New Duplex with Covered
For Sale
$497,800
711 N Rainbow Lake Unit 100, Wichita, KS 67235
New-construction duplex with matching residences, private yards, attached garages, and planned community amenities.
Property Size2,960 SF
Price / SF$168.18
Days on Market191
Property Features for 711 N Rainbow Lake Unit 100
General Information
Standard status
Active
Size
2,960 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
HOA Fee
$125
Building Details
Buildings
1
Listing Agency:
RE/MAX Premier
(316) 641-9442
Listed By:
Karen Hampton · License #00052101
(316) 641-9442
Source:
Exprealty
Added: Feb 12
Changed: Aug 21
Last Checked: Aug 21 at 11:47AM
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 RE/MAX Premier
Investment Insights
Based on property information with market context.
This new duplex at 711 N Rainbow Lake Unit 100 includes two residences, each with three bedrooms, two bathrooms, a two-car garage, and 1,470 square feet of living space. Interior details include vaulted living areas with beam accents, LVP flooring, quartz kitchen counters, an eating bar, walk-in pantry, and stainless steel appliances. Each side also offers a primary suite with a walk-in closet and double-vanity bath, plus private outdoor space, a fenced and landscaped yard, and a 12x14 covered rear patio.
The property is situated in the Crescent Creek community, just east of 135th Street off Central in Wichita. Planned neighborhood features include a clubhouse with basement, swimming pool, pickleball court, stocked lake, and walking paths. HOA services include lawn mowing, trash service, irrigation, and community-amenity access. Multiple floor plans are available.
The property is situated in the Crescent Creek community, just east of 135th Street off Central in Wichita. Planned neighborhood features include a clubhouse with basement, swimming pool, pickleball court, stocked lake, and walking paths. HOA services include lawn mowing, trash service, irrigation, and community-amenity access. Multiple floor plans are available.
Key Highlights
- Two residences with 3 bedrooms and 2 bathrooms per side
- 1,470 square feet of living space on each side
- Two‑car garage, fenced yard, landscaping, and private patios for each unit
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
$24,410
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
4.90%
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%
$488,200
$488.2K
Cap Rate 7%
$348,714
$348.7K
Cap Rate 9%
$271,222
$271.2K
Market Conditions
NOI Build-Up for 2,960 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
$37.3K $12.60/SF
− Vacancy
−$2.4K −$0.82/SF
EGI
$34.9K $11.78/SF
− OpEx
−$10.5K −$3.53/SF
NOI
$24.4K $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%
$488,200
Cap Rate 7%
$348,714
Cap Rate 9%
$271,222
Alternative Uses
Best Use
Multifamily LT 5
$348.7K
$305.1K – $406.8K
NOI $24,410 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$324.4K
$283.9K – $378.5K
NOI $22,708 @ 7.0% cap · market cap 4.56%
Theoretical Best
Office A
$732.9K
$641.3K – $855.1K
NOI $51,303 @ 7.0% cap · market cap 10.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
29
Businesses Nearby
Explore this area
Business Placement
Demographics for 67235, KS
14,824
Population
5,311
Households
2.8
Avg Household Size
38
Median Age
45%
College-Educated
98%
High-School Grad
10.8 sq mi
ZIP Area
1,373
Density / Sq Mi
$112,500
Median Household Income
$51,333
Median Earnings
$1,541
Median Rent
$298,100
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 - New-construction duplex with matching residences, private yards, attached garages, and planned community amenities.
Where is this duplex located?
The property is located at 711 N Rainbow Lake Unit 100 Wichita, KS.
What is the asking price?
The asking price for this property is $497,800.
What are key features of this property?
This property features: Two residences with 3 bedrooms and 2 bathrooms per side; 1,470 square feet of living space on each side; Two‑car garage, fenced yard, landscaping, and private patios for each unit
