Building Details

Buildings 3

Listing Agency: LPT Realty r***@lpt.com Show Phone

Listed By: Melody Rogers Show Phone

Source: Exprealty

Added: Jun 19 Changed: Sep 12 Last Checked: Sep 12 at 12:24PM

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Investment Insights

Based on property information with market context.

This duplex property includes two separate single-family residences on one lot, with 4052 total square feet of living space. The primary home offers 3 bedrooms and 3 bathrooms, hardwood flooring on the main level, a finished view-out basement with newer carpeting, a sunroom, walk-in pantry, and main-floor laundry. It also has a newer roof and outdoor A/C unit. An oversized detached workshop/garage adds substantial auxiliary space.

The second residence, built in 1951, contains 2 bedrooms, 1 bathroom, and 988 square feet of living area. Separate utilities and a private fence provide functional separation from the main home. The property has no HOA or special taxes, according to the provided information.

Key Highlights

• Two single‑family homes on one lot
• 4052 total square feet of living space
• Primary home includes 3 bedrooms and 3 bathrooms

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

$33,880

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

8.69%

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%

$677,600 $677.6K

Cap Rate 7%

$484,000 $484.0K

Cap Rate 9%

$376,444 $376.4K

Market Conditions

NOI Build-Up for 4,052 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

$51.1K $12.60/SF

− Vacancy

−$2.7K −$0.66/SF

EGI

$48.4K $11.94/SF

− OpEx

−$14.5K −$3.58/SF

NOI

$33.9K $8.36/SF

Area

Sedgwick 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%

$677,600

Cap Rate 7%

$484,000

Cap Rate 9%

$376,444

Alternative Uses

Best Use

Multifamily LT 5

$484.0K

$423.5K – $564.7K (±1% cap)

NOI $33,880 @ 7.0% cap · market cap 8.69%

Second Best

Apartment 5plus

$446.4K

$390.6K – $520.8K (±1% cap)

NOI $31,249 @ 7.0% cap · market cap 8.01%

Theoretical Best

Office A

$844.6K

$739.0K – $985.3K (±1% cap)

NOI $59,119 @ 7.0% cap · market cap 15.16%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Bakery Barber Shop Cafe & Coffee Shop Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

207

Businesses Nearby

Explore this area Business Placement

Demographics for 67110, KS

8,263

Population

3,394

Households

2.4

Avg Household Size

39

Median Age

30%

College-Educated

97%

High-School Grad

54.3 sq mi

ZIP Area

152

Density / Sq Mi

$73,387

Median Household Income

$44,226

Median Earnings

$1,190

Median Rent

$179,800

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Two separate residences share one lot, offering flexible living arrangements and distinct utility services for the secondary home.

Where is this duplex located?

The property is located at 215 Prather St Mulvane, KS.

What is the asking price?

The asking price for this property is $389,900.

What are key features of this property?

This property features: Two single‑family homes on one lot; 4052 total square feet of living space; Primary home includes 3 bedrooms and 3 bathrooms