Triplex with Individual
For Sale
$199,900
1105 Connecticut Street, Lawrence, KS 66044
Residential Income, Lawrence, KS
Property Size1,957 SF
Price / SF$102.15
Days on Market127
Property Features for 1105 Connecticut Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 4, Bedroom 1, Bedroom 2
Window features
Wood Frames, Vinyl Frames
Basement
Full, Unfinished
Subdivision
East Lawrence
Standard status
Active
Size
1,957 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
Please see Offer Instructions.
Legal Description
Please see Offer Instructions.
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
in-unit laundry
off-street parking
Building Details
Year built
1900
Floors in Building
2
Number of units
3
Building materials
Frame, Wood Siding
Roof type
Composition
Listing Agency:
STEPHENS REAL ESTATE, INC
(785) 841-4500
Listed By:
KEVIN PHENIX
(785) 691-6230
Added: May 7
Changed: Sep 3
Last Checked: Sep 10 at 3:06AM
MLS# 165596
Copyright © 2026 Lawrence Board of Realtors. 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 1,957-square-foot triplex was built in 1900 and contains three independent units. Two residences offer one bedroom and one bathroom, while the second-floor unit provides two bedrooms and one bathroom. Each unit has its own laundry facilities. The property includes frame construction with wood siding, a composition roof, and public water and sewer service.
Off-street parking is accessed from the alley. A detached structure remains on the property and was previously used as an accessory dwelling unit. The asset is offered as-is, with inspections permitted and no seller repairs planned. Its setting is near downtown Lawrence, shopping, dining, and KU amenities.
Off-street parking is accessed from the alley. A detached structure remains on the property and was previously used as an accessory dwelling unit. The asset is offered as-is, with inspections permitted and no seller repairs planned. Its setting is near downtown Lawrence, shopping, dining, and KU amenities.
Key Highlights
- Three‑unit configuration: two 1‑bedroom/1‑bath units and one 2‑bedroom/1‑bath unit
- 1,957 square feet on a parcel improved in 1900
- Private laundry facilities provided in each unit
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
$18,227
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
9.12%
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%
$364,540
$364.5K
Cap Rate 7%
$260,386
$260.4K
Cap Rate 9%
$202,522
$202.5K
Market Conditions
NOI Build-Up for 1,957 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
$34.5K $17.64/SF
− Vacancy
−$1.4K −$0.71/SF
EGI
$33.1K $16.93/SF
− OpEx
−$14.9K −$7.62/SF
NOI
$18.2K $9.31/SF
Area
Douglas County, KS
Vacancy
4.00%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
45.00%
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%
$364,540
Cap Rate 7%
$260,386
Cap Rate 9%
$202,522
Alternative Uses
Best Use
Multifamily LT 5
$277.4K
$242.7K – $323.6K
NOI $19,418 @ 7.0% cap · market cap 9.71%
Second Best
Apartment 5plus
$260.4K
$227.8K – $303.8K
NOI $18,227 @ 7.0% cap · market cap 9.12%
Theoretical Best
Retail
$575.9K
$503.9K – $671.9K
NOI $40,312 @ 7.0% cap · market cap 20.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,610
Businesses Nearby
Explore this area
Business Placement
Demographics for 66044, KS
28,276
Population
12,723
Households
2.2
Avg Household Size
28
Median Age
54%
College-Educated
95%
High-School Grad
64.2 sq mi
ZIP Area
440
Density / Sq Mi
$56,340
Median Household Income
$20,271
Median Earnings
$999
Median Rent
$228,100
Median Home Value
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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?
Triplex - Three separate residences include private laundry and off-street parking reached through the alley.
Where is this triplex located?
The property is located at 1105 Connecticut Street Lawrence, KS.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Three‑unit configuration: two 1‑bedroom/1‑bath units and one 2‑bedroom/1‑bath unit; 1,957 square feet on a parcel improved in 1900; Private laundry facilities provided in each unit
