Updated Duplex Near Wichita
For Sale
$130,000
1301 N Piatt Ave, Wichita, KS 67214
One residence features refreshed interiors, while the property benefits from newer roofing, siding, gutters, and mechanical components.
Property Size1,008 SF
Price / SF$128.97
Days on Market48
Property Features for 1301 N Piatt Ave
General Information
Standard status
Active
Size
1,008 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$460
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
RE/MAX Associates
(316) 288-9142
Listed By:
Alex Carbajal · License #BR00220297
(316) 288-9142
Source:
Exprealty
Added: Jun 25
Changed: Aug 10
Last Checked: Aug 10 at 2:20AM
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 RE/MAX Associates
Investment Insights
Based on property information with market context.
This 1,008-square-foot duplex contains two one-bedroom, one-bath units. Unit 1303 has received substantial interior and systems work, including a remodeled kitchen and bathroom, updated plumbing and electrical, hardwood flooring, a newer water heater, and a newer air conditioner. Property-wide exterior improvements include a newer roof, siding, and gutters.
The duplex is near Wichita State University, with shopping, restaurants, and public transportation also nearby. Both units have maintained occupancy during the past four years, providing an established rental history. The two-unit layout also supports an owner-occupant arrangement with a separate residence on site.
The duplex is near Wichita State University, with shopping, restaurants, and public transportation also nearby. Both units have maintained occupancy during the past four years, providing an established rental history. The two-unit layout also supports an owner-occupant arrangement with a separate residence on site.
Key Highlights
- Two‑unit duplex totaling 1,008 SF
- Each unit includes 1 bedroom and 1 bathroom
- Unit 1303 has a remodeled kitchen and bathroom
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
$8,313
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
6.39%
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%
$166,260
$166.3K
Cap Rate 7%
$118,757
$118.8K
Cap Rate 9%
$92,367
$92.4K
Market Conditions
NOI Build-Up for 1,008 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
$12.7K $12.60/SF
− Vacancy
−$826 −$0.82/SF
EGI
$11.9K $11.78/SF
− OpEx
−$3.6K −$3.53/SF
NOI
$8.3K $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%
$166,260
Cap Rate 7%
$118,757
Cap Rate 9%
$92,367
Alternative Uses
Best Use
Multifamily LT 5
$118.8K
$103.9K – $138.6K
NOI $8,313 @ 7.0% cap · market cap 6.39%
Second Best
Apartment 5plus
$110.5K
$96.7K – $128.9K
NOI $7,733 @ 7.0% cap · market cap 5.95%
Theoretical Best
Office A
$249.6K
$218.4K – $291.2K
NOI $17,471 @ 7.0% cap · market cap 13.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
841
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 - One residence features refreshed interiors, while the property benefits from newer roofing, siding, gutters, and mechanical components.
Where is this duplex located?
The property is located at 1301 N Piatt Ave Wichita, KS.
What is the asking price?
The asking price for this property is $130,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,008 SF; Each unit includes 1 bedroom and 1 bathroom; Unit 1303 has a remodeled kitchen and bathroom
