Three-Bedroom Duplex
For Sale
$129,900
Pending
185 N Indian Lakes Dr, Clearwater, KS 67147
Residential, Clearwater, KS
Property Size1,050 SF
Lot Size0.11 Acres
Days on Market65
Property Features for 185 N Indian Lakes Dr
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Kitchen, Bedroom 3, Laundry Room, Bathroom 2, Bedroom 2, Bathroom 1
Appliances
Dishwasher, Microwave, Refrigerator, Range
Subdivision
NONE LISTED ON TAX RECORD
Lot features
Standard
Elementary school
Clearwater West
Middle school
Clearwater
High school
Clearwater
Elementary school district
Clearwater School District (USD 264)
Middle school district
Clearwater School District (USD 264)
High school district
Clearwater School District (USD 264)
Directions
From 71st St S. & 135th St. W. - South on 135th St W, East on Janet Ave, South on Indian Lakes Dr to property
Standard status
Pending
APN
26624-30020162
Size
1,050 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Long legal. See taxes in Property Information Packet.
Tax Annual Amount
2520
HOA Fee
$408 Annually
Legal Description
Long legal. See taxes in Property Information Packet.
Utilities
Utilities
Natural Gas Available
Heating system
Natural Gas, Forced Air
Cooling system
Electric, Central Air
Amenities
covered front porch
washer/dryer hookups
Building Details
Year built
2024
Floors in Building
1
Building materials
Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
McCurdy Real Estate & Auction, LLC
(316) 867-3600
Listed By:
Braden McCurdy · License #BR00052737
(316) 683-0612
Added: Jul 1
Changed: Sep 3
Last Checked: Sep 3 at 8:06PM
MLS# 675553
Copyright © 2026 South Central Kansas MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,050-square-foot duplex unit, built in 2024, offers three bedrooms and two full bathrooms in an open-concept layout. The kitchen includes a large island, granite countertops, stainless steel appliances, and ample cabinetry, with the refrigerator, range/oven, dishwasher, and microwave included. The primary bedroom has its own full bathroom and generous closet space. A second full bathroom, laundry hookups, slab construction, and no basement complete the interior.
The unit includes an attached one-car garage, driveway and street parking, a covered front porch with cedar posts, and a sprinkler system. The adjoining units connect only at the garage walls, supporting separation between living areas. Natural gas forced-air heat, central electric cooling, and a composition roof are also provided. The property is located within Clearwater city limits near schools, shopping, and everyday amenities.
The unit includes an attached one-car garage, driveway and street parking, a covered front porch with cedar posts, and a sprinkler system. The adjoining units connect only at the garage walls, supporting separation between living areas. Natural gas forced-air heat, central electric cooling, and a composition roof are also provided. The property is located within Clearwater city limits near schools, shopping, and everyday amenities.
Key Highlights
- 1,050‑square‑foot duplex unit with 3 bedrooms and 2 full bathrooms
- Built in 2024 with open‑concept living areas and slab construction
- Kitchen includes granite counters, island, stainless appliances, and ample cabinetry
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
$8,098
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
6.23%
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%
$161,960
$162.0K
Cap Rate 7%
$115,686
$115.7K
Cap Rate 9%
$89,978
$90.0K
Market Conditions
NOI Build-Up for 1,050 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
$15.5K $14.76/SF
− Vacancy
−$775 −$0.74/SF
EGI
$14.7K $14.02/SF
− OpEx
−$6.6K −$6.31/SF
NOI
$8.1K $7.71/SF
Area
Sedgwick County, KS
Vacancy
5.00%
Lease Rate
$14.76 /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%
$161,960
Cap Rate 7%
$115,686
Cap Rate 9%
$89,978
Alternative Uses
Best Use
Apartment 5plus
$115.7K
$101.2K – $135.0K
NOI $8,098 @ 7.0% cap · market cap 6.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$218.8K
$191.5K – $255.3K
NOI $15,319 @ 7.0% cap · market cap 11.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
132
Businesses Nearby
Explore this area
Business Placement
Demographics for 67147, KS
10,715
Population
4,106
Households
2.6
Avg Household Size
37
Median Age
39%
College-Educated
92%
High-School Grad
103.6 sq mi
ZIP Area
103
Density / Sq Mi
$82,711
Median Household Income
$47,569
Median Earnings
$996
Median Rent
$227,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Vacant residential income unit with contemporary finishes, an attached garage, and a private primary suite.
Where is this residential income property located?
The property is located at 185 N Indian Lakes Dr Clearwater, KS.
What is the asking price?
The asking price for this property is $129,900.
What are key features of this property?
This property features: 1,050‑square‑foot duplex unit with 3 bedrooms and 2 full bathrooms; Built in 2024 with open‑concept living areas and slab construction; Kitchen includes granite counters, island, stainless appliances, and ample cabinetry
