Wichita Duplex: Income
530-532 S Lulu Ave, Wichita, KS 67211
MULTI_FAMILY - Other - Wichita, KS
Property size:
1,284 SFLot size:
7,012.00 AcresPrice / SF:
$97/SF- Added:
- Feb 15, 2026
- Days on Market:
- 90
- Last Refresh:
- May 16 at 2:06 pm
Property Features for 530-532 S Lulu Ave
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Parking
- 3
- Appliances
- Range, Refrigerator
- Standard status
- Active
- APN
- 12828-00126646
- Size
- 1,284 SF
- Lot size
- 7,012.00 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- LOTS 21-22 KELLOGG ST. ADD.
- Tax Annual Amount
- 475
Utilities
- Utilities
- Natural Gas Available
- Heating system
- Natural Gas, Forced Air
- Cooling system
- Multi Units, Window Unit(s)
- Water source
- Public
Building Details
- Year built
- 1930
- Number of units
- 2
- Flooring type
- Carpet
- Building materials
- Vinyl Siding
- Roof type
- Composition
- Architectural style
- Other
Listing agent Isaac Klingman License #00244279 (316) 290-9452
Listing office McCurdy Real Estate & Auction, LLC 12041 E 13th St N, wichita, KS (316) 867-3600
Listing date Feb 15, 2026
MLS# 669654
Listing URL
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.
HighLights
- Fully occupied duplex providing immediate rental income.
- Long‑term leases in place for both units (Unit 530 until 10‑31‑2026 and Unit 532 until 2‑3‑2027).
- Unit 530 is updated with modern lighting, newer white cabinetry and countertops, neutral paint tones, durable LVP flooring, and refreshed bathroom.
- Each unit has separate utility meters and a dedicated laundry room.
- Both units feature fenced yards and convenient alley access to backyard parking.
- Appliances (Range, Refrigerator) are included in each unit.
Overview
This fully occupied duplex in Wichita, Kansas, presents a solid investment opportunity with consistent rental income. The property encompasses a total of 1,284 square feet, divided into two units, each featuring one bedroom and one bathroom. Both units are equipped with a refrigerator and stove/oven, individual utility meters, and a dedicated laundry room. Tenants are responsible for gas and electricity expenses, while the owner covers water and trash services. Unit 530 has been updated with modern lighting, a bright kitchen with newer white cabinetry and countertops, neutral paint tones, and durable LVP flooring. The bathroom has also been refreshed with light, modern finishes, while the living room and bedroom feature carpet. This unit is currently rented for $980 per month, with a lease extending through October 31, 2026. Unit 532 includes a mix of carpet, hardwood, and vinyl flooring, light neutral interior paint, and large living room windows. This unit is rented for $800 per month, with a lease in place through February 3, 2027. Both units benefit from fenced yards and convenient alley access to backyard parking. The lot size is 7012 acres. This property offers a turnkey opportunity to incorporate a well-maintained, income-producing duplex into an investment portfolio.
Financial Insights
Value Estimation Calculated for Multifamily LT 5
Conservative
$117.7K
NOI $10,589 @ 9.00% cap · cautious / downside scenario
Moderate
$151.3K
NOI $10,589 @ 7.00% cap · market / base-case scenario
Aggressive
$211.8K
NOI $10,589 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Multifamily LT 5
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $16.2k | $12.60 |
| − Vacancy | −$1.1k | −$0.82 |
| EGI | $15.1k | $11.78 |
| − OpEx | −$4.5k | −$3.53 |
| NOI | $10.6k | $8.25 |
1,284 SF · lease $12.60/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Use Scenarios
Best Use
Multifamily LT 5
$151.3K
$132.4K – $176.5K
NOI $10,589 @ 7.0% cap · market cap 8.47%
Second Best
Apartment 5plus
$140.7K
$123.1K – $164.2K
NOI $9,850 @ 7.0% cap · market cap 7.88%
Theoretical Best
Office A
$317.9K
$278.2K – $370.9K
NOI $22,255 @ 7.0% cap · market cap 17.80%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Wichita
- County
- Sedgwick
- State
- Kansas
- Longitude
- -97.320621
- Latitude
- 37.67817
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Fully occupied duplex with solid rental income in Wichita, Kansas.
Where is this duplex located?
The property is located at 530-532 S Lulu Ave Wichita, KS.
What is the asking price?
The asking price for this property is $125,000.
What are key features of this property?
This property features: Fully occupied duplex providing immediate rental income.; Long‑term leases in place for both units (Unit 530 until 10‑31‑2026 and Unit 532 until 2‑3‑2027).; Unit 530 is updated with modern lighting, newer white cabinetry and countertops, neutral paint tones, durable LVP flooring, and refreshed bathroom.
