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    Multiple Properties In Same Neighborhood Bel Aire, KS 67220
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    Multiple Properties In Same Neighborhood, Bel Aire, KS 67220

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    • Residential income homes
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Residential income homes

    Property Details for 0 Multiple Properties In Same Neighborhood

    Year built
    2024
    Property type
    Residential income homes

    Description

    This exceptional investment opportunity presents a portfolio of 40 newly constructed duplex buildings, totaling 80 units, located in the desirable Bel Aire, Kansas, zip code 67220. Each duplex features three bedrooms and two bathrooms, spanning 1265 square feet per side. Construction is underway, with delivery scheduled between March and December 2024. The properties are situated in a strong school district and enjoy convenient proximity to Koch Industries and other major employers, ensuring high occupancy rates. Current market rents exceed $1550 per side, with two pre-leases already secured. This offering provides flexibility: acquire a smaller portfolio of five buildings (ten units) for $1,725,000, or purchase the entire 40-building, 80-unit portfolio. For the larger portfolio, the seller will contract now, with closings staggered over the next year, approximately five duplexes (ten units) per month, following Certificate of Occupancy issuance. This is a rare chance to acquire a substantial, high-yield multifamily investment in a prime Kansas location. The properties are situated in Sedgwick County. Detailed financial information is available upon request.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Bel Aire
    County
    Sedgwick
    State
    Kansas
    Longitude
    -97.2689
    Latitude
    37.7814

    Comparable in this City

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      0.20 Acres

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      3850 Oliver St

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      2801 Oliver St

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      2,854 SF

      3450 Ridgewood St

      GARDEN APT, COURT APT (5+ UNITS)
      3450 Ridgewood St, Wichita, KS 67220-4416
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    • Value Estimation
      $620,000
      5,272 SF

      3820 Oliver St

      GARDEN APT, COURT APT (5+ UNITS)
      3820 Oliver St, Bel Aire, KS 67220-2042
      View Details

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      Development Site at 29th & Woodlawn

      18.4 acre development site suitable for multiple uses.
      29 29Th St, Wichita, KS 67220
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      Commercial Land for Sale

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      29 29Th St, Wichita, KS 67220
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      Development Site at 29th & Woodlawn

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    Similar Nearby for Lease

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      Northeast Wichita Office Space

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      Retail Space in High-Occupancy Center

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      Retail Space Available For Rent

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      Wichita Flex/Industrial Space Available

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      Retail Space in High Occupancy Center

      Retail space available in established, high-occupancy Wichita shopping center.
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      1,400 SF

      Retail Space Available for Rent

      Retail space available for lease in Wichita, Kansas.
      6254 E 37Th St N, Wichita, KS 67220
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    Bel Aire, KS 67220
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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