New Construction
For Sale
$379,800
2889 S Cedar Crest Ct, Wichita, KS 67215
MULTI_FAMILY - Other - Wichita, KS
Property Size2,390 SF
Lot Size0.18 Acres
Price / SF$158.91
Days on Market108
Property Features for 2889 S Cedar Crest Ct
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Parking
4
Appliances
Dishwasher, Disposal, Microwave, Range, Refrigerator
Subdivision
NONE LISTED ON TAX RECORD
Elementary school
Earhart
Middle school
Goddard
High school
Robert Goddard
Elementary school district
Goddard School District (USD 265)
Middle school district
Goddard School District (USD 265)
High school district
Goddard School District (USD 265)
Directions
119th and Pawnee, South on 119th half mile to Graber. East on Graber. South to Cedarcrest Ct.
Standard status
Active
APN
30028814
Size
2,390 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 40 BLK C BRIDGER PAWNEE ADDITION
Tax Annual Amount
2
HOA Fee
$2,040 Annually
Legal Description
LOT 40 BLK C BRIDGER PAWNEE ADDITION
Utilities
Utilities
Natural Gas Available
Heating system
Natural Gas, Forced Air
Cooling system
Electric
Water source
Public
Amenities
granite/quartz countertops
luxury vinyl tile flooring
enameled white trim
electric fireplace
separate eating island
large walk-in pantry
stainless steel appliances
master bath with walk-in shower
large walk-in closet
separate laundry room
fully landscaped fenced yard
shared irrigation well
zero entry
Building Details
Year built
2026
Number of units
2
Building materials
Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
RE/MAX Premier · RE/MAX International
(316) 773-2707
Listed By:
Karen Hampton · License #00052101
(316) 641-9442
Added: Apr 26
Changed: Aug 4
Last Checked: Aug 11 at 6:06PM
MLS# 671937
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 under-construction duplex contains 2,390 square feet across two zero-entry residential units, with completion planned for 2026. Each side includes three bedrooms, two baths, a two-car garage, a primary suite with walk-in closet and shower, a separate laundry room, and an electric fireplace. Interior specifications include granite or quartz countertops, luxury vinyl tile, enameled trim, stainless steel appliances, an island, and a walk-in pantry. Both units are supported by forced-air natural gas heating and electric cooling.
The property is located at 2889 S Cedar Crest Ct in Wichita’s Pawnee Crossing area, approximately half a mile south of Pawnee on 119th, within the Goddard School district. Site improvements include landscaped, fenced yards, sprinkler irrigation, a shared irrigation well, public water, and natural gas availability. The offering reflects a 6.5% cap rate and is described as fully rented.
The property is located at 2889 S Cedar Crest Ct in Wichita’s Pawnee Crossing area, approximately half a mile south of Pawnee on 119th, within the Goddard School district. Site improvements include landscaped, fenced yards, sprinkler irrigation, a shared irrigation well, public water, and natural gas availability. The offering reflects a 6.5% cap rate and is described as fully rented.
Key Highlights
- 2,390 square feet containing two residential units
- Each side has 3 bedrooms, 2 baths, and a 2‑car garage
- Under construction with a 2026 year built
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
$19,710
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
5.19%
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%
$394,200
$394.2K
Cap Rate 7%
$281,571
$281.6K
Cap Rate 9%
$219,000
$219.0K
Market Conditions
NOI Build-Up for 2,390 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
$30.1K $12.60/SF
− Vacancy
−$2.0K −$0.82/SF
EGI
$28.2K $11.78/SF
− OpEx
−$8.4K −$3.53/SF
NOI
$19.7K $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%
$394,200
Cap Rate 7%
$281,571
Cap Rate 9%
$219,000
Alternative Uses
Best Use
Multifamily LT 5
$281.6K
$246.4K – $328.5K
NOI $19,710 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$261.9K
$229.2K – $305.6K
NOI $18,335 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$591.8K
$517.8K – $690.4K
NOI $41,424 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 67215, KS
6,451
Population
2,266
Households
2.8
Avg Household Size
36
Median Age
39%
College-Educated
93%
High-School Grad
17.2 sq mi
ZIP Area
375
Density / Sq Mi
$110,329
Median Household Income
$48,691
Median Earnings
$1,336
Median Rent
$222,500
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?
Duplex - Two zero-entry units offer modern finishes, private fenced yards, and attached garages in Wichita’s Goddard School district.
Where is this duplex located?
The property is located at 2889 S Cedar Crest Ct Wichita, KS.
What is the asking price?
The asking price for this property is $379,800.
What are key features of this property?
This property features: 2,390 square feet containing two residential units; Each side has 3 bedrooms, 2 baths, and a 2‑car garage; Under construction with a 2026 year built
