7-Unit Apartment
For Sale
$695,000
1102 W 24th St, Lawrence, KS 66046
Brick multifamily property with varied unit layouts, a detached studio, garage, and unfinished basement space.
Property Size6,100 SF
Price / SF$113.93
Days on Market50
Property Features for 1102 W 24th St
General Information
Standard status
Active
Size
6,100 SF
Property subtype
Multi-Family
Building Details
Year Built
1964
Listing Agency:
REECENICHOLS PREFERRED REALTY
Listed By:
DREW DECK
(785) 424-0695
Source:
Stoneandstory
Added: Aug 4
Changed: Sep 10
Last Checked: Sep 21 at 12:26PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of REECENICHOLS PREFERRED REALTY
Investment Insights
Based on property information with market context.
Located at 1102 W 24th St in Lawrence, this multifamily property contains a 7-unit configuration across a brick apartment building and a separate studio house. The primary building includes six 2-bedroom, 1-bath apartments, while the detached studio provides an additional residential layout and has an attached 1-car garage.
The approximately 5,600-square-foot apartment building includes an approximately 1,700-square-foot unfinished basement with shop space and a mechanical area. The detached studio house measures approximately 500 square feet. One 2-bedroom apartment has been recently remodeled, adding a completed improvement to the unit mix.
The approximately 5,600-square-foot apartment building includes an approximately 1,700-square-foot unfinished basement with shop space and a mechanical area. The detached studio house measures approximately 500 square feet. One 2-bedroom apartment has been recently remodeled, adding a completed improvement to the unit mix.
Key Highlights
- 7‑unit multifamily configuration with six 2‑bedroom, 1‑bath apartments
- Detached approximately 500 sq. ft. studio house with attached 1‑car garage
- Approximately 5,600 sq. ft. brick apartment building
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
$56,815
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
8.17%
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%
$1,136,300
$1.1M
Cap Rate 7%
$811,643
$811.6K
Cap Rate 9%
$631,278
$631.3K
Market Conditions
NOI Build-Up for 6,100 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
$107.6K $17.64/SF
− Vacancy
−$4.3K −$0.71/SF
EGI
$103.3K $16.93/SF
− OpEx
−$46.5K −$7.62/SF
NOI
$56.8K $9.31/SF
Area
Douglas County, KS
Vacancy
4.00%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
45.00%
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%
$1,136,300
Cap Rate 7%
$811,643
Cap Rate 9%
$631,278
Alternative Uses
Best Use
Apartment 5plus
$811.6K
$710.2K – $946.9K
NOI $56,815 @ 7.0% cap · market cap 8.17%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$1.80M
$1.57M – $2.09M
NOI $125,654 @ 7.0% cap · market cap 18.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
760
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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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Brick multifamily property with varied unit layouts, a detached studio, garage, and unfinished basement space.
Where is this apartment building located?
The property is located at 1102 W 24th St Lawrence, KS.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 7‑unit multifamily configuration with six 2‑bedroom, 1‑bath apartments; Detached approximately 500 sq. ft. studio house with attached 1‑car garage; Approximately 5,600 sq. ft. brick apartment building
