Two-Story Duplex with
New
For Sale
$294,950
306 N Franklin Street, Spring Hill, KS 66083
New-construction duplex with private bedroom baths, an open main level, and unfinished lower-level storage.
Property Size1,120 SF
Days on Market3
Property Features for 306 N Franklin Street
General Information
Standard status
Active
Size
1,120 SF
Property subtype
Duplex
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,500
Building Details
Building Size
1,120 SF
Year Built
2026
Stories
2
Listing Agency:
Keller Williams Realty Partners Inc.
(913) 906-5400
Listed By:
Kim Nofsinger · License #SP00049676
(913) 906-5400
Source:
Heartland-realty
Added: Aug 17
Changed: Aug 18
Last Checked: Aug 19 at 3:46PM
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 2026-built duplex features a two-story layout with two bedrooms and two-and-a-half bathrooms. Each bedroom has its own private bathroom, while the main level provides an open living arrangement with a vaulted ceiling. The kitchen includes substantial preparation space and connects naturally with the central living area.
An unfinished basement adds storage capacity and includes plumbing preparation for a future bathroom. The property is located at 306 N Franklin Street in Spring Hill, Kansas.
An unfinished basement adds storage capacity and includes plumbing preparation for a future bathroom. The property is located at 306 N Franklin Street in Spring Hill, Kansas.
Key Highlights
- 2026 new construction at 306 N Franklin Street, Spring Hill, KS 66083
- Two‑story duplex with 2 bedrooms and 2 1/2 bathrooms
- Private bathroom serving 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
$12,002
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
4.07%
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%
$240,040
$240.0K
Cap Rate 7%
$171,457
$171.5K
Cap Rate 9%
$133,356
$133.4K
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
$18.1K $16.20/SF
− Vacancy
−$998 −$0.89/SF
EGI
$17.1K $15.31/SF
− OpEx
−$5.1K −$4.59/SF
NOI
$12.0K $10.72/SF
Area
Johnson County, KS
Vacancy
5.50%
Lease Rate
$16.20 /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%
$240,040
Cap Rate 7%
$171,457
Cap Rate 9%
$133,356
Alternative Uses
Best Use
Multifamily LT 5
$171.5K
$150.0K – $200.0K
NOI $12,002 @ 7.0% cap · market cap 4.07%
Second Best
Apartment 5plus
$160.8K
$140.7K – $187.7K
NOI $11,259 @ 7.0% cap · market cap 3.82%
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?
Duplex - New-construction duplex with private bedroom baths, an open main level, and unfinished lower-level storage.
Where is this duplex located?
The property is located at 306 N Franklin Street 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: 2026 new construction at 306 N Franklin Street, Spring Hill, KS 66083; Two‑story duplex with 2 bedrooms and 2 1/2 bathrooms; Private bathroom serving each bedroom
