Two-Unit
New
For Sale
$284,900
1225-27 Pennsylvania Street, Lawrence, KS 66044
Two remodeled rental residences provide a combined five bedrooms, with tenants responsible for utilities.
Property Size1,700 SF
Lot Size0.13 Acres
Price / SF$167.59
Days on Market3
Property Features for 1225-27 Pennsylvania Street
General Information
Standard status
Active
Size
1,700 SF
Total Parking Spaces
2
Lot size
0.13 Acres
Property subtype
Residential Income
Zoning
RS5
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$23,100
Tenant in Place
Yes
Building Details
Year Built
1860
Year Renovated
2018
Buildings
1
Stories
2
Units
2
Listing Agency:
McGrew Real Estate Inc
Listed By:
Cheri Drake
(785) 843-2055
Source:
Fishburnrealtyllc
Added: Oct 22
Changed: Oct 23
Last Checked: Oct 23 at 5:22PM
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 McGrew Real Estate Inc
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Configured as a duplex, the property contains two rental units with a combined 1,700 square feet of living space on a 0.13-acre lot. The 3-bedroom, 1-bathroom unit and the 2-bedroom, 1-bathroom unit were remodeled in 2018. The building dates to 1860 and is zoned RS5.
Massachusetts Street and the Arts District are nearby. Tenants pay all utilities.
Massachusetts Street and the Arts District are nearby. Tenants pay all utilities.
Key Highlights
- Two rental units with 3 bedrooms/1 bathroom and 2 bedrooms/1 bathroom
- Approximately 1,700 square feet of living space on a 0.13‑acre lot
- Remodeled in 2018
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,868
Cap Rate
5.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$337,360
$337.4K
Cap Rate 7%
$240,971
$241.0K
Cap Rate 9%
$187,422
$187.4K
Market Conditions
NOI Build-Up for 1,700 SF
Gross rent
$25.5K $15.00/SF
− Vacancy
−$1.4K −$0.83/SF
EGI
$24.1K $14.17/SF
− OpEx
−$7.2K −$4.25/SF
NOI
$16.9K $9.92/SF
Area
Douglas County, KS
Vacancy
5.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$337,360
Cap Rate 7%
$240,971
Cap Rate 9%
$187,422
Alternative Uses
Best Use
Multifamily LT 5
$241.0K
$210.9K – $281.1K
NOI $16,868 @ 7.0% cap · market cap 5.92%
Second Best
Apartment 5plus
$226.2K
$197.9K – $263.9K
NOI $15,834 @ 7.0% cap · market cap 5.56%
Theoretical Best
Retail
$500.3K
$437.7K – $583.6K
NOI $35,018 @ 7.0% cap · market cap 12.29%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,143
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
Frequently Asked Questions
What type of property is this?
Duplex - Two remodeled rental residences provide a combined five bedrooms, with tenants responsible for utilities.
Where is this duplex located?
The property is located at 1225-27 Pennsylvania Street Lawrence, KS.
What is the asking price?
The asking price for this property is $284,900.
What are key features of this property?
This property features: Two rental units with 3 bedrooms/1 bathroom and 2 bedrooms/1 bathroom; Approximately 1,700 square feet of living space on a 0.13‑acre lot; Remodeled in 2018
