New Construction Ranch
For Sale
$169,900
505 E Harper St, Valley Center, KS 67147
Residential, Valley Center, KS
Property Size1,203 SF
Lot Size0.09 Acres
Price / SF$141.23
Days on Market335
Property Features for 505 E Harper St
General Information
Property type
Residential
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Laundry Room, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 2, Dining Room
Patio and Porch features
Patio
Subdivision
SUNFLOWER
Lot features
Standard
Elementary school
Valley Center
Middle school
Valley Center
High school
Valley Center
Elementary school district
Valley Center Pub School (USD 262)
Middle school district
Valley Center Pub School (USD 262)
High school district
Valley Center Pub School (USD 262)
Directions
West on 77th(Ford St.) - Go left onto Wybern St. Right onto E. Hayes St. and Right onto Harper St. Unit is on the left
Standard status
Active
APN
087-093-06-0-21-02-006.11
Size
1,203 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LONG LEGAL; SEE REMARKS
HOA Fee
$600 Annually
Legal Description
LONG LEGAL; SEE REMARKS
Utilities
Utilities
Natural Gas Available
Heating system
Natural Gas, Forced Air
Cooling system
Electric, Central Air
Building Details
Year built
2025
Floors in Building
1
Building materials
Frame
Roof type
Composition
Architectural style
Ranch
Listing Agency:
Heritage 1st Realty
(316) 512-1300
Listed By:
Dustin Lynam · License #00237038
(316) 259-9184
Added: Oct 4, 2025
Changed: Aug 19
Last Checked: Sep 3 at 5:06AM
MLS# 662872
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.
Brand new 3-bedroom, 2-bath townhome offering 1,203 square feet with an open floor plan designed for everyday living. The interior includes a spacious living room, a large kitchen island, and a generous pantry for additional storage. The primary suite features a private bath and a walk-in closet.
The home includes an attached 2-car garage and is located in the Valley Center school district. The property is identified by the legal description provided for TH PT LOT 3 COMM SOUTHERNMOST SE COR THEREOF.
Offered for sale at 505 E Harper St in Valley Center, Kansas, this newly constructed residence sits on a 0.09-acre lot (lot size provided).
The home includes an attached 2-car garage and is located in the Valley Center school district. The property is identified by the legal description provided for TH PT LOT 3 COMM SOUTHERNMOST SE COR THEREOF.
Offered for sale at 505 E Harper St in Valley Center, Kansas, this newly constructed residence sits on a 0.09-acre lot (lot size provided).
Key Highlights
- Brand new 3‑bedroom, 2‑bath townhome under construction (Year built: 2025)
- 1,203 SF ranch‑style layout with open floor plan
- Kitchen features a large island plus a generous pantry
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
$9,278
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
5.46%
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%
$185,560
$185.6K
Cap Rate 7%
$132,543
$132.5K
Cap Rate 9%
$103,089
$103.1K
Market Conditions
NOI Build-Up for 1,203 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
$17.8K $14.76/SF
− Vacancy
−$888 −$0.74/SF
EGI
$16.9K $14.02/SF
− OpEx
−$7.6K −$6.31/SF
NOI
$9.3K $7.71/SF
Area
Sedgwick County, KS
Vacancy
5.00%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
45.00%
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%
$185,560
Cap Rate 7%
$132,543
Cap Rate 9%
$103,089
Alternative Uses
Best Use
Apartment 5plus
$132.5K
$116.0K – $154.6K
NOI $9,278 @ 7.0% cap · market cap 5.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$250.7K
$219.4K – $292.5K
NOI $17,552 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
118
Businesses Nearby
Explore this area
Business Placement
Demographics for 67147, KS
10,715
Population
4,106
Households
2.6
Avg Household Size
37
Median Age
39%
College-Educated
92%
High-School Grad
103.6 sq mi
ZIP Area
103
Density / Sq Mi
$82,711
Median Household Income
$47,569
Median Earnings
$996
Median Rent
$227,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - New 3-bedroom, 2-bath townhome with an open layout and an attached 2-car garage.
Where is this single family property located?
The property is located at 505 E Harper St Valley Center, KS.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: Brand new 3‑bedroom, 2‑bath townhome under construction (Year built: 2025); 1,203 SF ranch‑style layout with open floor plan; Kitchen features a large island plus a generous pantry
