New Duplex with Modern
For Sale
$375,000
5516-5518 N Sandkey Ct, Wichita, KS 67204
Two well-appointed residences offer low-maintenance living, private fenced yards, and covered outdoor patios.
Property Size2,364 SF
Price / SF$158.63
Days on Market28
Property Features for 5516-5518 N Sandkey Ct
General Information
Standard status
Active
Size
2,364 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
2024
Listing Agency:
Russell Real Resources LLC
(316) 516-7417
Listed By:
Bree Russell · License #BRSP00218596
Source:
Highpointks
Added: Aug 4
Changed: Aug 29
Last Checked: Aug 30 at 8:04PM
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 Russell Real Resources LLC
Investment Insights
Based on property information with market context.
Completed in 2024, this duplex contains 2,364 square feet of residential space across two separately arranged homes. Each residence features an open living plan, three bedrooms, two full bathrooms, a primary suite with a walk-in shower and closet, and a walk-in kitchen pantry. Interior finishes include LVP flooring, granite countertops in the kitchens and bathrooms, vaulted living areas, and 9-foot ceilings.
The property occupies a corner lot at 5516-5518 N Sandkey Ct in Wichita, with rod-iron-fenced backyards, covered patios, and additional parking potential. The homes are located within the Valley Center School district. HOA services cover lawn care, while tenants are responsible for utilities. The duplex is available for immediate move-ins and may be sold as part of a package of twin homes or duplexes.
The property occupies a corner lot at 5516-5518 N Sandkey Ct in Wichita, with rod-iron-fenced backyards, covered patios, and additional parking potential. The homes are located within the Valley Center School district. HOA services cover lawn care, while tenants are responsible for utilities. The duplex is available for immediate move-ins and may be sold as part of a package of twin homes or duplexes.
Key Highlights
- 2024‑built duplex with 2,364 square feet of residential space
- Each side includes 3 bedrooms and 2 full bathrooms
- Open layouts with LVP flooring, granite, vaulted areas, and 9‑foot ceilings
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
$19,495
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
5.20%
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%
$389,900
$389.9K
Cap Rate 7%
$278,500
$278.5K
Cap Rate 9%
$216,611
$216.6K
Market Conditions
NOI Build-Up for 2,364 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
$29.8K $12.60/SF
− Vacancy
−$1.9K −$0.82/SF
EGI
$27.9K $11.78/SF
− OpEx
−$8.4K −$3.53/SF
NOI
$19.5K $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%
$389,900
Cap Rate 7%
$278,500
Cap Rate 9%
$216,611
Alternative Uses
Best Use
Multifamily LT 5
$278.5K
$243.7K – $324.9K
NOI $19,495 @ 7.0% cap · market cap 5.20%
Second Best
Apartment 5plus
$259.1K
$226.7K – $302.3K
NOI $18,135 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$585.3K
$512.2K – $682.9K
NOI $40,973 @ 7.0% cap · market cap 10.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
43
Businesses Nearby
Explore this area
Business Placement
Demographics for 67204, KS
21,932
Population
9,424
Households
2.3
Avg Household Size
38
Median Age
24%
College-Educated
79%
High-School Grad
16.1 sq mi
ZIP Area
1,362
Density / Sq Mi
$68,549
Median Household Income
$39,258
Median Earnings
$976
Median Rent
$148,900
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 - Two well-appointed residences offer low-maintenance living, private fenced yards, and covered outdoor patios.
Where is this duplex located?
The property is located at 5516-5518 N Sandkey Ct 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: 2024‑built duplex with 2,364 square feet of residential space; Each side includes 3 bedrooms and 2 full bathrooms; Open layouts with LVP flooring, granite, vaulted areas, and 9‑foot ceilings
