Remodeled Triplex
For Sale
$199,900
Pending
1500 SW Mulvane Street, Topeka, KS 66604
Residential Income, Topeka, KS
Property Size2,192 SF
Days on Market296
Property Features for 1500 SW Mulvane Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 3, Bathroom 3, Bathroom 2, Bedroom 2, Bathroom 1
Basement
Unfinished, Full
Subdivision
TOPEKA
Standard status
Pending
Size
2,192 SF
Taxes and HOA fees
Tax Year
2024
Tax Description
Please see Offer Instructions
Legal 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
Listing Agency:
STEPHENS REAL ESTATE, INC
(785) 841-4500
Listed By:
MARK HUMMEL
(785) 979-4281
Added: Nov 18, 2025
Changed: Sep 3
Last Checked: Sep 10 at 1:06AM
MLS# 164619
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 2,192-square-foot triplex was built in 1920 with frame construction, a composition roof, and public water and sewer service. Two of the three units have been remodeled, while the remaining unit is vacant and available for leasing. A new AC system and furnace provide updated mechanical equipment for the property.
The property is located in Topeka’s College Hill neighborhood near Washburn University, with access to downtown and nearby local amenities. The occupied units require 24 hours’ notice for showings; the vacant unit is available to view without that notice.
The property is located in Topeka’s College Hill neighborhood near Washburn University, with access to downtown and nearby local amenities. The occupied units require 24 hours’ notice for showings; the vacant unit is available to view without that notice.
Key Highlights
- Triplex with 2,192 square feet of building area
- Two units are rented; one unit is vacant
- Two units have been remodeled
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
$16,530
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
8.27%
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%
$330,600
$330.6K
Cap Rate 7%
$236,143
$236.1K
Cap Rate 9%
$183,667
$183.7K
Market Conditions
NOI Build-Up for 2,192 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
$25.0K $11.40/SF
− Vacancy
−$1.4K −$0.63/SF
EGI
$23.6K $10.77/SF
− OpEx
−$7.1K −$3.23/SF
NOI
$16.5K $7.54/SF
Area
Topeka, KS
Vacancy
5.50%
Lease Rate
$11.40 /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%
$330,600
Cap Rate 7%
$236,143
Cap Rate 9%
$183,667
Alternative Uses
Best Use
Multifamily LT 5
$236.1K
$206.6K – $275.5K
NOI $16,530 @ 7.0% cap · market cap 8.27%
Second Best
Apartment 5plus
$219.9K
$192.4K – $256.6K
NOI $15,393 @ 7.0% cap · market cap 7.70%
Theoretical Best
Self Storage
$247.3K
$216.4K – $288.5K
NOI $17,308 @ 7.0% cap · market cap 8.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
494
Businesses Nearby
Explore this area
Business Placement
Demographics for 66604, KS
22,933
Population
10,820
Households
2.1
Avg Household Size
38
Median Age
35%
College-Educated
93%
High-School Grad
6.8 sq mi
ZIP Area
3,373
Density / Sq Mi
$59,690
Median Household Income
$39,270
Median Earnings
$1,032
Median Rent
$126,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential property with two leased units, one available unit, and updated mechanical systems.
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: Triplex with 2,192 square feet of building area; Two units are rented; one unit is vacant; Two units have been remodeled
