Mixed-Use Quadplex and
For Sale
$319,899
220-224 Harry St, Wichita, KS 67213
Two separate buildings with seven individually metered units, including retail storefront space and multiple apartments.
Property Size3,142 SF
Price / SF$101.81
Days on Market277
Property Features for 220-224 Harry St
General Information
Standard status
Active
Size
3,142 SF
Property subtype
Retail
Taxes and HOA fees
Annual Taxes
$2,219
Amenities
Central Air, Window Air Conditioning, Electric
3
Parking.
Parking Pad.
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
(316) 990-4307
Listed By:
Abode Real Estate
(316) 990-4307
Source:
Xome
Added: Nov 7, 2025
Changed: Aug 7
Last Checked: Aug 11 at 5:42AM
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 Abode Real Estate
Investment Insights
Based on property information with market context.
This mixed-use property includes two buildings on four lots with seven total units, all on separate electrical meters. The 220 W. Harry building is described as a quadplex with two commercial retail store spaces and two residential apartments above, including a 2 bed/1 bath unit and a 3 bed/1 bath unit. The 224 W. Harry building is described as a triplex with three residential apartments: one 1 bed/1 bath unit and two 4 bed/1 bath units. The public remarks also indicate total income is approximately $6,300, with several units currently occupied.
Per the provided information, the occupied units include the retail store ($1,000), and additional occupied units listed at $1,065, $900, and $550. All other units are open (vacant) for the new owner to select tenants. Showings are by appointment only, and tenants should not be disturbed.
Overall, the configuration combines street-level retail with upper residential units, with the benefit of each unit being on its own electrical meter.
Per the provided information, the occupied units include the retail store ($1,000), and additional occupied units listed at $1,065, $900, and $550. All other units are open (vacant) for the new owner to select tenants. Showings are by appointment only, and tenants should not be disturbed.
Overall, the configuration combines street-level retail with upper residential units, with the benefit of each unit being on its own electrical meter.
Key Highlights
- Two separate buildings on 4 lots with 7 total units, including retail storefront space and multiple apartments
- All 7 units are on separate electrical meters
- 220 W. Harry (quadplex): 2 retail stores plus 2 residential units—2BR/1BA ($800) and 3BR/1BA ($900)
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
$25,911
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
8.10%
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%
$518,220
$518.2K
Cap Rate 7%
$370,157
$370.2K
Cap Rate 9%
$287,900
$287.9K
Market Conditions
NOI Build-Up for 3,142 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
$39.6K $12.60/SF
− Vacancy
−$2.6K −$0.82/SF
EGI
$37.0K $11.78/SF
− OpEx
−$11.1K −$3.53/SF
NOI
$25.9K $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 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%
$518,220
Cap Rate 7%
$370,157
Cap Rate 9%
$287,900
Alternative Uses
Best Use
Retail
$458.8K
$401.5K – $535.3K
NOI $32,119 @ 7.0% cap · market cap 10.04%
Second Best
Multifamily LT 5
$370.2K
$323.9K – $431.9K
NOI $25,911 @ 7.0% cap · market cap 8.10%
Theoretical Best
Office A
$778.0K
$680.7K – $907.6K
NOI $54,458 @ 7.0% cap · market cap 17.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
384
Businesses Nearby
Explore this area
Business Placement
Demographics for 67213, KS
21,007
Population
9,788
Households
2.1
Avg Household Size
34
Median Age
13%
College-Educated
83%
High-School Grad
6.6 sq mi
ZIP Area
3,183
Density / Sq Mi
$48,015
Median Household Income
$32,186
Median Earnings
$920
Median Rent
$80,500
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?
Quadplex - Two separate buildings with seven individually metered units, including retail storefront space and multiple apartments.
Where is this quadplex located?
The property is located at 220-224 Harry St Wichita, KS.
What is the asking price?
The asking price for this property is $319,899.
What are key features of this property?
This property features: Two separate buildings on 4 lots with 7 total units, including retail storefront space and multiple apartments; All 7 units are on separate electrical meters; 220 W. Harry (quadplex): 2 retail stores plus 2 residential units—2BR/1BA ($800) and 3BR/1BA ($900)
