Two-Story Multifamily
For Sale
$294,950
306 N Franklin St, Spring Hill, KS 66083
Two bedrooms feature private baths, while the basement provides storage and plumbing for a future bathroom.
Property Size1,120 SF
Price / SF$263.35
Days on Market14
Property Features for 306 N Franklin St
General Information
Standard status
Active
Size
1,120 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
1
Building Details
Year Built
2026
Stories
2
Listing Agency:
Keller Williams Realty Partners Inc.
(816) 268-4033
Listed By:
Ask Cathy
(816) 268-4033
Source:
Askcathy
Added: Aug 16
Changed: Aug 28
Last Checked: Aug 26 at 12:30PM
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 Keller Williams Realty Partners Inc.
Investment Insights
Based on property information with market context.
This 1,120-square-foot multifamily property was built in 2026 and presents a two-story residential layout with two bedrooms and 2 1/2 bathrooms. Each bedroom includes its own private bathroom, while the main level combines an open arrangement with a vaulted ceiling and a bright kitchen that provides ample preparation space.
The full unfinished basement adds storage capacity and includes plumbing stubs for a future bathroom. The property is located at 306 N Franklin St in Spring Hill, Kansas.
The full unfinished basement adds storage capacity and includes plumbing stubs for a future bathroom. The property is located at 306 N Franklin St in Spring Hill, Kansas.
Key Highlights
- 1,120‑square‑foot multifamily property built in 2026
- Two‑story layout with 2 bedrooms and 2 1/2 bathrooms
- Private bathroom connected to each bedroom
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
$11,259
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
3.82%
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%
$225,180
$225.2K
Cap Rate 7%
$160,843
$160.8K
Cap Rate 9%
$125,100
$125.1K
Market Conditions
NOI Build-Up for 1,120 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
$21.2K $18.96/SF
− Vacancy
−$764 −$0.68/SF
EGI
$20.5K $18.28/SF
− OpEx
−$9.2K −$8.22/SF
NOI
$11.3K $10.05/SF
Area
Johnson County, KS
Vacancy
3.60%
Lease Rate
$18.96 /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%
$225,180
Cap Rate 7%
$160,843
Cap Rate 9%
$125,100
Alternative Uses
Best Use
Apartment 5plus
$160.8K
$140.7K – $187.7K
NOI $11,259 @ 7.0% cap · market cap 3.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$271.1K
$237.2K – $316.2K
NOI $18,974 @ 7.0% cap · market cap 6.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
168
Businesses Nearby
Explore this area
Business Placement
Demographics for 66083, KS
11,379
Population
4,677
Households
2.4
Avg Household Size
38
Median Age
44%
College-Educated
97%
High-School Grad
62.0 sq mi
ZIP Area
184
Density / Sq Mi
$109,939
Median Household Income
$51,924
Median Earnings
$1,118
Median Rent
$340,300
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?
Multifamily property - Two bedrooms feature private baths, while the basement provides storage and plumbing for a future bathroom.
Where is this multifamily property located?
The property is located at 306 N Franklin St Spring Hill, KS.
What is the asking price?
The asking price for this property is $294,950.
What are key features of this property?
This property features: 1,120‑square‑foot multifamily property built in 2026; Two‑story layout with 2 bedrooms and 2 1/2 bathrooms; Private bathroom connected to each bedroom
