Four-Unit Apartment
For Sale
$165,000
Pending
213 W 9th St, Hutchinson, KS 67501
Residential Income, Hutchinson, KS
Property Size2,372 SF
Days on Market155
Property Features for 213 W 9th St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Parking features
Garage - Detached, Off Street
Basement
Crawl Space
Appliances
Gas Range, Refrigerator
Elementary school district
Faris
Subdivision
Hutchinson SW
Standard status
Pending
APN
1211203013006000
Size
2,372 SF
Taxes and HOA fees
Tax Annual Amount
1762
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1910
Floors in Building
2
Number of units
4
Building materials
Wood Siding
Roof type
Composition
Architectural style
Other
Listing Agency:
Reign Real Estate
(620) 281-1800
Listed By:
Jessica Schmidt
(620) 664-8298
Added: Apr 21
Changed: Sep 12
Last Checked: Sep 22 at 2:06AM
MLS# 54555
Copyright © 2026 Mid-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 four-unit residential property occupies a converted two-story home with 2,372 square feet of finished space. The apartment mix includes a studio, two one-bedroom units, and one two-bedroom unit. A detached garage provides storage, while off-street parking serves the property. Built in 1910, the building has wood siding, a composition roof, wall-furnace heating, and window-unit cooling.
The property is currently fully rented and includes gas ranges and refrigerators. Public water and sewer serve the site. The combination of multiple apartment configurations, separate cottage space, and existing garage storage creates a straightforward residential income layout.
The property is currently fully rented and includes gas ranges and refrigerators. Public water and sewer serve the site. The combination of multiple apartment configurations, separate cottage space, and existing garage storage creates a straightforward residential income layout.
Key Highlights
- Four finished apartments in a converted two‑story home
- 2,372 square feet of finished space
- Unit mix includes a studio, two 1‑bedroom units, and one 2‑bedroom unit
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
$14,747
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
8.94%
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%
$294,940
$294.9K
Cap Rate 7%
$210,671
$210.7K
Cap Rate 9%
$163,856
$163.9K
Market Conditions
NOI Build-Up for 2,372 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
$28.5K $12.00/SF
− Vacancy
−$1.7K −$0.70/SF
EGI
$26.8K $11.30/SF
− OpEx
−$12.1K −$5.09/SF
NOI
$14.7K $6.22/SF
Area
Reno County, KS
Vacancy
5.80%
Lease Rate
$12.00 /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%
$294,940
Cap Rate 7%
$210,671
Cap Rate 9%
$163,856
Alternative Uses
Best Use
Multifamily LT 5
$226.2K
$197.9K – $263.9K
NOI $15,835 @ 7.0% cap · market cap 9.60%
Second Best
Apartment 5plus
$210.7K
$184.3K – $245.8K
NOI $14,747 @ 7.0% cap · market cap 8.94%
Theoretical Best
Office A
$480.1K
$420.1K – $560.2K
NOI $33,610 @ 7.0% cap · market cap 20.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
682
Businesses Nearby
Explore this area
Business Placement
Demographics for 67501, KS
24,779
Population
11,075
Households
2.2
Avg Household Size
37
Median Age
11%
College-Educated
85%
High-School Grad
188.0 sq mi
ZIP Area
132
Density / Sq Mi
$50,069
Median Household Income
$29,008
Median Earnings
$865
Median Rent
$86,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Converted two-story residence with four finished apartments and off-street parking.
Where is this quadplex located?
The property is located at 213 W 9th St Hutchinson, KS.
What is the asking price?
The asking price for this property is $165,000.
What are key features of this property?
This property features: Four finished apartments in a converted two‑story home; 2,372 square feet of finished space; Unit mix includes a studio, two 1‑bedroom units, and one 2‑bedroom unit
