2022 Duplex with Fenced
For Sale
$375,000
Pending
5196 N Honeylocust, Wichita, KS 67226
Residential Income, Wichita, KS
Property Size2,400 SF
Lot Size0.26 Acres
Days on Market101
Property Features for 5196 N Honeylocust
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking
4
Appliances
Dishwasher, Disposal, Microwave, Range, Refrigerator
Subdivision
Skyview at Block 49
Elementary school
Circle Greenwich
Middle school
Circle
High school
Circle
Elementary school district
Circle School District (USD 375)
Middle school district
Circle School District (USD 375)
High school district
Circle School District (USD 375)
Directions
From 53rd St N and Webb Rd, west to Cypress. South on Cypress, and south on Cypress St again. West on Joshua St to Honey Locust Cir.North on Honey Locust Cir to duplex.
Standard status
Pending
APN
104-20-0-13-04-002.00
Size
2,400 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 7 BLOCK 2 SKYVIEW AT BLOCK 49 ADDITION
Tax Annual Amount
5254
HOA Fee
$1,200 Annually
Legal Description
LOT 7 BLOCK 2 SKYVIEW AT BLOCK 49 ADDITION
Utilities
Utilities
Natural Gas Available
Heating system
Natural Gas, Forced Air
Cooling system
Electric, Ceiling Fan(s), Multi Units
Water source
Public
Building Details
Year built
2022
Number of units
2
Building materials
Masonite
Roof type
Composition
Architectural style
Other
Listing Agency:
Coldwell Banker Plaza Real Estate · Coldwell Banker Real Estate
(316) 686-7121
Listed By:
Dawn M Anaya
(316) 737-8971
Added: Jun 5
Changed: Sep 13
Last Checked: Sep 13 at 1:06PM
MLS# 674116
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.
Built in 2022, this 2,400-square-foot duplex contains two single-level units, each with three bedrooms and two bathrooms. The residences have no basements or interior stairs, and both are currently occupied. Interior features include laminate flooring, granite countertops, stainless steel appliances, and included kitchen equipment such as dishwashers, disposals, microwaves, ranges, and refrigerators.
The property occupies 0.26 acres in Wichita, Kansas. Each unit includes a fenced side yard. Building systems include forced-air natural gas heat, electric cooling with multiple units, and ceiling fans. Public water service and natural gas availability are documented, with a composition roof and Masonite exterior construction.
The property occupies 0.26 acres in Wichita, Kansas. Each unit includes a fenced side yard. Building systems include forced-air natural gas heat, electric cooling with multiple units, and ceiling fans. Public water service and natural gas availability are documented, with a composition roof and Masonite exterior construction.
Key Highlights
- 2022 construction with 2,400 square feet across two units
- Both units occupied; each rents for $1595.00 per month
- Each residence has 3 bedrooms and 2 bathrooms
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
$19,792
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
5.28%
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%
$395,840
$395.8K
Cap Rate 7%
$282,743
$282.7K
Cap Rate 9%
$219,911
$219.9K
Market Conditions
NOI Build-Up for 2,400 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
$30.2K $12.60/SF
− Vacancy
−$2.0K −$0.82/SF
EGI
$28.3K $11.78/SF
− OpEx
−$8.5K −$3.53/SF
NOI
$19.8K $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%
$395,840
Cap Rate 7%
$282,743
Cap Rate 9%
$219,911
Alternative Uses
Best Use
Multifamily LT 5
$282.7K
$247.4K – $329.9K
NOI $19,792 @ 7.0% cap · market cap 5.28%
Second Best
Apartment 5plus
$263.0K
$230.2K – $306.9K
NOI $18,412 @ 7.0% cap · market cap 4.91%
Theoretical Best
Office A
$594.2K
$520.0K – $693.3K
NOI $41,597 @ 7.0% cap · market cap 11.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
40
Businesses Nearby
Explore this area
Business Placement
Demographics for 67226, KS
20,767
Population
9,256
Households
2.2
Avg Household Size
37
Median Age
52%
College-Educated
97%
High-School Grad
24.7 sq mi
ZIP Area
841
Density / Sq Mi
$88,603
Median Household Income
$49,666
Median Earnings
$1,164
Median Rent
$274,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two occupied single-level residences offer three bedrooms, two baths, and updated finishes in each unit.
Where is this duplex located?
The property is located at 5196 N Honeylocust Wichita, KS.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 2022 construction with 2,400 square feet across two units; Both units occupied; each rents for $1595.00 per month; Each residence has 3 bedrooms and 2 bathrooms
