Side-by-Side
For Sale
$170,000
827-829 S Terrace Dr, Wichita, KS 67218
Residential Income, Wichita, KS
Property Size1,056 SF
Lot Size0.15 Acres
Price / SF$160.98
Days on Market61
Property Features for 827-829 S Terrace Dr
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking
2
Appliances
Dishwasher, Disposal, Microwave, Range, Refrigerator, Washer, Dryer
Elementary school
Jefferson
Middle school
Curtis
High school
Southeast
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 Kellogg turn south on Oliver, then take a right onto Morris (west), then south onto Terrace. Duplex is halfway down the street on the righthand side. There are two duplexes facing each other, this is the one on the north side. Coming from the south going north on Oliver, turn left onto Lincoln (west), then right onto Terrace. Duplex is halfway down the street on the left-hand side. There are two duplexes facing each other, this is the one on the north side
Subdivision
SCKMLS
Standard status
Active
APN
20173-127-26-0-14-05-015.00
Size
1,056 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 16 BLOCK 1 PURCELL'S 2ND. ADD.
Tax Annual Amount
1134
Legal Description
LOT 16 BLOCK 1 PURCELL'S 2ND. ADD.
Utilities
Heating system
Forced Air
Cooling system
Ceiling Fan(s)
Water source
Public
Building Details
Year built
1942
Number of units
2
Flooring type
Tile, Carpet
Building materials
Vinyl Siding
Roof type
Composition
Architectural style
Other
Listing Agency:
Exp Realty, LLC
(855) 414-1871
Listed By:
Bonnie Dalleo
(860) 906-7214
Added: Jul 24
Changed: Sep 14
Last Checked: Sep 22 at 5:06AM
MLS# 676477
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 side-by-side duplex in Wichita contains two one-bedroom, one-bathroom units within 1,056 square feet. Both units are currently rented, and the existing tenants would like to remain. The property has vinyl siding, newer windows, tile and carpet flooring, forced-air heating, ceiling fans, and composition roofing. Each unit includes a range, refrigerator, dishwasher, disposal, microwave, washer, and dryer.
Built in 1942, the property occupies 0.1499 acres at 827-829 S Terrace Dr in Wichita, Kansas. Public water serves the building, and off-street parking is available. The two-unit layout and existing occupancy provide a straightforward configuration for a residential income property.
Built in 1942, the property occupies 0.1499 acres at 827-829 S Terrace Dr in Wichita, Kansas. Public water serves the building, and off-street parking is available. The two-unit layout and existing occupancy provide a straightforward configuration for a residential income property.
Key Highlights
- Two one‑bedroom, one‑bathroom units in a side‑by‑side duplex
- 1,056 square feet on a 0.1499‑acre lot
- Both units are currently rented; existing tenants would like to stay
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
$8,709
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
5.12%
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%
$174,180
$174.2K
Cap Rate 7%
$124,414
$124.4K
Cap Rate 9%
$96,767
$96.8K
Market Conditions
NOI Build-Up for 1,056 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
$13.3K $12.60/SF
− Vacancy
−$865 −$0.82/SF
EGI
$12.4K $11.78/SF
− OpEx
−$3.7K −$3.53/SF
NOI
$8.7K $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%
$174,180
Cap Rate 7%
$124,414
Cap Rate 9%
$96,767
Alternative Uses
Best Use
Multifamily LT 5
$124.4K
$108.9K – $145.2K
NOI $8,709 @ 7.0% cap · market cap 5.12%
Second Best
Apartment 5plus
$115.7K
$101.3K – $135.0K
NOI $8,101 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$261.5K
$228.8K – $305.1K
NOI $18,303 @ 7.0% cap · market cap 10.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
912
Businesses Nearby
Explore this area
Business Placement
Demographics for 67218, KS
23,044
Population
11,483
Households
2
Avg Household Size
35
Median Age
25%
College-Educated
81%
High-School Grad
5.0 sq mi
ZIP Area
4,609
Density / Sq Mi
$47,905
Median Household Income
$33,750
Median Earnings
$905
Median Rent
$117,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two one-bedroom units are currently rented and include off-street parking for residents.
Where is this duplex located?
The property is located at 827-829 S Terrace Dr Wichita, KS.
What is the asking price?
The asking price for this property is $170,000.
What are key features of this property?
This property features: Two one‑bedroom, one‑bathroom units in a side‑by‑side duplex; 1,056 square feet on a 0.1499‑acre lot; Both units are currently rented; existing tenants would like to stay
