smoke detector.
Lot size is 0.09 acres, with 1,379 square feet of interior space.
Key Highlights
- Ranch duplex under construction, built in 2025
- Four‑bedroom, two‑bath split‑bedroom floor plan
- Kitchen with walk‑in pantry plus separate laundry area
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
$10,635
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
5.67%
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%
$212,700
$212.7K
Cap Rate 7%
$151,929
$151.9K
Cap Rate 9%
$118,167
$118.2K
Market Conditions
NOI Build-Up for 1,379 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
$20.4K $14.76/SF
− Vacancy
−$1.0K −$0.74/SF
EGI
$19.3K $14.02/SF
− OpEx
−$8.7K −$6.31/SF
NOI
$10.6K $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%
$212,700
Cap Rate 7%
$151,929
Cap Rate 9%
$118,167
Alternative Uses
Best Use
Apartment 5plus
$151.9K
$132.9K – $177.3K
NOI $10,635 @ 7.0% cap · market cap 5.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$287.4K
$251.5K – $335.3K
NOI $20,120 @ 7.0% cap · market cap 10.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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 - Under-construction ranch duplex with a split-bedroom layout, patio, central air, and a covered water-view back patio.
Where is this single family property located?
The property is located at 506 E Harper St Valley Center, KS.
What is the asking price?
The asking price for this property is $187,500.
What are key features of this property?
This property features: Ranch duplex under construction, built in 2025; Four‑bedroom, two‑bath split‑bedroom floor plan; Kitchen with walk‑in pantry plus separate laundry area
