Tenant-Occupied Duplex with
For Sale
$125,000
615 N Elder St, Wichita, KS 67212
Residential, Wichita, KS
Property Size864 SF
Lot Size0.11 Acres
Price / SF$144.68
Days on Market27
Property Features for 615 N Elder St
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Bedroom 1, Bathroom 2, Laundry Room, Bathroom 1, Bedroom 2, Kitchen
Interior features
Walk-In Closet(s)
Exterior features
Guttering - ALL, Vinyl/Aluminum
Fencing
Chain Link
Appliances
Dishwasher, Refrigerator, Range
Subdivision
FRUITVALE PARK
Lot features
Standard
Elementary school
Dodge
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, Exit on W Central, East on W Central Ave, turn South on N Elder St to home
Standard status
Active
APN
00212653
Size
864 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BEG SE COR LOT 8 W 82.74 FT N 60 FTTO N LI E 83.71 FT TO NE COR S 60 FT TO BEG BLOCK 11 FRUITVALE PA
Tax Annual Amount
794
Legal Description
BEG SE COR LOT 8 W 82.74 FT N 60 FTTO N LI E 83.71 FT TO NE COR S 60 FT TO BEG BLOCK 11 FRUITVALE PA
Utilities
Utilities
Natural Gas Available
Heating system
Natural Gas, Forced Air
Cooling system
Electric, Central Air
Building Details
Year built
1984
Floors in Building
1
Building materials
Frame
Roof type
Composition
Architectural style
Ranch
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Chris Greene · License #00236722
(316) 617-6516
Added: Aug 8
Changed: Aug 26
Last Checked: Sep 3 at 4:06PM
MLS# 677248
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 tenant-occupied duplex property includes an 864-square-foot ranch-style residence with two bedrooms, two bathrooms, and a one-car garage. The primary bedroom features a private half bath and walk-in closet, while a separate laundry room adds functional utility. The kitchen includes a dishwasher, refrigerator, and range; the microwave is excluded. The home was renovated within the last three years, with a newer garage door and composition roof installed less than one year ago.
Located at 615 N Elder St in Wichita, the property sits on a 0.11-acre lot and includes chain-link fencing, vinyl or aluminum exterior elements, central air conditioning, and natural-gas forced-air heat. The tenant handles all utilities and lawn care, and the property currently has rental income with a tenant in place.
Located at 615 N Elder St in Wichita, the property sits on a 0.11-acre lot and includes chain-link fencing, vinyl or aluminum exterior elements, central air conditioning, and natural-gas forced-air heat. The tenant handles all utilities and lawn care, and the property currently has rental income with a tenant in place.
Key Highlights
- Tenant occupied with current rental income
- 864 SF ranch‑style residence on a 0.11‑acre lot
- Two bedrooms, 2 bathrooms, and a 1‑car garage
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
$6,447
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
5.16%
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%
$128,940
$128.9K
Cap Rate 7%
$92,100
$92.1K
Cap Rate 9%
$71,633
$71.6K
Market Conditions
NOI Build-Up for 864 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
$9.8K $11.40/SF
− Vacancy
−$640 −$0.74/SF
EGI
$9.2K $10.66/SF
− OpEx
−$2.8K −$3.20/SF
NOI
$6.4K $7.46/SF
Area
ZIP 67212
Vacancy
6.50%
Lease Rate
$11.40 /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%
$128,940
Cap Rate 7%
$92,100
Cap Rate 9%
$71,633
Alternative Uses
Best Use
Multifamily LT 5
$92.1K
$80.6K – $107.5K
NOI $6,447 @ 7.0% cap · market cap 5.16%
Second Best
Apartment 5plus
$85.9K
$75.2K – $100.3K
NOI $6,016 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$188.5K
$165.0K – $219.9K
NOI $13,196 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
237
Businesses Nearby
Explore this area
Business Placement
Demographics for 67212, KS
43,587
Population
19,409
Households
2.2
Avg Household Size
39
Median Age
32%
College-Educated
93%
High-School Grad
12.5 sq mi
ZIP Area
3,487
Density / Sq Mi
$64,957
Median Household Income
$42,601
Median Earnings
$1,021
Median Rent
$189,000
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 - Renovated ranch-style rental with a spacious primary bedroom, private half bath, walk-in closet, and separate laundry room.
Where is this duplex located?
The property is located at 615 N Elder St Wichita, KS.
What is the asking price?
The asking price for this property is $125,000.
What are key features of this property?
This property features: Tenant occupied with current rental income; 864 SF ranch‑style residence on a 0.11‑acre lot; Two bedrooms, 2 bathrooms, and a 1‑car garage
