New Multifamily Property with Covered
For Sale
$369,000
2912 S Denene St, Wichita, KS 67215
Under-construction multifamily property with split-bedroom layouts, quartz finishes, fenced yards, and HOA-maintained lawns.
Property Size2,364 SF
Price / SF$156.09
Days on Market28
Property Features for 2912 S Denene St
General Information
Standard status
Active
Size
2,364 SF
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Road Access
Yes
Listing Agency:
Russell Real Resources LLC
(316) 516-7417
Listed By:
Bree Russell · License #BRSP00218596
(316) 516-7417
Source:
Exprealty
Added: Aug 4
Changed: Aug 30
Last Checked: Aug 30 at 6:54PM
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 Russell Real Resources LLC
Investment Insights
Based on property information with market context.
This 2,364-square-foot multifamily property is under construction with anticipated move-ins in early September 2026. The split-bedroom layout includes 9-foot ceilings, LVP flooring, quartz countertops in the kitchens and both bathrooms, and a walk-in pantry. Each home includes a living-area fireplace, a primary suite with a walk-in shower and walk-in closet, a secondary tub/shower combination, and two full bathrooms. Covered patios connect to iron-fenced backyards that overlook a reserve pond, while the HOA handles lawn care and residents pay their own utilities.
The property is positioned on S Denene St in Wichita, south of the Kellogg US54/KS400 corridor and north of K-42 near Maize Road. Pawnee Prairie Park, Prairie Sunset Trail, Tex Consolver Municipal Golf Course, and Eisenhower Airport are among the nearby destinations. The property is also within the Goddard school district and near major Wichita employers.
The property is positioned on S Denene St in Wichita, south of the Kellogg US54/KS400 corridor and north of K-42 near Maize Road. Pawnee Prairie Park, Prairie Sunset Trail, Tex Consolver Municipal Golf Course, and Eisenhower Airport are among the nearby destinations. The property is also within the Goddard school district and near major Wichita employers.
Key Highlights
- 2,364‑square‑foot multifamily property under construction
- Anticipated early September 2026 move‑ins
- Split‑bedroom plan with 9‑foot ceilings and LVP flooring
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
$19,495
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
5.28%
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%
$389,900
$389.9K
Cap Rate 7%
$278,500
$278.5K
Cap Rate 9%
$216,611
$216.6K
Market Conditions
NOI Build-Up for 2,364 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
$29.8K $12.60/SF
− Vacancy
−$1.9K −$0.82/SF
EGI
$27.9K $11.78/SF
− OpEx
−$8.4K −$3.53/SF
NOI
$19.5K $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%
$389,900
Cap Rate 7%
$278,500
Cap Rate 9%
$216,611
Alternative Uses
Best Use
Multifamily LT 5
$278.5K
$243.7K – $324.9K
NOI $19,495 @ 7.0% cap · market cap 5.28%
Second Best
Apartment 5plus
$259.1K
$226.7K – $302.3K
NOI $18,135 @ 7.0% cap · market cap 4.91%
Theoretical Best
Office A
$585.3K
$512.2K – $682.9K
NOI $40,973 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
49
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?
Multifamily property - Under-construction multifamily property with split-bedroom layouts, quartz finishes, fenced yards, and HOA-maintained lawns.
Where is this multifamily property located?
The property is located at 2912 S Denene St Wichita, KS.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: 2,364‑square‑foot multifamily property under construction; Anticipated early September 2026 move‑ins; Split‑bedroom plan with 9‑foot ceilings and LVP flooring
