Building Details

Year Built 2004

Buildings 1

Construction ranch-style

Listing Agency: B Realty, LLC d***@wahooaboutyou.com Show Phone

Listed By: Debi LeVieux Show Phone

Source: Exprealty

Added: Aug 12 Changed: Aug 29 Last Checked: Aug 30 at 11:43PM

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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 B Realty, LLC

Investment Insights

Based on property information with market context.

Built in 2004, this ranch-style triplex pairs an 1,850-square-foot primary residence with two separate apartment units. The main home includes three bedrooms, 2.5 bathrooms, formal living and dining areas, a family room, and a kitchen with hickory cabinetry, island, eating bar, pantry, and gas range. Its primary suite offers a fireplace, walk-in closets, and dual vanities. A finished three-car garage includes an in-floor concrete safe room sized for 6 to 8 people, while the fenced yard has covered and open patio areas plus a 12x20 storage shed with loft.

The attached apartments use a dedicated second driveway. Unit A contains three bedrooms, one bathroom, laundry space, and an open kitchen with island. Unit B has two bedrooms, one bathroom, laundry hookups, and an open kitchen-living area. Each unit is under a lease, with terms of 6 months and 12 months respectively. Construction features include a steel roof, metal siding, Norandex vinyl windows and exterior doors, ceramic tile, commercial-grade gutters, and three separate HVAC systems. Roof leakage and ceiling staining are present, and the property is offered as-is.

Key Highlights

• 2004 ranch‑style triplex on a corner lot
• 1,850‑square‑foot main residence with 3 bedrooms and 2.5 bathrooms
• Two attached rental units with a dedicated second driveway

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

$29,152

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

9.11%

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%

$583,040 $583.0K

Cap Rate 7%

$416,457 $416.5K

Cap Rate 9%

$323,911 $323.9K

Market Conditions

NOI Build-Up for 3,780 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

$55.8K $14.76/SF

− Vacancy

−$2.8K −$0.74/SF

EGI

$53.0K $14.02/SF

− OpEx

−$23.9K −$6.31/SF

NOI

$29.2K $7.71/SF

Area

Butler 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%

$583,040

Cap Rate 7%

$416,457

Cap Rate 9%

$323,911

Alternative Uses

Best Use

Multifamily LT 5

$451.5K

$395.1K – $526.8K (±1% cap)

NOI $31,606 @ 7.0% cap · market cap 9.88%

Second Best

Apartment 5plus

$416.5K

$364.4K – $485.9K (±1% cap)

NOI $29,152 @ 7.0% cap · market cap 9.11%

Theoretical Best

Office A

$802.5K

$702.2K – $936.2K (±1% cap)

NOI $56,174 @ 7.0% cap · market cap 17.55%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

ICT Wichita Real ... Real Estate Agency

Suggested Use

Top Pick Real Estate Agency Auto Repair Shop Electrical Service Grocery & Convenience Store Hair Salon Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Location Intelligence

Trade Area within ½ mile

97

Businesses Nearby

Explore this area Business Placement

Demographics for 67039, KS

3,106

Population

1,174

Households

2.6

Avg Household Size

41

Median Age

28%

College-Educated

95%

High-School Grad

108.0 sq mi

ZIP Area

29

Density / Sq Mi

$97,697

Median Household Income

$45,578

Median Earnings

$921

Median Rent

$192,400

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Triplex - Corner-lot triplex combines a primary residence with two independently accessed rental apartments and substantial parking.

Where is this triplex located?

The property is located at 519 E 1st St Douglass, KS.

What is the asking price?

The asking price for this property is $320,000.

What are key features of this property?

This property features: 2004 ranch‑style triplex on a corner lot; 1,850‑square‑foot main residence with 3 bedrooms and 2.5 bathrooms; Two attached rental units with a dedicated second driveway