Building Details

Year Built 2026

Stories 2

Listing Agency: Keller Williams Realty Partners Inc. Show Phone

Listed By: Ask Cathy Show Phone

Source: Askcathy

Added: Aug 16 Changed: Oct 16 Last Checked: Oct 16 at 9:02AM

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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.

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Investment Insights

Based on property information with market context.

This 1,120-square-foot multifamily property was built in 2026 and presents a two-story residential layout with two bedrooms and 2 1/2 bathrooms. Each bedroom includes its own private bathroom, while the main level combines an open arrangement with a vaulted ceiling and a bright kitchen that provides ample preparation space.

The full unfinished basement adds storage capacity and includes plumbing stubs for a future bathroom. The property is located at 306 N Franklin St in Spring Hill, Kansas.

Key Highlights

• 1,120‑square‑foot multifamily property built in 2026
• Two‑story layout with 2 bedrooms and 2 1/2 bathrooms
• Private bathroom connected to each bedroom

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$11,259

Cap Rate

3.82%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$225,180 $225.2K

Cap Rate 7%

$160,843 $160.8K

Cap Rate 9%

$125,100 $125.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,120 SF

Gross rent

$21.2K $18.96/SF

− Vacancy

−$764 −$0.68/SF

EGI

$20.5K $18.28/SF

− OpEx

−$9.2K −$8.22/SF

NOI

$11.3K $10.05/SF

Area

Johnson County, KS

Vacancy

3.60%

Lease Rate

$18.96 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$225,180

Cap Rate 7%

$160,843

Cap Rate 9%

$125,100

Alternative Uses

Best Use

Apartment 5plus

$160.8K

$140.7K – $187.7K (±1% cap)

NOI $11,259 @ 7.0% cap · market cap 3.82%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$271.1K

$237.2K – $316.2K (±1% cap)

NOI $18,974 @ 7.0% cap · market cap 6.43%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Multifamily properties

Suggested Use

Top Pick Dental Office Real Estate Agency Law Firm Nail Salon Electrical Service Restaurant

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Frequently Asked Questions

What type of property is this?

Multifamily property - Two bedrooms feature private baths, while the basement provides storage and plumbing for a future bathroom.

Where is this multifamily property located?

The property is located at 306 N Franklin St 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: 1,120‑square‑foot multifamily property built in 2026; Two‑story layout with 2 bedrooms and 2 1/2 bathrooms; Private bathroom connected to each bedroom