New Construction
For Sale
$294,950
306 N Franklin Street, Spring Hill, KS 66083
Residential, Traditional, Spring Hill, KS
Property Size1,120 SF
Lot Size0.15 Acres
Price / SF$263.35
Days on Market16
Property Features for 306 N Franklin Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
2
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Laundry Room, Dining Room, Bedroom 1, Bathroom 1, Bathroom 2, Basement, Bathroom 3, Laundry Room, Bedroom 2
Parking features
Garage
Patio and Porch features
Patio
Basement
Concrete, Full
Lot features
City Limits, Level
Elementary school
Spring Hill
Middle school
Spring Hill
High school
Spring Hill
Elementary school district
Spring Hill
Middle school district
Spring Hill
High school district
Spring Hill
Directions
From Webster, Right on Lawrence, to Franklin, Right to property on the right
Subdivision
370 - N=167th;S=Co Ln;E=Pflumm;W=Clare Rd
Standard status
Active
APN
EP49000000 0005
Size
1,120 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
HECKE'S FIRST ADDITION TO SPRING HILL, LOT 5, South Portion
Tax Annual Amount
4500
Legal Description
HECKE'S FIRST ADDITION TO SPRING HILL, LOT 5, South Portion
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Electric
Water source
Public
Building Details
Year built
2026
Flooring type
Vinyl, Carpet
Building materials
Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Keller Williams Realty Partners Inc.
(913) 906-5400
Listed By:
Kim Nofsinger · License #SP00049676
(816) 820-1490
Added: Aug 14
Changed: Aug 19
Last Checked: Aug 29 at 6:06AM
MLS# 2636986
Copyright © 2026 Heartland Multiple Listing Service. 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 under-construction duplex property is planned as a 1,120-square-foot, two-story residence with 2 bedrooms and 2 1/2 bathrooms. The main level features an open arrangement, vaulted ceiling, dining room, laundry room, and kitchen with generous preparation space. Each bedroom is paired with a private bathroom. An unfinished basement adds storage and includes plumbing provisions for a future bathroom.
The 0.1472-acre property includes a garage and patio. Frame construction, composition roofing, vinyl and carpet flooring, electric heating and cooling, public water, and public sewer are specified. The property is identified as a 2026 build in Spring Hill, Kansas, and is currently under construction.
The 0.1472-acre property includes a garage and patio. Frame construction, composition roofing, vinyl and carpet flooring, electric heating and cooling, public water, and public sewer are specified. The property is identified as a 2026 build in Spring Hill, Kansas, and is currently under construction.
Key Highlights
- 2 bedrooms and 2 1/2 bathrooms, with a private bathroom for each bedroom
- 1,120 square feet across a two‑story layout
- Unfinished basement with storage and plumbing stubbed for a future bathroom
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
$12,002
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
4.07%
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%
$240,040
$240.0K
Cap Rate 7%
$171,457
$171.5K
Cap Rate 9%
$133,356
$133.4K
Market Conditions
NOI Build-Up for 1,120 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
$18.1K $16.20/SF
− Vacancy
−$998 −$0.89/SF
EGI
$17.1K $15.31/SF
− OpEx
−$5.1K −$4.59/SF
NOI
$12.0K $10.72/SF
Area
Johnson County, KS
Vacancy
5.50%
Lease Rate
$16.20 /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%
$240,040
Cap Rate 7%
$171,457
Cap Rate 9%
$133,356
Alternative Uses
Best Use
Multifamily LT 5
$171.5K
$150.0K – $200.0K
NOI $12,002 @ 7.0% cap · market cap 4.07%
Second Best
Apartment 5plus
$160.8K
$140.7K – $187.7K
NOI $11,259 @ 7.0% cap · market cap 3.82%
Theoretical Best
Office A
$271.1K
$237.2K – $316.2K
NOI $18,974 @ 7.0% cap · market cap 6.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
159
Businesses Nearby
Explore this area
Business Placement
Demographics for 66083, KS
11,379
Population
4,677
Households
2.4
Avg Household Size
38
Median Age
44%
College-Educated
97%
High-School Grad
62.0 sq mi
ZIP Area
184
Density / Sq Mi
$109,939
Median Household Income
$51,924
Median Earnings
$1,118
Median Rent
$340,300
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 - Two-story residence offers private bedroom baths, an open main level, and unfinished basement storage.
Where is this duplex located?
The property is located at 306 N Franklin Street Spring Hill, KS.
What is the asking price?
The asking price for this property is $294,950.
What are key features of this property?
This property features: 2 bedrooms and 2 1/2 bathrooms, with a private bathroom for each bedroom; 1,120 square feet across a two‑story layout; Unfinished basement with storage and plumbing stubbed for a future bathroom
