Three-Bedroom Duplex with
For Sale
$364,900
Pending
1351 N Azena St, Andover, KS
Two mirrored residences combine practical layouts, updated kitchen features, private outdoor space, and separate garage parking.
Property Size2,448 SF
Days on Market17
Property Features for 1351 N Azena St
General Information
Standard status
Pending
Size
2,448 SF
Total Parking Spaces
4
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$5,789
Amenities
vaulted ceilings
fully applianced kitchen
large center island
granite counters
walk in pantry
kitchen/dining combo
fenced backyard
Listing Agency:
LPT Realty, LLC
(316) 518-1711
Listed By:
Grant Farha
(316) 518-1711
Source:
Exprealty
Added: Aug 6
Changed: Aug 21
Last Checked: Aug 21 at 6:03AM
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 LPT Realty, LLC
Investment Insights
Based on property information with market context.
This duplex contains 2,448 square feet across two residences, with each side offering three bedrooms, two bathrooms, and a two-car garage. Both units include spacious living rooms with vaulted ceilings, fully equipped kitchens, large center islands, granite countertops, walk-in pantries, and kitchen-dining areas. Fenced backyards and a sprinkler system serve the property. Seller-owned appliances convey, excluding the washers and dryers.
Both tenants occupy their units on month-to-month terms and pay all utilities. The seller handles lawn maintenance. The property is located at 1351 N Azena St in Andover, Kansas, and includes units 1351 and 1353.
Both tenants occupy their units on month-to-month terms and pay all utilities. The seller handles lawn maintenance. The property is located at 1351 N Azena St in Andover, Kansas, and includes units 1351 and 1353.
Key Highlights
- Two‑unit duplex totaling 2,448 square feet
- Each residence includes 3 bedrooms, 2 bathrooms, and a 2‑car garage
- Kitchens feature granite counters, center islands, walk‑in pantries, and 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
$20,469
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
5.61%
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%
$409,380
$409.4K
Cap Rate 7%
$292,414
$292.4K
Cap Rate 9%
$227,433
$227.4K
Market Conditions
NOI Build-Up for 2,448 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
$30.8K $12.60/SF
− Vacancy
−$1.6K −$0.66/SF
EGI
$29.2K $11.94/SF
− OpEx
−$8.8K −$3.58/SF
NOI
$20.5K $8.36/SF
Area
Butler County, KS
Vacancy
5.20%
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%
$409,380
Cap Rate 7%
$292,414
Cap Rate 9%
$227,433
Alternative Uses
Best Use
Multifamily LT 5
$292.4K
$255.9K – $341.2K
NOI $20,469 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$269.7K
$236.0K – $314.7K
NOI $18,879 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$519.7K
$454.7K – $606.3K
NOI $36,379 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
177
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two mirrored residences combine practical layouts, updated kitchen features, private outdoor space, and separate garage parking.
Where is this duplex located?
The property is located at 1351 N Azena St Andover, KS.
What is the asking price?
The asking price for this property is $364,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,448 square feet; Each residence includes 3 bedrooms, 2 bathrooms, and a 2‑car garage; Kitchens feature granite counters, center islands, walk‑in pantries, and appliances
