Duplex with Updated
New
For Sale
$399,900
1933-35 Heatherwood Drive, Lawrence, KS 66047
Residential Income, Lawrence, KS
Property Size2,952 SF
Price / SF$135.47
Days on Market2
Property Features for 1933-35 Heatherwood Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 7, Bedroom 8, Bedroom 5, Bathroom 4, Bedroom 1, Bathroom 2, Bedroom 4, Bedroom 2, Bedroom 6, Bathroom 3, Bedroom 3, Bathroom 1
Interior features
High Speed Internet
Basement
Full, Finished
Subdivision
LAWRENCE 3
Standard status
Active
Size
2,952 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
Amenities
large common room
updated back deck
Building Details
Year built
1977
Floors in Building
2
Number of units
2
Building materials
Frame, Wood Siding
Roof type
Composition
Listing Agency:
STEPHENS REAL ESTATE, INC
(785) 841-4500
Listed By:
DAVID DUNN
(785) 760-1236
Added: Sep 25
Last Checked: Sep 26 at 12:06AM
MLS# 166552
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 2,952-square-foot duplex was built in 1977 and contains two four-bedroom units. A large common room in the basement sits between the residences. Each side also has an updated rear deck.
The property has a frame structure with wood siding, a composition roof, public water, and public sewer. Both units are currently vacant and have recent rental histories.
The property has a frame structure with wood siding, a composition roof, public water, and public sewer. Both units are currently vacant and have recent rental histories.
Key Highlights
- Two units, each with four bedrooms
- 2,952 square feet; built in 1977
- Large shared basement common room between the units
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
$29,291
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
7.32%
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%
$585,820
$585.8K
Cap Rate 7%
$418,443
$418.4K
Cap Rate 9%
$325,456
$325.5K
Market Conditions
NOI Build-Up for 2,952 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
$44.3K $15.00/SF
− Vacancy
−$2.4K −$0.83/SF
EGI
$41.8K $14.17/SF
− OpEx
−$12.6K −$4.25/SF
NOI
$29.3K $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 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%
$585,820
Cap Rate 7%
$418,443
Cap Rate 9%
$325,456
Alternative Uses
Best Use
Multifamily LT 5
$418.4K
$366.1K – $488.2K
NOI $29,291 @ 7.0% cap · market cap 7.32%
Second Best
Apartment 5plus
$392.8K
$343.7K – $458.3K
NOI $27,495 @ 7.0% cap · market cap 6.88%
Theoretical Best
Retail
$868.7K
$760.1K – $1.01M
NOI $60,808 @ 7.0% cap · market cap 15.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
347
Businesses Nearby
Explore this area
Business Placement
Demographics for 66047, KS
19,396
Population
9,368
Households
2.1
Avg Household Size
35
Median Age
55%
College-Educated
97%
High-School Grad
58.2 sq mi
ZIP Area
333
Density / Sq Mi
$61,491
Median Household Income
$33,082
Median Earnings
$1,107
Median Rent
$303,100
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
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Frequently Asked Questions
What type of property is this?
Duplex - Each residence has four bedrooms, and a shared basement room connects the two sides.
Where is this duplex located?
The property is located at 1933-35 Heatherwood Drive Lawrence, KS.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Two units, each with four bedrooms; 2,952 square feet; built in 1977; Large shared basement common room between the units
