Turnkey Duplex Investment
For Sale
$365,000
12105 / 12107 W Shadow Lakes St, Maize, KS 67205
MULTI_FAMILY - Maize, KS
Property Size2,316 SF
Lot Size0.19 Acres
Price / SF$157.60
Days on Market133
Property Features for 12105 / 12107 W Shadow Lakes St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking
4
Parking features
On Street
Appliances
Dishwasher, Disposal, Microwave, Range, Refrigerator
Subdivision
OASIS
Elementary school
Maize USD266
Middle school
Maize
High school
Maize
Elementary school district
Maize School District (USD 266)
Middle school district
Maize School District (USD 266)
High school district
Maize School District (USD 266)
Directions
West on Shadow Lakes St
Standard status
Active
APN
30-014066
Size
2,316 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 27 BLOCK A OASIS ADDITION
Tax Annual Amount
6166
HOA Fee
$1,600 Annually
Legal Description
LOT 27 BLOCK A OASIS ADDITION
Utilities
Utilities
Natural Gas Available
Heating system
Heat Pump (Heating), Natural Gas
Cooling system
Electric
Water source
Public
Building Details
Year built
2022
Number of units
2
Building materials
Masonite
Roof type
Composition
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Genni Trilli · License #00244599
(316) 558-0067
Added: Apr 10
Changed: Aug 4
Last Checked: Aug 20 at 9:06AM
MLS# 671103
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 newer duplex at 12105/12107 W Shadow Lakes St offers a turnkey setup with two residential units. The property was built in 2022 and each unit includes three bedrooms and two bathrooms, a separate laundry area, and a spacious primary suite. Kitchens include quartz countertops and a pantry, along with an appliance package that remains with the property. The seller is completing fresh interior paint and final make-ready items so the duplex can be positioned for rental use.
The duplex sits on a 0.1872-acre lot and is supported by public water service and natural gas (natural gas available). Heating is provided by a heat pump and natural gas, with electric cooling. The roof is composition. Parking is available on-street.
Additional operational items include irrigation wells in place to support lawn maintenance, and special taxes that have already been paid for 4 years. HOA is $400/quarter, and the HOA covers lawn care and landscaping for the entire duplex.
The duplex sits on a 0.1872-acre lot and is supported by public water service and natural gas (natural gas available). Heating is provided by a heat pump and natural gas, with electric cooling. The roof is composition. Parking is available on-street.
Additional operational items include irrigation wells in place to support lawn maintenance, and special taxes that have already been paid for 4 years. HOA is $400/quarter, and the HOA covers lawn care and landscaping for the entire duplex.
Key Highlights
- Two‑unit duplex built in 2022 at 12105/12107 W Shadow Lakes St
- Each unit has 3 bedrooms, 2 bathrooms, and a separate laundry area
- Quartz countertops, pantry, and full kitchen appliance package remain with the property
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
$19,365
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
5.31%
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%
$387,300
$387.3K
Cap Rate 7%
$276,643
$276.6K
Cap Rate 9%
$215,167
$215.2K
Market Conditions
NOI Build-Up for 2,316 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
$29.2K $12.60/SF
− Vacancy
−$1.5K −$0.66/SF
EGI
$27.7K $11.94/SF
− OpEx
−$8.3K −$3.58/SF
NOI
$19.4K $8.36/SF
Area
ZIP 67205
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%
$387,300
Cap Rate 7%
$276,643
Cap Rate 9%
$215,167
Alternative Uses
Best Use
Multifamily LT 5
$276.6K
$242.1K – $322.8K
NOI $19,365 @ 7.0% cap · market cap 5.31%
Second Best
Apartment 5plus
$255.2K
$223.3K – $297.7K
NOI $17,861 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$491.7K
$430.2K – $573.6K
NOI $34,418 @ 7.0% cap · market cap 9.43%
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
18
Businesses Nearby
Explore this area
Business Placement
Demographics for 67205, KS
20,461
Population
7,467
Households
2.7
Avg Household Size
40
Median Age
50%
College-Educated
98%
High-School Grad
16.9 sq mi
ZIP Area
1,211
Density / Sq Mi
$120,630
Median Household Income
$65,457
Median Earnings
$1,237
Median Rent
$314,200
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 - Newer duplex in Maize School District with two units, each featuring three bedrooms, two bathrooms, and in-unit laundry.
Where is this duplex located?
The property is located at 12105 / 12107 W Shadow Lakes St Maize, KS.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Two‑unit duplex built in 2022 at 12105/12107 W Shadow Lakes St; Each unit has 3 bedrooms, 2 bathrooms, and a separate laundry area; Quartz countertops, pantry, and full kitchen appliance package remain with the property
