Ranch Duplex with Zero-Step
For Sale
$189,900
2922 S Cedar Crest, Wichita, KS 67215
Residential, Wichita, KS
Property Size1,195 SF
Lot Size0.24 Acres
Price / SF$158.91
Days on Market68
Property Features for 2922 S Cedar Crest
General Information
Property type
Residential
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Kitchen, Bedroom 2, Laundry Room, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 1
Patio and Porch features
Patio
Interior features
Ceiling Fan(s), Walk-In Closet(s), Vaulted Ceiling(s), Window Coverings-All
Exterior features
Guttering - ALL, Irrigation Pump, Irrigation Well, Sprinkler System, Zero Step Entry, Frame w/Less than 50% Mas
Fireplace
1
Appliances
Dishwasher, Microwave, Refrigerator, Range
Subdivision
NONE LISTED ON TAX RECORD
Lot features
Standard
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 & Pawnee, south to Bridger Pawnee
Standard status
Active
APN
203060310400100
Size
1,195 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 1 BLOCK D BRIDGER PAWNEE ADDITION
Tax Annual Amount
1
HOA Fee
$1,020 Annually
Legal Description
LOT 1 BLOCK D BRIDGER PAWNEE ADDITION
Utilities
Utilities
Natural Gas Available
Heating system
Natural Gas, Forced Air
Cooling system
Central Air, Electric
Amenities
electric fireplace
granite/quartz countertops
luxury vinyl flooring
stainless steel appliances
walk-in pantry
separate eating island
master bath with walk-in shower
large walk-in closet
separate laundry room
fenced yard
sprinkler system
shared irrigation well
Building Details
Year built
2026
Floors in Building
1
Roof type
Composition
Architectural style
Ranch
Listing Agency:
Elite Real Estate Experts
(316) 719-4000
Listed By:
Tammy Schmidt · License #SP00228543
(316) 617-2356
Added: Jul 3
Changed: Sep 7
Last Checked: Sep 8 at 6:06AM
MLS# 675465
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 ranch duplex in Wichita includes twin-home residences with 3 bedrooms, 2 full baths, and a 2-car garage. The listed property size is 1,195 square feet on a 0.24-acre lot. Interior finishes include granite or quartz countertops, luxury vinyl flooring, vaulted ceilings, an electric fireplace, and a kitchen island with a walk-in pantry. Stainless steel appliances include a range, dishwasher, built-in microwave, and refrigerator. The primary bedroom suite includes a walk-in shower and walk-in closet, while a separate laundry room is positioned near the garage.
Exterior features include Hardie Board cement siding, a fenced yard, sod, patio space, guttering, and a sprinkler system supplied by a shared irrigation well. Zero-step entry improves accessibility. Natural gas forced-air heating and central electric cooling are provided. The property is located in Wichita’s Pawnee Crossing area and falls within the Goddard School district.
Exterior features include Hardie Board cement siding, a fenced yard, sod, patio space, guttering, and a sprinkler system supplied by a shared irrigation well. Zero-step entry improves accessibility. Natural gas forced-air heating and central electric cooling are provided. The property is located in Wichita’s Pawnee Crossing area and falls within the Goddard School district.
Key Highlights
- Duplex with 3 bedrooms, 2 full baths, and a 2‑car garage
- 1,195 square feet on a 0.24‑acre lot
- Under construction with 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
$9,855
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%
$197,100
$197.1K
Cap Rate 7%
$140,786
$140.8K
Cap Rate 9%
$109,500
$109.5K
Market Conditions
NOI Build-Up for 1,195 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
$15.1K $12.60/SF
− Vacancy
−$979 −$0.82/SF
EGI
$14.1K $11.78/SF
− OpEx
−$4.2K −$3.53/SF
NOI
$9.9K $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%
$197,100
Cap Rate 7%
$140,786
Cap Rate 9%
$109,500
Alternative Uses
Best Use
Multifamily LT 5
$140.8K
$123.2K – $164.3K
NOI $9,855 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$131.0K
$114.6K – $152.8K
NOI $9,167 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$295.9K
$258.9K – $345.2K
NOI $20,712 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
22
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 - Under-construction twin home with private outdoor space, upgraded finishes, and a two-car garage.
Where is this duplex located?
The property is located at 2922 S Cedar Crest Wichita, KS.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: Duplex with 3 bedrooms, 2 full baths, and a 2‑car garage; 1,195 square feet on a 0.24‑acre lot; Under construction with 2026 year built
