Lakefront Duplex with Covered
For Sale
$229,900
806 N Wheatland St, Wichita, KS 67235
Residential, Wichita, KS
Property Size1,411 SF
Lot Size0.27 Acres
Price / SF$162.93
Days on Market8
Property Features for 806 N Wheatland St
General Information
Property type
Residential
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Laundry Room, Dining Room, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 1
Window features
Storm Window(s)
Patio and Porch features
Patio
Interior features
Ceiling Fan(s), Walk-In Closet(s), Vaulted Ceiling(s), Window Coverings-All
Exterior features
Guttering - ALL, Sprinkler System, Zero Step Entry, Frame w/Less than 50% Mas
Fireplace
1
Appliances
Dishwasher, Disposal, Microwave, Refrigerator, Range
Subdivision
Bridger at Central Addition - Crescent Creek
Lot features
Pond/ Lake
Elementary school
Maize USD266
Middle school
Maize
High school
Maize
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
West on Central from 119th to "Crescent Creek", east of 135th. North on Rainbow Lake St.
Standard status
Active
APN
30028164
Size
1,411 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LOT 2 BLOCK K BRIDGER AT CENTRAL ADDITION
Tax Annual Amount
2
HOA Fee
$1,500 Annually
Legal Description
LOT 2 BLOCK K BRIDGER AT CENTRAL ADDITION
Utilities
Utilities
Natural Gas Available
Heating system
Natural Gas, Forced Air
Cooling system
Central Air, Electric
Amenities
electric fireplace
covered patio
fully fenced yard
sprinkler system
shared irrigation well
Building Details
Year built
2026
Floors in Building
1
Flooring type
Laminate
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: Aug 16
Changed: Aug 22
Last Checked: Aug 23 at 12:06PM
MLS# 677630
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 property presents the Sunflower plan with 1,411 square feet, three bedrooms, and two baths. The ranch layout includes a vaulted living room with an electric fireplace, a kitchen with quartz countertops, stainless steel appliances, pantry storage, and an adjoining dining area. The primary suite features a walk-in closet, double quartz vanities, and a walk-in shower. A 12x14 covered patio opens to a fully fenced yard with a sprinkler system and shared irrigation well. Natural gas forced-air heating and central electric cooling serve the home, while zero-step entry supports convenient access.
The property is located at 806 N Wheatland St in Wichita's Crescent Creek community, just east of 135th Street off Central. It is positioned on the lake and is planned to benefit from community amenities including a clubhouse, swimming pool, pickleball court, stocked lake, and walking paths. Multiple floor plans are available.
The property is located at 806 N Wheatland St in Wichita's Crescent Creek community, just east of 135th Street off Central. It is positioned on the lake and is planned to benefit from community amenities including a clubhouse, swimming pool, pickleball court, stocked lake, and walking paths. Multiple floor plans are available.
Key Highlights
- 1,411‑square‑foot duplex property with 3 bedrooms and 2 baths
- 12x14 covered patio positioned on the lake
- Fully fenced yard with sprinkler system and shared irrigation well
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
$11,636
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
5.06%
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%
$232,720
$232.7K
Cap Rate 7%
$166,229
$166.2K
Cap Rate 9%
$129,289
$129.3K
Market Conditions
NOI Build-Up for 1,411 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 $12.60/SF
− Vacancy
−$1.2K −$0.82/SF
EGI
$16.6K $11.78/SF
− OpEx
−$5.0K −$3.53/SF
NOI
$11.6K $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%
$232,720
Cap Rate 7%
$166,229
Cap Rate 9%
$129,289
Alternative Uses
Best Use
Multifamily LT 5
$166.2K
$145.5K – $193.9K
NOI $11,636 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$154.6K
$135.3K – $180.4K
NOI $10,825 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$349.4K
$305.7K – $407.6K
NOI $24,456 @ 7.0% cap · market cap 10.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
110
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
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Frequently Asked Questions
What type of property is this?
Duplex - Under-construction ranch residence with fenced yard, quartz finishes, and 2-car garage.
Where is this duplex located?
The property is located at 806 N Wheatland St Wichita, KS.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: 1,411‑square‑foot duplex property with 3 bedrooms and 2 baths; 12x14 covered patio positioned on the lake; Fully fenced yard with sprinkler system and shared irrigation well
