Duplex with View-Out
For Sale
$398,000
Pending
3903 N Pepper Ridge, Wichita, KS 67205
Tenant-occupied duplex in Avalon Park with school-district appeal and separate outdoor decks for both units.
Property Size3,962 SF
Days on Market54
Property Features for 3903 N Pepper Ridge
General Information
Standard status
Pending
Size
3,962 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 4BR/3BA
Multifamily Units
2
Additional Details
HOA Fee
$100
Amenities
main-floor laundry
view-out basement
vaulted ceilings
fireplace
private deck
Building Details
Year Built
2005
Listing Agency:
ERA Great American Realty
(316) 806-1241
Listed By:
Reuben Loyd · License #SP00222634
Source:
Highpointks
Added: Jul 10
Changed: Aug 31
Last Checked: Aug 31 at 7:45PM
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 ERA Great American Realty
Investment Insights
Based on property information with market context.
This 2005-built duplex in Avalon Park includes two residential units, each with four bedrooms and three bathrooms. Both layouts feature laundry on the main level, a view-out basement, vaulted ceilings, a fireplace, and a private deck. The property is located within the Maize South School District, adding an important consideration for residential occupants.
The duplex is currently tenant-occupied. Property access is arranged after an accepted contract and satisfactory interior inspection, and tenants should not be disturbed. An HOA provides lawn care and trash service, supporting a simplified exterior-maintenance setup.
The duplex is currently tenant-occupied. Property access is arranged after an accepted contract and satisfactory interior inspection, and tenants should not be disturbed. An HOA provides lawn care and trash service, supporting a simplified exterior-maintenance setup.
Key Highlights
- Two‑unit duplex built in 2005
- Each unit offers 4 bedrooms and 3 bathrooms
- View‑out basement, vaulted ceilings, and fireplace in each 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
$33,128
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
8.32%
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%
$662,560
$662.6K
Cap Rate 7%
$473,257
$473.3K
Cap Rate 9%
$368,089
$368.1K
Market Conditions
NOI Build-Up for 3,962 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
$49.9K $12.60/SF
− Vacancy
−$2.6K −$0.66/SF
EGI
$47.3K $11.94/SF
− OpEx
−$14.2K −$3.58/SF
NOI
$33.1K $8.36/SF
Area
ZIP 67205
Vacancy
5.20%
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%
$662,560
Cap Rate 7%
$473,257
Cap Rate 9%
$368,089
Alternative Uses
Best Use
Multifamily LT 5
$473.3K
$414.1K – $552.1K
NOI $33,128 @ 7.0% cap · market cap 8.32%
Second Best
Apartment 5plus
$436.5K
$381.9K – $509.3K
NOI $30,555 @ 7.0% cap · market cap 7.68%
Theoretical Best
Office A
$841.1K
$736.0K – $981.3K
NOI $58,878 @ 7.0% cap · market cap 14.79%
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
39
Businesses Nearby
Explore this area
Business Placement
Demographics for 67205, KS
20,461
Population
7,467
Households
2.7
Avg Household Size
40
Median Age
50%
College-Educated
98%
High-School Grad
16.9 sq mi
ZIP Area
1,211
Density / Sq Mi
$120,630
Median Household Income
$65,457
Median Earnings
$1,237
Median Rent
$314,200
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 - Tenant-occupied duplex in Avalon Park with school-district appeal and separate outdoor decks for both units.
Where is this duplex located?
The property is located at 3903 N Pepper Ridge Wichita, KS.
What is the asking price?
The asking price for this property is $398,000.
What are key features of this property?
This property features: Two‑unit duplex built in 2005; Each unit offers 4 bedrooms and 3 bathrooms; View‑out basement, vaulted ceilings, and fireplace in each unit
