Renovated Triplex with
For Sale
$359,000
610 W 25th Street, Lawrence, KS 66046
Residential Income, Lawrence, KS
Property Size2,081 SF
Price / SF$172.51
Days on Market85
Property Features for 610 W 25th Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 6, Bathroom 3, Bedroom 5, Bedroom 3, Bedroom 4
Window features
Vinyl Frames, Double Pane Windows
Interior features
High Speed Internet
Basement
Walk-Up Access, Finished, Partial
Subdivision
Belle Haven S
Elementary school
Cordley
Middle school
Billy Mills
High school
Lawrence
Standard status
Active
APN
U11634
Size
2,081 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
washer/dryer in each unit
off-street parking
Building Details
Year built
1958
Number of units
3
Building materials
Frame
Listing Agency:
STEPHENS REAL ESTATE, INC
(785) 841-4500
Listed By:
ZACH DODSON · License #SP00236280
(785) 220-2237
Added: Jun 18
Changed: Sep 3
Last Checked: Sep 10 at 3:06AM
MLS# 165888
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 2,081-square-foot triplex contains three residential units, each configured with two bedrooms and one bathroom. Renovation work was completed in 2019, including a new roof, while individual mini-split systems provide cooling throughout the units. Every residence includes a fully equipped kitchen and its own washer and dryer. The property is built with frame construction and connected to public water and public sewer.
Located at 610 W 25th Street in Lawrence, the property is near 23rd Street and Checker's Grocery. Louisiana Street provides access toward the W 31st Street and K-10 corridors, with shopping and restaurants along the route. Rear off-street parking adds convenience and separation from the residences. Unit A currently operates as a professionally managed short-term rental, while Units B and C are tenant occupied.
Located at 610 W 25th Street in Lawrence, the property is near 23rd Street and Checker's Grocery. Louisiana Street provides access toward the W 31st Street and K-10 corridors, with shopping and restaurants along the route. Rear off-street parking adds convenience and separation from the residences. Unit A currently operates as a professionally managed short-term rental, while Units B and C are tenant occupied.
Key Highlights
- 2,081‑square‑foot triplex with three units
- Each unit includes 2 bedrooms and 1 bathroom
- Renovated in 2019 with a new roof
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
$20,649
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
5.75%
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%
$412,980
$413.0K
Cap Rate 7%
$294,986
$295.0K
Cap Rate 9%
$229,433
$229.4K
Market Conditions
NOI Build-Up for 2,081 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
$31.2K $15.00/SF
− Vacancy
−$1.7K −$0.83/SF
EGI
$29.5K $14.17/SF
− OpEx
−$8.8K −$4.25/SF
NOI
$20.6K $9.92/SF
Area
Douglas County, KS
Vacancy
5.50%
Lease Rate
$15.00 /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%
$412,980
Cap Rate 7%
$294,986
Cap Rate 9%
$229,433
Alternative Uses
Best Use
Multifamily LT 5
$295.0K
$258.1K – $344.2K
NOI $20,649 @ 7.0% cap · market cap 5.75%
Second Best
Apartment 5plus
$276.9K
$242.3K – $323.0K
NOI $19,382 @ 7.0% cap · market cap 5.40%
Theoretical Best
Retail
$612.4K
$535.8K – $714.5K
NOI $42,867 @ 7.0% cap · market cap 11.94%
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
396
Businesses Nearby
Explore this area
Business Placement
Demographics for 66046, KS
19,903
Population
9,452
Households
2.1
Avg Household Size
31
Median Age
46%
College-Educated
96%
High-School Grad
40.8 sq mi
ZIP Area
488
Density / Sq Mi
$58,798
Median Household Income
$31,546
Median Earnings
$937
Median Rent
$217,100
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 - Each unit offers a kitchen, laundry appliances, and individual mini-split cooling for convenient daily use.
Where is this triplex located?
The property is located at 610 W 25th Street Lawrence, KS.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: 2,081‑square‑foot triplex with three units; Each unit includes 2 bedrooms and 1 bathroom; Renovated in 2019 with a new roof
