Quadplex with One Vacant
For Sale
$249,900
604-610 S Hunter, Wichita, KS 67207
Residential Income, Wichita, KS
Property Size2,340 SF
Lot Size0.30 Acres
Price / SF$106.79
Days on Market113
Property Features for 604-610 S Hunter
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
4
Parking features
On Street
Appliances
Disposal, Range, Refrigerator
Subdivision
NONE LISTED ON TAX RECORD
Elementary school
Clark
Middle school
Curtis
High school
Southeast
Elementary school district
Wichita School District (USD 259)
Middle school district
Wichita School District (USD 259)
High school district
Wichita School District (USD 259)
Directions
Kellogg Dr. & Woodlawn - East on Kellogg Dr., South on Hunter to Property
Standard status
Active
APN
119-30-0-22-05-003.00A
Size
2,340 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
RES D EXC BEG 395 FT NE SELY COR RES D NWLY 22.9 FT NW 148.65 FT TO NWLY COR E TO NE COR SLY & SWLY
Tax Annual Amount
887
Legal Description
RES D EXC BEG 395 FT NE SELY COR RES D NWLY 22.9 FT NW 148.65 FT TO NWLY COR E TO NE COR SLY & SWLY
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air, Wall Furnace
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1949
Number of units
4
Building materials
Brick
Roof type
Composition
Architectural style
Other
Listing Agency:
McCurdy Real Estate & Auction, LLC
(316) 867-3600
Listed By:
Rick Brock · License #00032084
(316) 683-0612
Added: May 22
Changed: Aug 27
Last Checked: Sep 11 at 6:06PM
MLS# 674248
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.
This 2,340-square-foot quadplex contains four one-bedroom, one-bath apartments. Each residence includes a living and dining area, luxury vinyl flooring, a kitchen with a refrigerator and range, and a full bathroom with a tub and shower combination. Three units are occupied, while Unit 606 is vacant and its utilities are off. The property was built in 1949 and has brick construction, composition roofing, window-unit cooling, and a combination of forced-air and wall-furnace heating.
The 0.2988-acre property is located near the intersection of Kellogg and Woodlawn in Wichita, with shopping, dining, entertainment, and Towne East Square in the surrounding area. On-street parking is provided, and the property has public water and natural gas availability. Existing lease terms include agreements extending through 12/31/2026 and 1/31/2027, along with one month-to-month tenancy.
The 0.2988-acre property is located near the intersection of Kellogg and Woodlawn in Wichita, with shopping, dining, entertainment, and Towne East Square in the surrounding area. On-street parking is provided, and the property has public water and natural gas availability. Existing lease terms include agreements extending through 12/31/2026 and 1/31/2027, along with one month-to-month tenancy.
Key Highlights
- Four 1‑bedroom, 1‑bath units within a 2,340‑square‑foot quadplex
- Three of four units occupied; Unit 606 is vacant with utilities off
- 0.2988‑acre site near Kellogg and Woodlawn in Wichita
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
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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
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?
Quadplex - Four compact apartments with updated flooring, individual kitchens, and three units currently leased.
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‑bath units within a 2,340‑square‑foot quadplex; Three of four units occupied; Unit 606 is vacant with utilities off; 0.2988‑acre site near Kellogg and Woodlawn in Wichita
