Ranch Duplex with
For Sale
$240,000
Pending
920 N Wheatland Dr, Buhler, KS 67522
MULTI_FAMILY - Ranch - Buhler, KS
Property Size2,636 SF
Days on Market298
Property Features for 920 N Wheatland Dr
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Garage
Basement
Concrete, Full, Partially Finished
Elementary school
Buhler
Middle school
Prairie Hills
High school
Buhler
Elementary school district
Buhler
Subdivision
Buhler
Standard status
Pending
APN
078-012-09-0-30-01-022.00-0
Size
2,636 SF
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
2735
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Electric, Ceiling Fan(s)
Water source
Public
Amenities
back patio
Building Details
Year built
1978
Number of units
2
Building materials
Brick
Roof type
Composition
Architectural style
Ranch
Listing Agency:
Align Realty, LLC
(620) 899-3438
Listed By:
Lyle Goertzen · License #SP00234323
(620) 899-4211
Added: Oct 13, 2025
Changed: Aug 5
Last Checked: Aug 6 at 2:06PM
MLS# 53586
Copyright © 2026 Mid-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 brick ranch duplex offers two units with two bedrooms and one bath per side. Each side includes a single-car garage and a full basement that is partially finished. The property is set up with tenants already in place, providing an occupied configuration from day one.
Built in 1978, the duplex features natural gas heating, cooling via ceiling fans and electric, and a composition roof. Public water and public sewer services support the property.
The overall layout centers on the duplex arrangement, with shared lot improvements and dedicated garages per side, plus basement space that can support additional use in each unit.
Built in 1978, the duplex features natural gas heating, cooling via ceiling fans and electric, and a composition roof. Public water and public sewer services support the property.
The overall layout centers on the duplex arrangement, with shared lot improvements and dedicated garages per side, plus basement space that can support additional use in each unit.
Key Highlights
- Two bedrooms and one bath per side
- Single‑car garage per side
- Full basement, partially finished on each side
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
$17,598
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
7.33%
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%
$351,960
$352.0K
Cap Rate 7%
$251,400
$251.4K
Cap Rate 9%
$195,533
$195.5K
Market Conditions
NOI Build-Up for 2,636 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
$26.9K $10.20/SF
− Vacancy
−$1.7K −$0.66/SF
EGI
$25.1K $9.54/SF
− OpEx
−$7.5K −$2.86/SF
NOI
$17.6K $6.68/SF
Area
Reno County, KS
Vacancy
6.50%
Lease Rate
$10.20 /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%
$351,960
Cap Rate 7%
$251,400
Cap Rate 9%
$195,533
Alternative Uses
Best Use
Multifamily LT 5
$251.4K
$220.0K – $293.3K
NOI $17,598 @ 7.0% cap · market cap 7.33%
Second Best
Apartment 5plus
$234.1K
$204.9K – $273.2K
NOI $16,389 @ 7.0% cap · market cap 6.83%
Theoretical Best
Office A
$533.6K
$466.9K – $622.5K
NOI $37,351 @ 7.0% cap · market cap 15.56%
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
34
Businesses Nearby
Explore this area
Business Placement
Demographics for 67522, KS
2,131
Population
770
Households
2.8
Avg Household Size
41
Median Age
29%
College-Educated
95%
High-School Grad
57.2 sq mi
ZIP Area
37
Density / Sq Mi
$70,735
Median Household Income
$48,684
Median Earnings
$798
Median Rent
$142,500
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 - Ranch duplex in Buhler with two bedrooms and one bath per side, each with a single-car garage.
Where is this duplex located?
The property is located at 920 N Wheatland Dr Buhler, KS.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Two bedrooms and one bath per side; Single‑car garage per side; Full basement, partially finished on each side
