Remodeled Triplex
For Sale
$199,900
Pending
1500 SW Mulvane Street, Topeka, KS 66604
Residential Income, Topeka, KS
Property Size2,192 SF
Days on Market333
Property Features for 1500 SW Mulvane Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 2, Bedroom 1, Bedroom 3, Bathroom 3, Bathroom 2
Basement
Unfinished, Full
Subdivision
TOPEKA
Standard status
Pending
Size
2,192 SF
Taxes and HOA fees
Tax Year
2024
Tax Description
Please see Offer Instructions
Legal Description
Please see Offer Instructions
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Building materials
Frame
Roof type
Composition
Listing Agency:
STEPHENS REAL ESTATE, INC
(785) 841-4500
Listed By:
MARK HUMMEL
(785) 979-4281
Added: Nov 18, 2025
Changed: Oct 8
Last Checked: Oct 17 at 1:06AM
MLS# 164619
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.
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Investment Insights
Based on property information with market context.
This 2,192-square-foot triplex was built in 1920 with frame construction, a composition roof, and public water and sewer service. Two of the three units have been remodeled, while the remaining unit is vacant and available for leasing. A new AC system and furnace provide updated mechanical equipment for the property.
The property is located in Topeka’s College Hill neighborhood near Washburn University, with access to downtown and nearby local amenities. The occupied units require 24 hours’ notice for showings; the vacant unit is available to view without that notice.
The property is located in Topeka’s College Hill neighborhood near Washburn University, with access to downtown and nearby local amenities. The occupied units require 24 hours’ notice for showings; the vacant unit is available to view without that notice.
Key Highlights
- Triplex with 2,192 square feet of building area
- Two units are rented; one unit is vacant
- Two units have been remodeled
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,530
Cap Rate
8.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$330,600
$330.6K
Cap Rate 7%
$236,143
$236.1K
Cap Rate 9%
$183,667
$183.7K
Market Conditions
NOI Build-Up for 2,192 SF
Gross rent
$25.0K $11.40/SF
− Vacancy
−$1.4K −$0.63/SF
EGI
$23.6K $10.77/SF
− OpEx
−$7.1K −$3.23/SF
NOI
$16.5K $7.54/SF
Area
Topeka, KS
Vacancy
5.50%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$330,600
Cap Rate 7%
$236,143
Cap Rate 9%
$183,667
Alternative Uses
Best Use
Multifamily LT 5
$236.1K
$206.6K – $275.5K
NOI $16,530 @ 7.0% cap · market cap 8.27%
Second Best
Apartment 5plus
$219.9K
$192.4K – $256.6K
NOI $15,393 @ 7.0% cap · market cap 7.70%
Theoretical Best
Self Storage
$247.3K
$216.4K – $288.5K
NOI $17,308 @ 7.0% cap · market cap 8.66%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
494
Businesses Nearby
Explore this area
Business Placement
Demographics for 66604, KS
22,933
Population
10,820
Households
2.1
Avg Household Size
38
Median Age
35%
College-Educated
93%
High-School Grad
6.8 sq mi
ZIP Area
3,373
Density / Sq Mi
$59,690
Median Household Income
$39,270
Median Earnings
$1,032
Median Rent
$126,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential property with two leased units, one available unit, and updated mechanical systems.
Where is this triplex located?
The property is located at 1500 SW Mulvane Street Topeka, 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: Triplex with 2,192 square feet of building area; Two units are rented; one unit is vacant; Two units have been remodeled
