New Duplex with Lake
For Sale
$244,900
Pending
711 N Rainbow Lake St., Wichita, KS 67235
Residential, Wichita, KS
Property Size1,470 SF
Lot Size0.26 Acres
Days on Market212
Property Features for 711 N Rainbow Lake St.
General Information
Property type
Residential
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Dining Room, Bathroom 1, Laundry Room, Bedroom 3, Bedroom 2
Window features
Storm Window(s)
Patio and Porch features
Patio
Interior features
Ceiling Fan(s), Walk-In Closet(s), Vaulted Ceiling(s)
Exterior features
Guttering - ALL, Sprinkler System, Zero Step Entry, Frame w/Less than 50% Mas
Appliances
Dishwasher, Disposal, Microwave, Refrigerator, Range
Subdivision
Bridger at Central Addition - Crescent Creek
Lot features
Pond/ Lake
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", east of 135th. North on Rainbow Lake St.
Standard status
Pending
APN
30027989
Size
1,470 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 3 BLOCK C BRIDGER AT CENTRAL ADDITION
HOA Fee
$1,500 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, Central Air
Building Details
Year built
2026
Floors in Building
1
Roof type
Composition
Architectural style
Ranch
Listing Agency:
RE/MAX Premier · RE/MAX International
(316) 773-2707
Listed By:
Karen Hampton · License #00052101
(316) 641-9442
Added: Feb 13
Changed: Sep 13
Last Checked: Sep 13 at 8:06AM
MLS# 668258
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 under-construction duplex in Wichita is scheduled for completion in 2026 and offers a ranch-style layout with two separate residences. Each side contains 1,470 square feet, three bedrooms, two bathrooms, and a two-car garage. Interior details include vaulted ceilings, LVP flooring, quartz kitchen surfaces, a walk-in pantry, stainless steel appliances, and a primary suite with double vanities and a walk-in closet. Each residence also includes a laundry room, private patio space, and a fully fenced, landscaped yard.
The property is located at 711 N Rainbow Lake St. in the Crescent Creek community, just east of 135th Street off Central. The address includes a lake lot, while planned community features include a clubhouse, swimming pool, pickleball court, stocked lake, and walking paths. Natural gas is available, with forced-air heating and central air conditioning.
The property is located at 711 N Rainbow Lake St. in the Crescent Creek community, just east of 135th Street off Central. The address includes a lake lot, while planned community features include a clubhouse, swimming pool, pickleball court, stocked lake, and walking paths. Natural gas is available, with forced-air heating and central air conditioning.
Key Highlights
- Duplex under construction with projected 2026 completion
- Each side provides 1,470 square feet, 3 bedrooms, 2 bathrooms, and a 2‑car garage
- Covered 12x14 back patio and private side patio on each residence
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
$12,123
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
4.95%
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%
$242,460
$242.5K
Cap Rate 7%
$173,186
$173.2K
Cap Rate 9%
$134,700
$134.7K
Market Conditions
NOI Build-Up for 1,470 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
$18.5K $12.60/SF
− Vacancy
−$1.2K −$0.82/SF
EGI
$17.3K $11.78/SF
− OpEx
−$5.2K −$3.53/SF
NOI
$12.1K $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%
$242,460
Cap Rate 7%
$173,186
Cap Rate 9%
$134,700
Alternative Uses
Best Use
Multifamily LT 5
$173.2K
$151.5K – $202.1K
NOI $12,123 @ 7.0% cap · market cap 4.95%
Second Best
Apartment 5plus
$161.1K
$141.0K – $188.0K
NOI $11,277 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$364.0K
$318.5K – $424.6K
NOI $25,478 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
33
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Under-construction ranch duplex with fenced yards, covered patios, and contemporary finishes in Crescent Creek.
Where is this duplex located?
The property is located at 711 N Rainbow Lake St. Wichita, KS.
What is the asking price?
The asking price for this property is $244,900.
What are key features of this property?
This property features: Duplex under construction with projected 2026 completion; Each side provides 1,470 square feet, 3 bedrooms, 2 bathrooms, and a 2‑car garage; Covered 12x14 back patio and private side patio on each residence
