New Construction
For Sale
$244,900
711 N Rainbow Lake St., Wichita, KS 67235
Residential, Wichita, KS
Property Size1,470 SF
Lot Size0.26 Acres
Price / SF$166.60
Days on Market204
Property Features for 711 N Rainbow Lake St.
General Information
Property type
Residential
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 2, Laundry Room, Bathroom 2, Bathroom 1, Dining Room, Bedroom 1
Window features
Storm Window(s)
Patio and Porch features
Patio
Interior features
Ceiling Fan(s), Walk-In Closet(s), Vaulted Ceiling(s)
Exterior features
Guttering - ALL, Sprinkler System, Zero Step Entry, Frame w/Less than 50% Mas
Appliances
Dishwasher, Disposal, Microwave, Refrigerator, Range
Subdivision
Bridger at Central Addition - Crescent Creek
Lot features
Wooded
Elementary school
Explorer
Middle school
Eisenhower
High school
Dwight D. Eisenhower
Elementary school district
Goddard School District (USD 265)
Middle school district
Goddard School District (USD 265)
High school district
Goddard School District (USD 265)
Directions
West on Central from 119th to "Crescent Creek", east of 135th. North on Rainbow Lake St.
Standard status
Active
APN
30027989
Size
1,470 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 3 BLOCK C BRIDGER AT CENTRAL ADDITION
HOA Fee
$1,500 Annually
Legal Description
LOT 3 BLOCK C BRIDGER AT CENTRAL ADDITION
Utilities
Utilities
Natural Gas Available
Heating system
Natural Gas, Forced Air
Cooling system
Electric, Central Air
Amenities
private side patio
covered back patio
fully fenced and landscaped yard
Building Details
Year built
2026
Floors in Building
1
Roof type
Composition
Architectural style
Ranch
Listing Agency:
RE/MAX Premier · RE/MAX International
(316) 773-2707
Listed By:
Karen Hampton · License #00052101
(316) 641-9442
Added: Feb 13
Changed: Sep 2
Last Checked: Sep 5 at 7:06AM
MLS# 668257
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 duplex presents two ranch-style residences, with each side offering 1,470 square feet of living area. The three-bedroom, two-bath layout includes a vaulted living room, LVP flooring, and a kitchen with quartz counters, an eating bar, pantry, and stainless steel appliances. Each residence also includes a primary suite with a walk-in closet and double-vanity bath, plus a two-car garage.
Outdoor features include a private fenced and landscaped yard, a side patio, and a 12x14 covered rear patio facing a wooded lot. The exterior combines front brick wainscot with LP Smart Lap siding, while natural gas forced-air heat, central air, and a composition roof serve the homes.
The property is in Crescent Creek, just east of 135th Street off Central in Wichita. Planned community features include a clubhouse, swimming pool, pickleball court, stocked lake, and walking paths.
Outdoor features include a private fenced and landscaped yard, a side patio, and a 12x14 covered rear patio facing a wooded lot. The exterior combines front brick wainscot with LP Smart Lap siding, while natural gas forced-air heat, central air, and a composition roof serve the homes.
The property is in Crescent Creek, just east of 135th Street off Central in Wichita. Planned community features include a clubhouse, swimming pool, pickleball court, stocked lake, and walking paths.
Key Highlights
- Duplex with 1,470 square feet of living space on each side
- Each side has 3 bedrooms, 2 bathrooms, and a 2‑car garage
- 12x14 covered back patio overlooking a wooded lot
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
$12,123
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
4.95%
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%
$242,460
$242.5K
Cap Rate 7%
$173,186
$173.2K
Cap Rate 9%
$134,700
$134.7K
Market Conditions
NOI Build-Up for 1,470 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
$18.5K $12.60/SF
− Vacancy
−$1.2K −$0.82/SF
EGI
$17.3K $11.78/SF
− OpEx
−$5.2K −$3.53/SF
NOI
$12.1K $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%
$242,460
Cap Rate 7%
$173,186
Cap Rate 9%
$134,700
Alternative Uses
Best Use
Multifamily LT 5
$173.2K
$151.5K – $202.1K
NOI $12,123 @ 7.0% cap · market cap 4.95%
Second Best
Apartment 5plus
$161.1K
$141.0K – $188.0K
NOI $11,277 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$364.0K
$318.5K – $424.6K
NOI $25,478 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
33
Businesses Nearby
Explore this area
Business Placement
Demographics for 67235, KS
14,824
Population
5,311
Households
2.8
Avg Household Size
38
Median Age
45%
College-Educated
98%
High-School Grad
10.8 sq mi
ZIP Area
1,373
Density / Sq Mi
$112,500
Median Household Income
$51,333
Median Earnings
$1,541
Median Rent
$298,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Ranch-style units feature private fenced yards, covered patios, and attached garages in the Crescent Creek community.
Where is this duplex located?
The property is located at 711 N Rainbow Lake St. Wichita, KS.
What is the asking price?
The asking price for this property is $244,900.
What are key features of this property?
This property features: Duplex with 1,470 square feet of living space on each side; Each side has 3 bedrooms, 2 bathrooms, and a 2‑car garage; 12x14 covered back patio overlooking a wooded lot
