Three-Bedroom Duplex with
For Sale
$340,000
Pending
6411 S Vassar Ave, Derby, KS 67037
Residential Income, Derby, KS
Property Size2,194 SF
Lot Size0.23 Acres
Days on Market96
Property Features for 6411 S Vassar Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking
2
Appliances
Dishwasher, Microwave, Refrigerator
Subdivision
VASSAR ADDITION
Elementary school
Derby Hills
Middle school
Derby
High school
Derby
Elementary school district
Derby School District (USD 260)
Middle school district
Derby School District (USD 260)
High school district
Derby School District (USD 260)
Directions
K-15 South to Clifton. S Clifton to Sunflower Drive. West on Sunflower Drive to Vassar Ave. Home on the right.
Standard status
Pending
APN
217260330800600
Size
2,194 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 6 BLOCK B VASSAR ADDITION
Tax Annual Amount
4258
HOA Fee
$1,500 Annually
Legal Description
LOT 6 BLOCK B VASSAR ADDITION
Utilities
Utilities
Natural Gas Available
Heating system
Natural Gas, Forced Air
Cooling system
Electric
Water source
Public
Building Details
Year built
2017
Number of units
2
Building materials
Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Heritage 1st Realty
(316) 512-1300
Listed By:
Dustin Lynam · License #00237038
(316) 259-9184
Added: May 30
Changed: Aug 19
Last Checked: Sep 2 at 12:06PM
MLS# 673797
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 2017, this duplex contains 2,194 square feet across two residential units. Each side provides 3 bedrooms, 2 bathrooms, and an attached 2-car garage, with dishwasher, microwave, and refrigerator appliances. Frame construction, composition roofing, forced-air natural gas heating, and electric cooling support the property’s practical residential configuration. Public water and natural gas availability are also provided.
Both units are currently rented, creating an occupied income property in Derby. The property is positioned within the Derby school district and offers access to K-15, shopping, dining, and other local amenities. Its 0.2296-acre site supports a compact duplex layout with dedicated garage parking for each residence.
Both units are currently rented, creating an occupied income property in Derby. The property is positioned within the Derby school district and offers access to K-15, shopping, dining, and other local amenities. Its 0.2296-acre site supports a compact duplex layout with dedicated garage parking for each residence.
Key Highlights
- 2,194 square feet across a two‑unit duplex
- Each unit includes 3 bedrooms, 2 bathrooms, and an attached 2‑car garage
- Both units are currently rented
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
$18,345
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
5.40%
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%
$366,900
$366.9K
Cap Rate 7%
$262,071
$262.1K
Cap Rate 9%
$203,833
$203.8K
Market Conditions
NOI Build-Up for 2,194 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
$27.6K $12.60/SF
− Vacancy
−$1.4K −$0.66/SF
EGI
$26.2K $11.94/SF
− OpEx
−$7.9K −$3.58/SF
NOI
$18.3K $8.36/SF
Area
Sedgwick County, KS
Vacancy
5.20%
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%
$366,900
Cap Rate 7%
$262,071
Cap Rate 9%
$203,833
Alternative Uses
Best Use
Multifamily LT 5
$262.1K
$229.3K – $305.8K
NOI $18,345 @ 7.0% cap · market cap 5.40%
Second Best
Apartment 5plus
$241.7K
$211.5K – $282.0K
NOI $16,920 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$457.3K
$400.1K – $533.5K
NOI $32,010 @ 7.0% cap · market cap 9.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 67037, KS
30,005
Population
12,680
Households
2.4
Avg Household Size
37
Median Age
36%
College-Educated
96%
High-School Grad
53.6 sq mi
ZIP Area
560
Density / Sq Mi
$84,666
Median Household Income
$46,305
Median Earnings
$1,085
Median Rent
$227,200
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 leased residential units offer separate layouts, attached garages, and established occupancy in Derby.
Where is this duplex located?
The property is located at 6411 S Vassar Ave Derby, KS.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: 2,194 square feet across a two‑unit duplex; Each unit includes 3 bedrooms, 2 bathrooms, and an attached 2‑car garage; Both units are currently rented
