Multifamily Duplex
For Sale
$1,799,000
3212-3244 S Victoria Ave, Wichita, KS 67216
Modern, two-story duplex buildings offer open-plan two-bedroom units with laundry hookups and equipped kitchens.
Property Size15,237 SF
Price / SF$118.07
Days on Market37
Property Features for 3212-3244 S Victoria Ave
General Information
Standard status
Active
Size
15,237 SF
Total Parking Spaces
18
Property subtype
Multi-Family
Units
Unit Mix
18 x 2BR/1BA
Multifamily Units
18
Parking per Unit
1
Additional Details
Average Monthly Rent
$995
Utilities to Site
Yes
Sprinkler System
Yes
Building Details
Year Built
2023
Buildings
9
Listing Agency:
McCurdy Real Estate & Auction, LLC
(316) 683-0612
Listed By:
Braden McCurdy · License #BR00052737
Source:
Highpointks
Added: Jul 26
Changed: Aug 29
Last Checked: Aug 30 at 8:25PM
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 McCurdy Real Estate & Auction, LLC
Investment Insights
Based on property information with market context.
The package includes 9 duplex buildings with 18 total units on one parcel at 3212-3244 S Victoria Ave in Wichita, Kansas. Built in 2023, each duplex contains 1,696 square feet of finished living space arranged across one upstairs and one downstairs unit. Every residence offers 2 bedrooms, 1 bath, an open floor plan, laundry hookups, and a kitchen equipped with a refrigerator, range/oven, dishwasher, and microwave.
Property infrastructure includes a site sprinkler system, a single 2-inch water meter, and separately metered electric service. Tenants pay electric, while ownership handles water/sewer, trash, lawn care, and parking lot maintenance. Four units are currently vacant. Each unit has one paved parking space, with additional street parking available. The lot also has room for 2-3 additional duplex buildings.
Property infrastructure includes a site sprinkler system, a single 2-inch water meter, and separately metered electric service. Tenants pay electric, while ownership handles water/sewer, trash, lawn care, and parking lot maintenance. Four units are currently vacant. Each unit has one paved parking space, with additional street parking available. The lot also has room for 2-3 additional duplex buildings.
Key Highlights
- 9 duplex buildings with 18 total units on a single parcel
- Built in 2023; each duplex contains 1,696 sq. ft. of finished living space
- Each unit includes 848 sq. ft., 2 bedrooms, and 1 bath
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
$125,655
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
6.98%
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%
$2,513,100
$2.5M
Cap Rate 7%
$1,795,071
$1.8M
Cap Rate 9%
$1,396,167
$1.4M
Market Conditions
NOI Build-Up for 15,237 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
$192.0K $12.60/SF
− Vacancy
−$12.5K −$0.82/SF
EGI
$179.5K $11.78/SF
− OpEx
−$53.9K −$3.53/SF
NOI
$125.7K $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%
$2,513,100
Cap Rate 7%
$1,795,071
Cap Rate 9%
$1,396,167
Alternative Uses
Best Use
Multifamily LT 5
$1.80M
$1.57M – $2.09M
NOI $125,655 @ 7.0% cap · market cap 6.98%
Second Best
Apartment 5plus
$1.67M
$1.46M – $1.95M
NOI $116,891 @ 7.0% cap · market cap 6.50%
Theoretical Best
Office A
$3.77M
$3.30M – $4.40M
NOI $264,091 @ 7.0% cap · market cap 14.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18
Residential units
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
221
Businesses Nearby
Explore this area
Business Placement
Demographics for 67216, KS
23,212
Population
9,928
Households
2.3
Avg Household Size
34
Median Age
8%
College-Educated
78%
High-School Grad
12.2 sq mi
ZIP Area
1,903
Density / Sq Mi
$47,172
Median Household Income
$30,732
Median Earnings
$876
Median Rent
$92,000
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 - Modern, two-story duplex buildings offer open-plan two-bedroom units with laundry hookups and equipped kitchens.
Where is this multifamily property located?
The property is located at 3212-3244 S Victoria Ave Wichita, KS.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: 9 duplex buildings with 18 total units on a single parcel; Built in 2023; each duplex contains 1,696 sq. ft. of finished living space; Each unit includes 848 sq. ft., 2 bedrooms, and 1 bath
