Duplex with Updated
For Sale
$350,000
2911 & 2913 Belle Haven Dr, Lawrence, KS 66046
Two four-bedroom units offer fenced outdoor space, washer and dryer hookups, and flexible room for occupants or storage.
Property Size1,888 SF
Price / SF$185.38
Days on Market22
Property Features for 2911 & 2913 Belle Haven Dr
General Information
Standard status
Active
Size
1,888 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
2
Amenities
fenced backyard
W/D hookups
Building Details
Year Built
1967
Listing Agency:
STEPHENS REAL ESTATE, INC
(816) 215-9731
Listed By:
ZACH DODSON · License #2000156181
Source:
Stoneandstory
Added: Aug 9
Changed: Aug 29
Last Checked: Aug 26 at 10:09AM
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 STEPHENS REAL ESTATE, INC
Investment Insights
Based on property information with market context.
This 1967 duplex contains two four-bedroom units, providing substantial residential space within a single property. Both units include fenced backyard space and washer and dryer hookups. The layout also offers room that can accommodate multiple occupants or serve as storage.
Unit 2913 has received recent improvements, including LVP flooring, interior paint, updated kitchen appliances, and refreshed bathrooms. Each unit carries a separate individual tax ID, creating distinct property identification for the two residences.
The property is located in Lawrence’s Indian Hills neighborhood, with access to 31st Street, K-10 Highway, and the activity near South Iowa Street.
Unit 2913 has received recent improvements, including LVP flooring, interior paint, updated kitchen appliances, and refreshed bathrooms. Each unit carries a separate individual tax ID, creating distinct property identification for the two residences.
The property is located in Lawrence’s Indian Hills neighborhood, with access to 31st Street, K-10 Highway, and the activity near South Iowa Street.
Key Highlights
- Two‑unit duplex with four bedrooms in each unit
- Separate individual tax ID for each unit
- 2913 updated with LVP flooring, new paint, kitchen appliances, and refreshed bathrooms
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
$18,734
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
5.35%
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%
$374,680
$374.7K
Cap Rate 7%
$267,629
$267.6K
Cap Rate 9%
$208,156
$208.2K
Market Conditions
NOI Build-Up for 1,888 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
$28.3K $15.00/SF
− Vacancy
−$1.6K −$0.83/SF
EGI
$26.8K $14.17/SF
− OpEx
−$8.0K −$4.25/SF
NOI
$18.7K $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 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%
$374,680
Cap Rate 7%
$267,629
Cap Rate 9%
$208,156
Alternative Uses
Best Use
Multifamily LT 5
$267.6K
$234.2K – $312.2K
NOI $18,734 @ 7.0% cap · market cap 5.35%
Second Best
Apartment 5plus
$251.2K
$219.8K – $293.1K
NOI $17,585 @ 7.0% cap · market cap 5.02%
Theoretical Best
Retail
$555.6K
$486.1K – $648.2K
NOI $38,891 @ 7.0% cap · market cap 11.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
108
Businesses Nearby
Explore this area
Business Placement
Demographics for 66046, KS
19,903
Population
9,452
Households
2.1
Avg Household Size
31
Median Age
46%
College-Educated
96%
High-School Grad
40.8 sq mi
ZIP Area
488
Density / Sq Mi
$58,798
Median Household Income
$31,546
Median Earnings
$937
Median Rent
$217,100
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?
Duplex - Two four-bedroom units offer fenced outdoor space, washer and dryer hookups, and flexible room for occupants or storage.
Where is this duplex located?
The property is located at 2911 & 2913 Belle Haven Dr Lawrence, KS.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two‑unit duplex with four bedrooms in each unit; Separate individual tax ID for each unit; 2913 updated with LVP flooring, new paint, kitchen appliances, and refreshed bathrooms
