Four-Unit Apartment
For Sale
$249,900
604-610 S Hunter, Wichita, KS 67207
Four one-bedroom residences include updated flooring, equipped kitchens, and one currently vacant unit.
Property Size2,340 SF
Price / SF$106.79
Days on Market20
Property Features for 604-610 S Hunter
General Information
Standard status
Active
Size
2,340 SF
Property subtype
Multi-Family
Occupancy
75%
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Building Details
Year Built
1949
Listing Agency:
McCurdy Real Estate & Auction, LLC
(316) 683-0612
Listed By:
Rick Brock · License #00032084
Source:
Highpointks
Added: Aug 12
Changed: Aug 29
Last Checked: Aug 30 at 7:54PM
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 McCurdy Real Estate & Auction, LLC
Investment Insights
Based on property information with market context.
This 1949 quadplex contains four one-bedroom, one-bathroom apartments. Three units are occupied, while the fourth is vacant and available for a new lease or personal use. Interior layouts include separate living and dining areas, functional kitchens with refrigerators and oven/ranges, and full bathrooms with tub/shower combinations. Luxury vinyl flooring is installed in the living and dining areas.
The property is located near the Kellogg and Woodlawn intersection in Wichita, with shopping, dining, entertainment, and Towne East Square in the surrounding area. The asset is addressed as 604–610 S Hunter and offers a compact four-unit configuration for residential income ownership.
The property is located near the Kellogg and Woodlawn intersection in Wichita, with shopping, dining, entertainment, and Towne East Square in the surrounding area. The asset is addressed as 604–610 S Hunter and offers a compact four-unit configuration for residential income ownership.
Key Highlights
- Four 1‑bedroom, 1‑bathroom units
- Three of four units currently occupied
- One vacant unit available for leasing or owner occupancy
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
$19,173
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
7.67%
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%
$383,460
$383.5K
Cap Rate 7%
$273,900
$273.9K
Cap Rate 9%
$213,033
$213.0K
Market Conditions
NOI Build-Up for 2,340 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
$28.6K $12.24/SF
− Vacancy
−$1.3K −$0.53/SF
EGI
$27.4K $11.71/SF
− OpEx
−$8.2K −$3.51/SF
NOI
$19.2K $8.19/SF
Area
ZIP 67207
Vacancy
4.37%
Lease Rate
$12.24 /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%
$383,460
Cap Rate 7%
$273,900
Cap Rate 9%
$213,033
Alternative Uses
Best Use
Multifamily LT 5
$273.9K
$239.7K – $319.6K
NOI $19,173 @ 7.0% cap · market cap 7.67%
Second Best
Apartment 5plus
$244.2K
$213.6K – $284.9K
NOI $17,091 @ 7.0% cap · market cap 6.84%
Theoretical Best
Office A
$505.1K
$441.9K – $589.2K
NOI $35,354 @ 7.0% cap · market cap 14.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Location Intelligence
Trade Area within ½ mile
399
Businesses Nearby
Explore this area
Business Placement
Demographics for 67207, KS
28,143
Population
12,755
Households
2.2
Avg Household Size
34
Median Age
29%
College-Educated
88%
High-School Grad
10.4 sq mi
ZIP Area
2,706
Density / Sq Mi
$66,400
Median Household Income
$39,070
Median Earnings
$961
Median Rent
$204,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four one-bedroom residences include updated flooring, equipped kitchens, and one currently vacant unit.
Where is this quadplex located?
The property is located at 604-610 S Hunter Wichita, KS.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Four 1‑bedroom, 1‑bathroom units; Three of four units currently occupied; One vacant unit available for leasing or owner occupancy
