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    Topeka Triplex with Rental Upside Title is generated by Realmo AI

    1500 SW Mulvane Street, Topeka, KS 66604

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    Claim this Listing
    Pending
    $199,900

    MULTI_FAMILY - Topeka, KS

    Property size:
    2,192 SF
    Added:
    Nov 18, 2025
    Days on Market:
    221
    Last Refresh:
    Jun 27 at 3:06 pm

    Property Features for 1500 SW Mulvane Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    3
    Bathrooms
    3
    Rooms
    Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 3, Bedroom 1, Bathroom 1
    Basement
    Full, Unfinished
    Standard status
    Pending
    Size
    2,192 SF

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    Please see Offer Instructions

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Year built
    1920
    Floors in Building
    2
    Building materials
    Frame
    Roof type
    Composition

    We can help!

    Contact an agent
    MARK HUMMEL

    Listing agent MARK HUMMEL

    Listing office STEPHENS REAL ESTATE, INC 600 Lawrence Ave, Lawrence, KS

    Listing date Nov 18, 2025

    MLS# 164619 Listing URL

    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.

    HighLights

    • Topeka triplex with 3 units total (2 rented and 1 vacant for a new tenant).
    • Two units have been remodeled.
    • New AC and furnace.
    • Public water and public sewer.
    • Frame construction with a composition roof.
    • Year built: 1920; Rooms include 3 bedrooms and 3 bathrooms (plus Bathroom 2 listed).

    Overview

    This centrally located Topeka triplex presents an investor opportunity with immediate income potential. Two of the units are currently rented, while one vacant unit is ready for a new tenant. The property, located in the College Hill neighborhood near Washburn University, offers convenient access to downtown and local amenities. Two units have been remodeled, and the property features a new AC and furnace. The property size is 2192 square feet. This property offers strong rental upside.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $25.0k $11.40
    − Vacancy −$1.4k −$0.63
    EGI $23.6k $10.77
    − OpEx −$7.1k −$3.23
    NOI $16.5k $7.54
    2,192 SF · lease $11.40/SF/yr · vacancy 5.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $236.1K
    $206.6K – $275.5K (±1% cap)
    NOI $16,530 @ 7.0% cap · market cap 8.27%
    Second Best
    Apartment 5plus
    $219.9K
    $192.4K – $256.6K (±1% cap)
    NOI $15,393 @ 7.0% cap · market cap 7.70%
    Theoretical Best
    Self Storage
    $247.3K
    $216.4K – $288.5K (±1% cap)
    NOI $17,308 @ 7.0% cap · market cap 8.66%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Topeka
    County
    Shawnee
    State
    Kansas
    Longitude
    -95.698669
    Latitude
    39.039673

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    FAQs

    What type of property is this?
    Triplex - Centrally located Topeka triplex with immediate income potential.
    Where is this triplex located?
    The property is located at 1500 SW Mulvane Street Topeka, 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: Topeka triplex with 3 units total (2 rented and 1 vacant for a new tenant).; Two units have been remodeled.; New AC and furnace.
    (785) 979-4281
    We can help!
    Contact an agent
    MARK HUMMEL
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