Duplex with Extra
For Sale
$179,950
4540 Melody Lane, Kansas City, KS 66106
DUPLEX - Other - Kansas City, KS
Property Size1,554 SF
Lot Size0.16 Acres
Price / SF$115.80
Days on Market58
Property Features for 4540 Melody Lane
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Basement, Bathroom 1, Bedroom 2, Bedroom 1
Basement
Full, Finished
Elementary school district
Turner
Middle school district
Turner
High school district
Turner
Directions
From 635 take exit State Ave 24/40 West to South on North 47th then turn East on Melody Lane and continue to address
Subdivision
413 - N=Ks River;S=Jo Co Line;E=I-635;W=Ks River
Standard status
Active
APN
078208
Size
1,554 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
SOUTHSIDE MANOR RES, S31, T11, R25, ACRES 0.160000, SOUTH PART L6: BEG SE COR; CURVE RIGHT 107.91FT, N51E- 117.87FT TO E LINE L6, S 119.87FT TO POB
Tax Annual Amount
2587
Legal Description
SOUTHSIDE MANOR RES, S31, T11, R25, ACRES 0.160000, SOUTH PART L6: BEG SE COR; CURVE RIGHT 107.91FT, N51E- 117.87FT TO E LINE L6, S 119.87FT TO POB
Utilities
Heating system
Natural Gas
Cooling system
Electric
Water source
Public
Building Details
Year built
1975
Building materials
Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
ReeceNichols- Leawood Town Center · Reece & Nichols
(913) 345-0700
Listed By:
Angela Lofton · License #SP00222850
(816) 507-4570
Added: Jun 15
Changed: Aug 11
Last Checked: Aug 11 at 7:06AM
MLS# 2626235
Copyright © 2026 Heartland Multiple Listing Service. 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.
Built in 1975, this 1,554-square-foot duplex sits on a 0.16-acre lot and features frame construction, natural-gas heating, electric cooling, public water, and a composition roof. The property includes two bedrooms, a basement, hardwood floors suitable for refinishing, a second living room, and a nonconforming room. A one-year-old roof and newer HVAC system are among the more recent improvements.
Exterior features include an additional parking pad and a large shed with siding replaced in 2025. The property is near highway access and shopping and convenience services, adding practical connectivity for occupants.
Exterior features include an additional parking pad and a large shed with siding replaced in 2025. The property is near highway access and shopping and convenience services, adding practical connectivity for occupants.
Key Highlights
- 1,554‑square‑foot duplex on a 0.16‑acre lot
- One‑year‑old composition roof and newer HVAC system
- Two bedrooms plus a second living room and nonconforming room
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
$14,085
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
7.83%
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%
$281,700
$281.7K
Cap Rate 7%
$201,214
$201.2K
Cap Rate 9%
$156,500
$156.5K
Market Conditions
NOI Build-Up for 1,554 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
$21.4K $13.80/SF
− Vacancy
−$1.3K −$0.85/SF
EGI
$20.1K $12.95/SF
− OpEx
−$6.0K −$3.88/SF
NOI
$14.1K $9.06/SF
Area
Kansas City, KS
Vacancy
6.17%
Lease Rate
$13.80 /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%
$281,700
Cap Rate 7%
$201,214
Cap Rate 9%
$156,500
Alternative Uses
Best Use
Multifamily LT 5
$201.2K
$176.1K – $234.8K
NOI $14,085 @ 7.0% cap · market cap 7.83%
Second Best
Apartment 5plus
$184.9K
$161.8K – $215.8K
NOI $12,946 @ 7.0% cap · market cap 7.19%
Theoretical Best
Office A
$257.5K
$225.3K – $300.4K
NOI $18,022 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
166
Businesses Nearby
Explore this area
Business Placement
Demographics for 66106, KS
24,085
Population
9,226
Households
2.6
Avg Household Size
35
Median Age
16%
College-Educated
84%
High-School Grad
18.9 sq mi
ZIP Area
1,274
Density / Sq Mi
$56,294
Median Household Income
$39,734
Median Earnings
$944
Median Rent
$154,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit frame property with a newer HVAC system, recent roofing, additional storage, and flexible interior space.
Where is this duplex located?
The property is located at 4540 Melody Lane Kansas City, KS.
What is the asking price?
The asking price for this property is $179,950.
What are key features of this property?
This property features: 1,554‑square‑foot duplex on a 0.16‑acre lot; One‑year‑old composition roof and newer HVAC system; Two bedrooms plus a second living room and nonconforming room
