Updated Two-Unit
For Sale
$140,000
1301 N Piatt, Wichita, KS 67214
Well-maintained duplex with one renovated unit and convenient access to Wichita State University, shopping, dining, and public transportation.
Property Size1,008 SF
Price / SF$138.89
Days on Market33
Property Features for 1301 N Piatt
General Information
Standard status
Active
Size
1,008 SF
Property subtype
Multi-Family
Building Details
Year Built
1940
Listing Agency:
RE/MAX Associates
(316) 288-9142
Listed By:
Alex Carbajal · License #BR00220297
Source:
Highpointks
Added: Jul 30
Changed: Aug 30
Last Checked: Aug 30 at 7:49PM
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 1940 duplex contains two one-bedroom, one-bath units within 1,008 square feet. Unit 1303 has received substantial interior work, including a remodeled kitchen and bathroom, updated plumbing and electrical systems, hardwood flooring, a newer water heater, and a newer air conditioner. Exterior improvements include a newer roof, siding, and gutters. The property is located at 1301 N Piatt in Wichita, near Wichita State University, shopping, restaurants, and public transportation. Both units have maintained consistent occupancy over the past four years, and the two-unit configuration supports an owner-occupant arrangement with a separate rental unit or continued leasing of both residences.
Key Highlights
- Two‑unit duplex with 1 bedroom and 1 bathroom in each unit
- 1,008 square feet; built in 1940
- Unit 1303 includes 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
5.94%
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 5.94%
Second Best
Apartment 5plus
$110.5K
$96.7K – $128.9K
NOI $7,733 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$249.6K
$218.4K – $291.2K
NOI $17,471 @ 7.0% cap · market cap 12.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
252
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 - Well-maintained duplex with one renovated unit and convenient access to Wichita State University, shopping, dining, and public transportation.
Where is this duplex located?
The property is located at 1301 N Piatt Wichita, KS.
What is the asking price?
The asking price for this property is $140,000.
What are key features of this property?
This property features: Two‑unit duplex with 1 bedroom and 1 bathroom in each unit; 1,008 square feet; built in 1940; Unit 1303 includes a remodeled kitchen and bathroom
