Leased Duplex with Attached
For Sale
$340,000
6411 S Vassar Ave, Derby, KS 67037
Fully leased duplex with spacious three-bedroom layouts and attached garages.
Property Size2,194 SF
Price / SF$154.97
Days on Market72
Property Features for 6411 S Vassar Ave
General Information
Standard status
Active
Size
2,194 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Parking per Unit
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$4,257
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Heritage 1st Realty
(316) 259-9184
Listed By:
Dustin Lynam · License #00237038
(316) 259-9184
Source:
Exprealty
Added: May 30
Changed: Aug 9
Last Checked: Aug 9 at 3:11AM
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 Heritage 1st Realty
Investment Insights
Based on property information with market context.
This duplex contains 2,194 square feet with two residential units, each offering 3 bedrooms, 2 bathrooms, and an attached 2-car garage. Both units are currently leased, providing an established occupancy profile for the property. The construction is described as low-maintenance, and the interiors include modern finishes with layouts designed for long-term residential use.
The property is located in Derby, within the Derby school district and near K-15. Shopping, dining, and other local amenities are also situated nearby, supporting convenient access for residents. Each unit’s combination of bedroom count, private bathrooms, and attached garage space creates a consistent configuration across the duplex.
The property is located in Derby, within the Derby school district and near K-15. Shopping, dining, and other local amenities are also situated nearby, supporting convenient access for residents. Each unit’s combination of bedroom count, private bathrooms, and attached garage space creates a consistent configuration across the duplex.
Key Highlights
- Two‑unit duplex totaling 2,194 square feet
- Both units currently leased
- Each unit includes 3 bedrooms and 2 bathrooms
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
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 - Fully leased duplex with spacious three-bedroom layouts and attached garages.
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: Two‑unit duplex totaling 2,194 square feet; Both units currently leased; Each unit includes 3 bedrooms and 2 bathrooms
