Side-by-Side Duplex with
For Sale
$170,000
827-829 S Terrace Dr, Wichita, KS 67218
Two occupied units feature one-bedroom layouts, vinyl siding, newer windows, and off-street parking.
Property Size1,056 SF
Price / SF$160.98
Days on Market25
Property Features for 827-829 S Terrace Dr
General Information
Standard status
Active
Size
1,056 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Building Details
Year Built
1942
Listing Agency:
Exp Realty, LLC
(860) 906-7214
Listed By:
Bonnie Dalleo
Source:
Highpointks
Added: Aug 9
Changed: Aug 31
Last Checked: Aug 31 at 6:59PM
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 Exp Realty, LLC
Investment Insights
Based on property information with market context.
This side-by-side duplex contains two one-bedroom, one-bathroom residences within 1,056 square feet. Both units are currently rented, and the existing tenants would like to remain. The property includes low-maintenance vinyl siding, newer windows, and off-street parking.
Built in 1942, the duplex offers a compact two-unit configuration at 827-829 S Terrace Dr in Wichita, Kansas. Its separate side-by-side layout and established occupancy provide a straightforward multifamily property profile for an owner seeking two residential units in one building.
Built in 1942, the duplex offers a compact two-unit configuration at 827-829 S Terrace Dr in Wichita, Kansas. Its separate side-by-side layout and established occupancy provide a straightforward multifamily property profile for an owner seeking two residential units in one building.
Key Highlights
- Two side‑by‑side 1‑bedroom, 1‑bathroom units
- Both units are currently rented with tenants who would like to stay
- 1,056 square feet of total property size
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
$8,709
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
5.12%
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%
$174,180
$174.2K
Cap Rate 7%
$124,414
$124.4K
Cap Rate 9%
$96,767
$96.8K
Market Conditions
NOI Build-Up for 1,056 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
$13.3K $12.60/SF
− Vacancy
−$865 −$0.82/SF
EGI
$12.4K $11.78/SF
− OpEx
−$3.7K −$3.53/SF
NOI
$8.7K $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%
$174,180
Cap Rate 7%
$124,414
Cap Rate 9%
$96,767
Alternative Uses
Best Use
Multifamily LT 5
$124.4K
$108.9K – $145.2K
NOI $8,709 @ 7.0% cap · market cap 5.12%
Second Best
Apartment 5plus
$115.7K
$101.3K – $135.0K
NOI $8,101 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$261.5K
$228.8K – $305.1K
NOI $18,303 @ 7.0% cap · market cap 10.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
488
Businesses Nearby
Explore this area
Business Placement
Demographics for 67218, KS
23,044
Population
11,483
Households
2
Avg Household Size
35
Median Age
25%
College-Educated
81%
High-School Grad
5.0 sq mi
ZIP Area
4,609
Density / Sq Mi
$47,905
Median Household Income
$33,750
Median Earnings
$905
Median Rent
$117,700
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 occupied units feature one-bedroom layouts, vinyl siding, newer windows, and off-street parking.
Where is this duplex located?
The property is located at 827-829 S Terrace Dr Wichita, KS.
What is the asking price?
The asking price for this property is $170,000.
What are key features of this property?
This property features: Two side‑by‑side 1‑bedroom, 1‑bathroom units; Both units are currently rented with tenants who would like to stay; 1,056 square feet of total property size
