Villa-Style Apartment
For Sale
$1,900,000
1625 S Longford St, Wichita, KS 67207
Twenty-unit residential property built in 1980 for multifamily ownership or operation.
Property Size16,840 SF
Days on Market11
Property Features for 1625 S Longford St
General Information
Standard status
Active
Size
16,840 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
20
Building Details
Building Size
16,840 SF
Year Built
1980
Listing Agency:
NAI Martens
(316) 613-2447
Listed By:
Trent Garman · License #SP00237691
Source:
Naimartens
Added: Aug 21
Changed: Aug 26
Last Checked: Aug 31 at 1:17PM
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.
Spanish Villas is an apartment community located at 1625 S Longford St in Wichita, Kansas. The property includes 20 residential units and was built in 1980.
The villa-style character distinguishes the community within the apartment-building category. The asset is offered for sale as a multifamily property.
The villa-style character distinguishes the community within the apartment-building category. The asset is offered for sale as a multifamily property.
Key Highlights
- 20‑unit apartment community
- Built in 1980
- Located at 1625 S Longford St, Wichita, KS 67207
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
$122,996
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
6.47%
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%
$2,459,920
$2.5M
Cap Rate 7%
$1,757,086
$1.8M
Cap Rate 9%
$1,366,622
$1.4M
Market Conditions
NOI Build-Up for 16,840 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
$234.4K $13.92/SF
− Vacancy
−$10.8K −$0.64/SF
EGI
$223.6K $13.28/SF
− OpEx
−$100.6K −$5.98/SF
NOI
$123.0K $7.30/SF
Area
ZIP 67207
Vacancy
4.60%
Lease Rate
$13.92 /SF/Yr
Expense Ratio
45.00%
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%
$2,459,920
Cap Rate 7%
$1,757,086
Cap Rate 9%
$1,366,622
Alternative Uses
Best Use
Apartment 5plus
$1.76M
$1.54M – $2.05M
NOI $122,996 @ 7.0% cap · market cap 6.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.63M
$3.18M – $4.24M
NOI $254,427 @ 7.0% cap · market cap 13.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
464
Businesses Nearby
Explore this area
Business Placement
Demographics for 67207, KS
28,143
Population
12,755
Households
2.2
Avg Household Size
34
Median Age
29%
College-Educated
88%
High-School Grad
10.4 sq mi
ZIP Area
2,706
Density / Sq Mi
$66,400
Median Household Income
$39,070
Median Earnings
$961
Median Rent
$204,600
Median Home Value
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?
Apartment building - Twenty-unit residential property built in 1980 for multifamily ownership or operation.
Where is this apartment building located?
The property is located at 1625 S Longford St Wichita, KS.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 20‑unit apartment community; Built in 1980; Located at 1625 S Longford St, Wichita, KS 67207
