2023 Duplex Portfolio with 18
For Sale
Contact for pricing
3212 S Victoria Ave, Wichita, KS 67216
Newly built duplex portfolio offers modern two-story 2BR/1BA units with in-unit-ready laundry and efficient utilities.
Property Size15,237 SF
Price / SF$118.07
Days on Market225
Property Features for 3212 S Victoria Ave
General Information
Standard status
Active
Size
15,237 SF
Total Parking Spaces
18
Property subtype
Multifamily
Additional Details
Business Included
Yes
Sprinkler System
Yes
Multifamily Units
18
Building Details
Year Built
2023
Buildings
9
Stories
2
Units
18
Tenancy
Multi
Listing Agency:
McCurdy Real Estate & Auction, LLC
Listed By:
Braden McCurdy · License #KS BR00052737
(316) 683-0612
Source:
Crexi
Added: Jan 26
Changed: Sep 7
Last Checked: Sep 7 at 9:26AM
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.
This for-sale multifamily package features nine duplex buildings (18 total units) constructed in 2023, all under one legal description on a single parcel. Each duplex provides 1,696 sq. ft. of finished living space with a two-story layout that includes one upstairs unit and one downstairs unit per building. The floor plans are modern and open, and every unit is configured as a 2-bedroom, 1-bath.
The units include kitchens equipped with a refrigerator, range/oven, dishwasher, and microwave, along with laundry hookups. Building and site features include a site sprinkler system, a single 2-inch water meter, and separately metered electric. Tenants pay electric, while the owner covers water/sewer, trash service, lawn maintenance, and parking lot maintenance.
All units include one paved parking space, with additional street parking available. The portfolio is currently experiencing three vacant units; at full occupancy, current stated rent equals $17,910 in total monthly gross income and $214,920 annually. With modern finishes and newer construction, the property is positioned as a turnkey option for an owner seeking a single-parcel package with consistent unit design and supported utility structure. Buyers and agents are encouraged to verify taxes, school districts, and all other information during due diligence.
The units include kitchens equipped with a refrigerator, range/oven, dishwasher, and microwave, along with laundry hookups. Building and site features include a site sprinkler system, a single 2-inch water meter, and separately metered electric. Tenants pay electric, while the owner covers water/sewer, trash service, lawn maintenance, and parking lot maintenance.
All units include one paved parking space, with additional street parking available. The portfolio is currently experiencing three vacant units; at full occupancy, current stated rent equals $17,910 in total monthly gross income and $214,920 annually. With modern finishes and newer construction, the property is positioned as a turnkey option for an owner seeking a single-parcel package with consistent unit design and supported utility structure. Buyers and agents are encouraged to verify taxes, school districts, and all other information during due diligence.
Key Highlights
- Multifamily package of 9 duplex buildings (18 total units) built in 2023 on a single parcel (one legal description).
- All 18 units are 2‑bedroom, 1‑bath with a two‑story layout (one upstairs unit and one downstairs unit per duplex).
- Each duplex offers 1,696 SF of finished living space (848 SF per unit).
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
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Sprinkler system
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?
Duplex - Newly built duplex portfolio offers modern two-story 2BR/1BA units with in-unit-ready laundry and efficient utilities.
Where is this duplex located?
The property is located at 3212 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: Multifamily package of 9 duplex buildings (18 total units) built in 2023 on a single parcel (one legal description).; All 18 units are 2‑bedroom, 1‑bath with a two‑story layout (one upstairs unit and one downstairs unit per duplex).; Each duplex offers 1,696 SF of finished living space (848 SF per unit).
