Three-Unit Residential Income
For Sale
$199,900
1105 Connecticut Street, Lawrence, KS 66044
MULTI_FAMILY - Lawrence, KS
Property Size1,957 SF
Price / SF$102.15
Days on Market97
Property Features for 1105 Connecticut Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
Window features
Wood Frames, Vinyl Frames
Basement
Unfinished, Full
Subdivision
East Lawrence
Standard status
Active
Size
1,957 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
Building Details
Year built
1900
Floors in Building
2
Number of units
3
Building materials
Frame, Wood Siding
Roof type
Composition
Listing Agency:
STEPHENS REAL ESTATE, INC
(785) 841-4500
Listed By:
KEVIN PHENIX
(785) 691-6230
Added: May 7
Changed: Aug 10
Last Checked: Aug 11 at 8:06AM
MLS# 165596
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 three-unit residential income property was built in 1900 and has been converted into three separate units. Two of the units offer 1 bedroom and 1 bathroom, and a spacious 2-bedroom, 1-bath unit is located on the second floor. Each unit includes its own laundry.
The property includes off-street parking accessed from the alley. A detached structure previously used as an accessory dwelling unit is also on site. The listing is for sale as-is, with inspections welcome and the seller making no repairs.
Additional terms noted by the seller include willingness to consider owner-financed offers. The property is located at 1105 Connecticut Street in Lawrence, Kansas, and the remarks indicate it is just blocks from downtown Lawrence and shopping, dining, and KU-related amenities.
The property includes off-street parking accessed from the alley. A detached structure previously used as an accessory dwelling unit is also on site. The listing is for sale as-is, with inspections welcome and the seller making no repairs.
Additional terms noted by the seller include willingness to consider owner-financed offers. The property is located at 1105 Connecticut Street in Lawrence, Kansas, and the remarks indicate it is just blocks from downtown Lawrence and shopping, dining, and KU-related amenities.
Key Highlights
- 1900‑built frame home with wood siding and a composition roof
- Converted into 3 separate units: two 1BD/1BA units and one 2BD/1BA unit on the second floor
- Each unit includes its own laundry
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
$18,227
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
9.12%
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%
$364,540
$364.5K
Cap Rate 7%
$260,386
$260.4K
Cap Rate 9%
$202,522
$202.5K
Market Conditions
NOI Build-Up for 1,957 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
$34.5K $17.64/SF
− Vacancy
−$1.4K −$0.71/SF
EGI
$33.1K $16.93/SF
− OpEx
−$14.9K −$7.62/SF
NOI
$18.2K $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%
$364,540
Cap Rate 7%
$260,386
Cap Rate 9%
$202,522
Alternative Uses
Best Use
Multifamily LT 5
$277.4K
$242.7K – $323.6K
NOI $19,418 @ 7.0% cap · market cap 9.71%
Second Best
Apartment 5plus
$260.4K
$227.8K – $303.8K
NOI $18,227 @ 7.0% cap · market cap 9.12%
Theoretical Best
Retail
$575.9K
$503.9K – $671.9K
NOI $40,312 @ 7.0% cap · market cap 20.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,739
Businesses Nearby
Explore this area
Business Placement
Demographics for 66044, KS
28,276
Population
12,723
Households
2.2
Avg Household Size
28
Median Age
54%
College-Educated
95%
High-School Grad
64.2 sq mi
ZIP Area
440
Density / Sq Mi
$56,340
Median Household Income
$20,271
Median Earnings
$999
Median Rent
$228,100
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?
Triplex - Converted into three separate units with in-unit laundry and off-street parking accessed from the alley.
Where is this triplex located?
The property is located at 1105 Connecticut Street Lawrence, KS.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 1900‑built frame home with wood siding and a composition roof; Converted into 3 separate units: two 1BD/1BA units and one 2BD/1BA unit on the second floor; Each unit includes its own laundry
