Updated
New
For Sale
$404,500
2616-2618 W 24th Terrace, Lawrence, KS 66047
Residential Income, Lawrence, KS
Property Size2,486 SF
Price / SF$162.71
Days on Market3
Property Features for 2616-2618 W 24th Terrace
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bathroom 4, Bathroom 3
Basement
Unfinished, Partial
Subdivision
Hills West
Elementary school
Schwegler
Middle school
Billy Mills
High school
Lawrence
Standard status
Active
Size
2,486 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
Tract A, Lot 4, in Replat of Part of Lots 2 and 3, Hills West No. 2, a Subdivision in the City of Lawrence, Douglas County, Kansas. and Tract A, Lot 3, in Replat of Part of Lots 2 and 3, Hills West No. 2, a Subdivision in the City of Lawrence, Douglas County, Kansas.
HOA Fee
$5,700 Annually
Legal Description
Tract A, Lot 4, in Replat of Part of Lots 2 and 3, Hills West No. 2, a Subdivision in the City of Lawrence, Douglas County, Kansas. and Tract A, Lot 3, in Replat of Part of Lots 2 and 3, Hills West No. 2, a Subdivision in the City of Lawrence, Douglas County, Kansas.
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1973
Floors in Building
2
Number of units
2
Roof type
Concrete
Listing Agency:
KW INTEGRITY · Keller Williams Realty
(785) 856-2530
Listed By:
ASHLEY DENNELER
(785) 760-4822
Added: Oct 14
Changed: Oct 15
Last Checked: Oct 16 at 3:06AM
MLS# 166717
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 duplex contains 2,486 square feet and was built in 1973. The interior has been renovated with custom cabinetry, quartz countertops, carpet and tile flooring, and fresh paint. Room information lists four bedrooms and four bathrooms across the property.
The property is in Lawrence, with public water and public sewer service. Dillons grocery store, The Crossing at KU, shopping, dining, and the University of Kansas are nearby.
The property is in Lawrence, with public water and public sewer service. Dillons grocery store, The Crossing at KU, shopping, dining, and the University of Kansas are nearby.
Key Highlights
- 2,486 square feet across two residential units
- Four bedrooms and four bathrooms listed
- Custom cabinetry and quartz countertops
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,667
Cap Rate
6.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$493,340
$493.3K
Cap Rate 7%
$352,386
$352.4K
Cap Rate 9%
$274,078
$274.1K
Market Conditions
NOI Build-Up for 2,486 SF
Gross rent
$37.3K $15.00/SF
− Vacancy
−$2.1K −$0.83/SF
EGI
$35.2K $14.17/SF
− OpEx
−$10.6K −$4.25/SF
NOI
$24.7K $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%
$493,340
Cap Rate 7%
$352,386
Cap Rate 9%
$274,078
Alternative Uses
Best Use
Multifamily LT 5
$352.4K
$308.3K – $411.1K
NOI $24,667 @ 7.0% cap · market cap 6.10%
Second Best
Apartment 5plus
$330.8K
$289.4K – $385.9K
NOI $23,154 @ 7.0% cap · market cap 5.72%
Theoretical Best
Retail
$731.6K
$640.1K – $853.5K
NOI $51,209 @ 7.0% cap · market cap 12.66%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
664
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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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Four bedrooms and four bathrooms are arranged across two residential units.
Where is this duplex located?
The property is located at 2616-2618 W 24th Terrace Lawrence, KS.
What is the asking price?
The asking price for this property is $404,500.
What are key features of this property?
This property features: 2,486 square feet across two residential units; Four bedrooms and four bathrooms listed; Custom cabinetry and quartz countertops
