Brick Quadplex with Off-Street
For Sale
$309,900
3421 E Penley Dr, Wichita, KS 67218
Four residential spaces include two main-level apartments and two lower-level areas with kitchens, baths, and laundry hookups.
Property Size3,255 SF
Price / SF$95.21
Days on Market27
Property Features for 3421 E Penley Dr
General Information
Standard status
Active
Size
3,255 SF
Total Parking Spaces
4
Property subtype
Residential Income
Additional Details
Gross Income
$39,000
Utilities to Site
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$2,926
Building Details
Construction
brick
Listing Agency:
Wheat State Realty, LLC
(316) 208-8553
Listed By:
Dwight Boyce · License #00232720
(316) 648-3474
Source:
Exprealty
Added: Aug 31
Changed: Sep 23
Last Checked: Sep 24 at 1:23PM
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 Wheat State Realty, LLC
Investment Insights
Based on property information with market context.
This four-unit residential property at 3421 E Penley Dr includes two main-level apartments, each configured with two bedrooms and one bathroom. The lower level contains two additional spaces with kitchens, bathrooms, and laundry hookups. The building has a solid brick exterior and four dedicated off-street parking spaces.
A brand-new HVAC system was installed in 2024, while a second system was replaced in 2018. The lower-level bedrooms currently have non-conforming windows, creating a stated opportunity to add egress windows. Utility responsibilities vary by unit; the owner pays electric, gas, and water for 3423 A and 3423 B, along with all trash service. Tenants in 3423 handle yard care. The property is located near St. Joseph Hospital in Wichita, Kansas.
A brand-new HVAC system was installed in 2024, while a second system was replaced in 2018. The lower-level bedrooms currently have non-conforming windows, creating a stated opportunity to add egress windows. Utility responsibilities vary by unit; the owner pays electric, gas, and water for 3423 A and 3423 B, along with all trash service. Tenants in 3423 handle yard care. The property is located near St. Joseph Hospital in Wichita, Kansas.
Key Highlights
- Four‑unit property with two 2‑bedroom, 1‑bath main‑level apartments
- Two lower‑level spaces with kitchens, bathrooms, and laundry hookups
- 3,255 square feet of property size
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
$26,843
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
8.66%
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%
$536,860
$536.9K
Cap Rate 7%
$383,471
$383.5K
Cap Rate 9%
$298,256
$298.3K
Market Conditions
NOI Build-Up for 3,255 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
$41.0K $12.60/SF
− Vacancy
−$2.7K −$0.82/SF
EGI
$38.3K $11.78/SF
− OpEx
−$11.5K −$3.53/SF
NOI
$26.8K $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%
$536,860
Cap Rate 7%
$383,471
Cap Rate 9%
$298,256
Alternative Uses
Best Use
Multifamily LT 5
$383.5K
$335.5K – $447.4K
NOI $26,843 @ 7.0% cap · market cap 8.66%
Second Best
Apartment 5plus
$356.7K
$312.1K – $416.2K
NOI $24,971 @ 7.0% cap · market cap 8.06%
Theoretical Best
Office A
$805.9K
$705.2K – $940.3K
NOI $56,416 @ 7.0% cap · market cap 18.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
866
Businesses Nearby
Explore this area
Business Placement
Demographics for 67218, KS
23,044
Population
11,483
Households
2
Avg Household Size
35
Median Age
25%
College-Educated
81%
High-School Grad
5.0 sq mi
ZIP Area
4,609
Density / Sq Mi
$47,905
Median Household Income
$33,750
Median Earnings
$905
Median Rent
$117,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential spaces include two main-level apartments and two lower-level areas with kitchens, baths, and laundry hookups.
Where is this quadplex located?
The property is located at 3421 E Penley Dr Wichita, KS.
What is the asking price?
The asking price for this property is $309,900.
What are key features of this property?
This property features: Four‑unit property with two 2‑bedroom, 1‑bath main‑level apartments; Two lower‑level spaces with kitchens, bathrooms, and laundry hookups; 3,255 square feet of property size
