New Construction Duplex Investment
For Sale
$1,300,000
1514 North Madison Avenue, Wichita, KS 67214
New construction duplexes with modern amenities and fenced yards.
Property Size11,849 SF
Days on Market133
Property Features for 1514 North Madison Avenue
General Information
Standard status
Active
Size
11,849 SF
Property subtype
Multifamily
Building Details
Building Size
11,849 SF
Listing Agency:
NAI Martens
(316) 613-2447
Listed By:
Trent Garman · License #SP00237691
Source:
Naiglobal
Added: Apr 1
Changed: Aug 10
Last Checked: Aug 11 at 5:14AM
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 NAI Martens
Investment Insights
Based on property information with market context.
This is a new construction property featuring ten units across five duplex buildings. Each unit includes granite countertops and stainless steel kitchen appliances. The master bedrooms feature walk-in closets, and each unit has a pantry. Fenced-in back yards provide private outdoor space, complemented by a covered porch and concrete patio. Exterior security lights with motion sensors and energy-efficient light fixtures are installed throughout the property.
Key Highlights
- New Construction
- 10 Unit, 5 Building Duplexes
- Enjoy cooking with granite counter tops and stainless steel kitchen appliances.
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
$97,715
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
7.52%
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%
$1,954,300
$2.0M
Cap Rate 7%
$1,395,929
$1.4M
Cap Rate 9%
$1,085,722
$1.1M
Market Conditions
NOI Build-Up for 11,849 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
$149.3K $12.60/SF
− Vacancy
−$9.7K −$0.82/SF
EGI
$139.6K $11.78/SF
− OpEx
−$41.9K −$3.53/SF
NOI
$97.7K $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%
$1,954,300
Cap Rate 7%
$1,395,929
Cap Rate 9%
$1,085,722
Alternative Uses
Best Use
Multifamily LT 5
$1.40M
$1.22M – $1.63M
NOI $97,715 @ 7.0% cap · market cap 7.52%
Second Best
Apartment 5plus
$1.30M
$1.14M – $1.52M
NOI $90,900 @ 7.0% cap · market cap 6.99%
Theoretical Best
Office A
$2.93M
$2.57M – $3.42M
NOI $205,370 @ 7.0% cap · market cap 15.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
140
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 - New construction duplexes with modern amenities and fenced yards.
Where is this duplex located?
The property is located at 1514 North Madison Avenue Wichita, KS.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: New Construction; 10 Unit, 5 Building Duplexes; Enjoy cooking with granite counter tops and stainless steel kitchen appliances.
