Three-Bedroom
For Sale
$350,000
631 N Mulvane St, Mulvane, KS 67110
Residential Income, Mulvane, KS
Property Size2,186 SF
Lot Size0.20 Acres
Price / SF$160.11
Days on Market55
Property Features for 631 N Mulvane St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking
4
Appliances
Dishwasher, Disposal, Microwave, Refrigerator, Trash Compactor
Elementary school
Munson
Middle school
Mulvane
High school
Mulvane
Elementary school district
Mulvane School District (USD 263)
Middle school district
Mulvane School District (USD 263)
High school district
Mulvane School District (USD 263)
Directions
From 2nd and Mulvane St, go East on Mulvane St to home
Subdivision
SCKMLS
Standard status
Active
APN
30025246
Size
2,186 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 11-12 & W 1/2 LOT 13 SHAW'S ADD TO MULVANE
Tax Annual Amount
4478
Legal Description
LOTS 11-12 & W 1/2 LOT 13 SHAW'S ADD TO MULVANE
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air
Cooling system
Electric
Water source
Public
Building Details
Year built
2017
Number of units
2
Building materials
Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Heritage 1st Realty
(316) 512-1300
Listed By:
Justin Crafton
(316) 461-2806
Added: Jul 8
Changed: Aug 19
Last Checked: Aug 31 at 6:06PM
MLS# 675617
Copyright © 2026 South Central Kansas MLS. 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 duplex contains 2,186 square feet across two matching residences, with each side arranged as a three-bedroom, two-bathroom home. Both units include attached 2-car garages, generous living areas, storage space, dishwasher, disposal, microwave, refrigerator, and trash compactor. The frame-built property was completed in 2017 and has forced-air heating, electric cooling, a composition roof, public water, and natural gas availability.
The property occupies 0.1962 acres at 631 N Mulvane St in Mulvane, Kansas. Schools and parks are nearby, while access to K-15 and Rock Rd supports commuting throughout the area. The configuration can accommodate separate residential occupancy within one building, with identical floor plans on both sides.
The property occupies 0.1962 acres at 631 N Mulvane St in Mulvane, Kansas. Schools and parks are nearby, while access to K-15 and Rock Rd supports commuting throughout the area. The configuration can accommodate separate residential occupancy within one building, with identical floor plans on both sides.
Key Highlights
- 2,186‑square‑foot duplex with two matching residential units
- Each unit offers 3 bedrooms and 2 bathrooms
- Attached 2‑car garage for each side
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
$18,278
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
5.22%
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%
$365,560
$365.6K
Cap Rate 7%
$261,114
$261.1K
Cap Rate 9%
$203,089
$203.1K
Market Conditions
NOI Build-Up for 2,186 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
$27.5K $12.60/SF
− Vacancy
−$1.4K −$0.66/SF
EGI
$26.1K $11.94/SF
− OpEx
−$7.8K −$3.58/SF
NOI
$18.3K $8.36/SF
Area
Sedgwick County, KS
Vacancy
5.20%
Lease Rate
$12.60 /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%
$365,560
Cap Rate 7%
$261,114
Cap Rate 9%
$203,089
Alternative Uses
Best Use
Multifamily LT 5
$261.1K
$228.5K – $304.6K
NOI $18,278 @ 7.0% cap · market cap 5.22%
Second Best
Apartment 5plus
$240.8K
$210.7K – $281.0K
NOI $16,859 @ 7.0% cap · market cap 4.82%
Theoretical Best
Office A
$455.6K
$398.7K – $531.6K
NOI $31,894 @ 7.0% cap · market cap 9.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
246
Businesses Nearby
Explore this area
Business Placement
Demographics for 67110, KS
8,263
Population
3,394
Households
2.4
Avg Household Size
39
Median Age
30%
College-Educated
97%
High-School Grad
54.3 sq mi
ZIP Area
152
Density / Sq Mi
$73,387
Median Household Income
$44,226
Median Earnings
$1,190
Median Rent
$179,800
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 matching residences include private attached garages, practical layouts, and updated construction from 2017.
Where is this duplex located?
The property is located at 631 N Mulvane St Mulvane, KS.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 2,186‑square‑foot duplex with two matching residential units; Each unit offers 3 bedrooms and 2 bathrooms; Attached 2‑car garage for each side
