Four-Duplex Multifamily
For Sale
$269,900
1019 N Spruce Ave, Wichita, KS 67214
Fully leased multifamily package with open-plan units, attached garages, and impact-resistant roofing.
Property Size2,100 SF
Price / SF$128.52
Days on Market53
Property Features for 1019 N Spruce Ave
General Information
Standard status
Active
Size
2,100 SF
Total Parking Spaces
8
Property subtype
Residential Income
Occupancy
100%
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$1,974
Building Details
Buildings
4
Listing Agency:
Keller Williams Signature Partners, LLC
(316) 312-3079
Listed By:
Randy Ambrose · License #00050774B
(316) 312-3079
Source:
Exprealty
Added: Jul 11
Changed: Aug 30
Last Checked: Aug 31 at 6:46PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Signature Partners, LLC
Investment Insights
Based on property information with market context.
This multifamily offering combines four duplexes in a single package, with all units currently leased. Each residence includes an open-concept arrangement connecting the living, dining, and kitchen areas, along with three bedrooms and two bathrooms. Granite countertops provide a consistent finish throughout the units, while insulated attached single-car garages support resident convenience and storage. The properties also feature durable 50-year impact-resistant roofs designed for long-term performance.
Located at 1019 N Spruce Ave in Wichita, Kansas, the portfolio is positioned as a fully occupied residential income property with established leasing in place. The package format provides multiple duplex buildings under one offering, while the repeated unit layouts and shared construction features create consistency across the portfolio.
Located at 1019 N Spruce Ave in Wichita, Kansas, the portfolio is positioned as a fully occupied residential income property with established leasing in place. The package format provides multiple duplex buildings under one offering, while the repeated unit layouts and shared construction features create consistency across the portfolio.
Key Highlights
- Four duplexes offered together as one multifamily package
- All units are fully leased
- Each unit includes three bedrooms and two bathrooms
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
$17,318
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
6.42%
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%
$346,360
$346.4K
Cap Rate 7%
$247,400
$247.4K
Cap Rate 9%
$192,422
$192.4K
Market Conditions
NOI Build-Up for 2,100 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
$26.5K $12.60/SF
− Vacancy
−$1.7K −$0.82/SF
EGI
$24.7K $11.78/SF
− OpEx
−$7.4K −$3.53/SF
NOI
$17.3K $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%
$346,360
Cap Rate 7%
$247,400
Cap Rate 9%
$192,422
Alternative Uses
Best Use
Multifamily LT 5
$247.4K
$216.5K – $288.6K
NOI $17,318 @ 7.0% cap · market cap 6.42%
Second Best
Apartment 5plus
$230.1K
$201.4K – $268.5K
NOI $16,110 @ 7.0% cap · market cap 5.97%
Theoretical Best
Office A
$520.0K
$455.0K – $606.6K
NOI $36,398 @ 7.0% cap · market cap 13.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,636
Businesses Nearby
Explore this area
Business Placement
Demographics for 67214, KS
15,936
Population
8,197
Households
1.9
Avg Household Size
33
Median Age
13%
College-Educated
77%
High-School Grad
5.3 sq mi
ZIP Area
3,007
Density / Sq Mi
$36,636
Median Household Income
$25,518
Median Earnings
$752
Median Rent
$72,600
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 - Fully leased multifamily package with open-plan units, attached garages, and impact-resistant roofing.
Where is this duplex located?
The property is located at 1019 N Spruce Ave Wichita, KS.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: Four duplexes offered together as one multifamily package; All units are fully leased; Each unit includes three bedrooms and two bathrooms
