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 Market95
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: Oct 25
Last Checked: Nov 4 at 3:25PM
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
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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 / Yr
$56,815
Cap Rate
8.17%
Suggested Prices Based on Cap Rates
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
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 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.
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Location Intelligence
Trade Area within ½ mile
760
Businesses Nearby
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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
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
