New Construction Duplex With Covered
For Sale
$497,800
711 N Rainbow Lake Suite 100, Wichita, KS 67235
MULTI_FAMILY - Other - Wichita, KS
Property Size2,960 SF
Lot Size0.05 Acres
Price / SF$168.18
Days on Market175
Property Features for 711 N Rainbow Lake Suite 100
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Parking
4
Appliances
Dishwasher, Disposal, Microwave, Range, Refrigerator
Subdivision
Bridger at Central Addition - Crescent Creek
Elementary school
Explorer
Middle school
Eisenhower
High school
Dwight D. Eisenhower
Elementary school district
Goddard School District (USD 265)
Middle school district
Goddard School District (USD 265)
High school district
Goddard School District (USD 265)
Directions
West on Central from 119th to "Crescent Creek", before 135th. North on Rainbow Lake St.
Standard status
Active
APN
30027989
Size
2,960 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 3 BLOCK C BRIDGER AT CENTRAL ADDITION
HOA Fee
$3,000 Annually
Legal Description
LOT 3 BLOCK C BRIDGER AT CENTRAL ADDITION
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air, Natural Gas
Cooling system
Electric
Water source
Public
Building Details
Year built
2026
Number of units
2
Building materials
Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
RE/MAX Premier · RE/MAX International
(316) 773-2707
Listed By:
Karen Hampton · License #00052101
(316) 641-9442
Added: Feb 12
Changed: Aug 5
Last Checked: Aug 6 at 11:06AM
MLS# 668222
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.
New construction duplexes in the Crescent Creek community just east of 135th Street off Central, currently under construction and built as a frame structure with a composition roof. Each side features a three-bedroom, two-bath Abbington plan with a two-car garage and a 1,470-square-foot layout, including a vaulted living room with a custom beam accent and LVP flooring throughout. The kitchen offers quartz countertops, a large eating bar, walk-in pantry, and stainless appliances including a range, microwave, dishwasher, and refrigerator. The primary suite includes a walk-in closet and private bath with double vanities.
Outdoor space is designed for privacy, with a private side patio and a 12x14 covered back patio overlooking a wooded lot. Each unit includes a fully fenced and landscaped yard. Exterior details include brick wainscot on the front paired with LP Smart Lap siding. Heating is natural gas forced air and cooling is electric, with natural gas available and public water.
Crescent Creek residents will have access to future community amenities including a clubhouse with a basement, swimming pool, pickleball court, stocked lake, and walking paths.
Outdoor space is designed for privacy, with a private side patio and a 12x14 covered back patio overlooking a wooded lot. Each unit includes a fully fenced and landscaped yard. Exterior details include brick wainscot on the front paired with LP Smart Lap siding. Heating is natural gas forced air and cooling is electric, with natural gas available and public water.
Crescent Creek residents will have access to future community amenities including a clubhouse with a basement, swimming pool, pickleball court, stocked lake, and walking paths.
Key Highlights
- Under‑construction duplex property in Crescent Creek, built in 2026
- 1,470 SF living space per side with a three‑bedroom, two‑bath layout
- 12x14 covered back patio overlooking a wooded lot
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 - Under-construction duplex in Crescent Creek with private side patio, a covered back patio, fenced yards, and modern interior finishes.
Where is this duplex located?
The property is located at 711 N Rainbow Lake Suite 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: Under‑construction duplex property in Crescent Creek, built in 2026; 1,470 SF living space per side with a three‑bedroom, two‑bath layout; 12x14 covered back patio overlooking a wooded lot
