New-Construction
New
For Sale
$315,000
1615 Fairmount St, Wichita, KS 67208
Both residences have open layouts, modern finishes, and three bedrooms with two bathrooms.
Property Size2,288 SF
Price / SF$137.67
Days on Market7
Property Features for 1615 Fairmount St
General Information
Standard status
Active
Size
2,288 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$110
Listing Agency:
High Point Realty, LLC
(316) 990-5740
Listed By:
Bobby Armstrong · License #00242566
(316) 990-0712
Source:
Exprealty
Added: Sep 29
Changed: Oct 1
Last Checked: Oct 4 at 7:18PM
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 High Point Realty, LLC
Investment Insights
Based on property information with market context.
This Wichita duplex is under construction, with completion expected in approximately 2-3 months. Each of its two residences is arranged with three bedrooms, two bathrooms, an open layout, and modern finishes. Finishes, colors, fixtures, and materials may vary from those shown in reference photos of a previously completed unit.
The property has no HOA or special taxes and is located minutes from Wichita State University. Nearby shopping, dining, employment, and other Wichita amenities are also noted.
The property has no HOA or special taxes and is located minutes from Wichita State University. Nearby shopping, dining, employment, and other Wichita amenities are also noted.
Key Highlights
- Two residences, each with 3 bedrooms and 2 bathrooms
- Construction completion expected in approximately 2‑3 months
- No HOA or special taxes
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,868
Cap Rate
5.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$377,360
$377.4K
Cap Rate 7%
$269,543
$269.5K
Cap Rate 9%
$209,644
$209.6K
Market Conditions
NOI Build-Up for 2,288 SF
Gross rent
$28.8K $12.60/SF
− Vacancy
−$1.9K −$0.82/SF
EGI
$27.0K $11.78/SF
− OpEx
−$8.1K −$3.53/SF
NOI
$18.9K $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 Rate 5%
$377,360
Cap Rate 7%
$269,543
Cap Rate 9%
$209,644
Alternative Uses
Best Use
Multifamily LT 5
$269.5K
$235.9K – $314.5K
NOI $18,868 @ 7.0% cap · market cap 5.99%
Second Best
Apartment 5plus
$250.7K
$219.4K – $292.5K
NOI $17,552 @ 7.0% cap · market cap 5.57%
Theoretical Best
Office A
$566.5K
$495.7K – $660.9K
NOI $39,656 @ 7.0% cap · market cap 12.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
389
Businesses Nearby
Explore this area
Business Placement
Demographics for 67208, KS
17,901
Population
8,067
Households
2.2
Avg Household Size
33
Median Age
41%
College-Educated
94%
High-School Grad
5.0 sq mi
ZIP Area
3,580
Density / Sq Mi
$60,049
Median Household Income
$39,056
Median Earnings
$1,008
Median Rent
$179,100
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 - Both residences have open layouts, modern finishes, and three bedrooms with two bathrooms.
Where is this duplex located?
The property is located at 1615 Fairmount St Wichita, KS.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Two residences, each with 3 bedrooms and 2 bathrooms; Construction completion expected in approximately 2‑3 months; No HOA or special taxes
