Duplex With Unfinished Lower
For Sale
$284,950
506 W Lawrence Street, Spring Hill, KS 66083
DUPLEX - Other - Spring Hill, KS
Property Size1,070 SF
Lot Size0.11 Acres
Price / SF$266.31
Days on Market19
Property Features for 506 W Lawrence Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Bedroom 2, Bathroom 1, Laundry Room, Bathroom 2, Basement, Bedroom 1, Dining Room, Laundry Room
Parking features
Garage
Patio and Porch features
Patio
Interior features
Ceiling Fan(s), Painted Cabinets, Pantry, Vaulted Ceiling(s), Walk-In Closet(s)
Basement
Concrete, Full
Appliances
Cooktop, Dryer, Microwave, Refrigerator, Electric Range, Stainless Steel Appliance(s), Washer
Lot features
City Limits, Level
Elementary school
Spring Hill
Middle school
Spring Hill
High school
Spring Hill
Elementary school district
Spring Hill
Middle school district
Spring Hill
High school district
Spring Hill
Directions
From Webster, West on Lawrence to property on the North
Subdivision
370 - N=167th;S=Co Ln;E=Pflumm;W=Clare Rd
Standard status
Active
APN
EP49000000-0009A
Size
1,070 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
SPRING HILL BLK 63 & VAC N 20' LAWRENCE ST Lot 0009, West portion
Tax Annual Amount
4492
Legal Description
SPRING HILL BLK 63 & VAC N 20' LAWRENCE ST Lot 0009, West portion
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Electric
Water source
Public
Amenities
firepit
patio
Building Details
Year built
2023
Flooring type
Carpet, Vinyl
Building materials
Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
KW Diamond Partners · Keller Williams Realty
(913) 322-7500
Listed By:
Jackie Lennon
(913) 579-8167
Added: Jul 26
Changed: Aug 13
Last Checked: Aug 13 at 4:06AM
MLS# 2633447
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.
This 2023 duplex residence at 506 W Lawrence Street includes 1,070 square feet on a 0.1108-acre lot. The interior has an open main living area, dining space, painted cabinetry, granite countertops, stainless steel appliances, pantry storage, walk-in closets, and vaulted ceilings. A second-level catwalk overlooks the central living space, while the unfinished lower level provides space for a possible third bedroom, full bathroom, and additional family room as described in the property information.
The home also includes a 12' x 12' patio, backyard firepit, attached garage, washer, dryer, refrigerator, electric range, microwave, natural gas heating, electric cooling, public water, and public sewer. The property is located in Spring Hill, Johnson County, Kansas, and has no HOA.
The home also includes a 12' x 12' patio, backyard firepit, attached garage, washer, dryer, refrigerator, electric range, microwave, natural gas heating, electric cooling, public water, and public sewer. The property is located in Spring Hill, Johnson County, Kansas, and has no HOA.
Key Highlights
- 2023 construction with 1,070 square feet of living area
- 0.1108‑acre lot in Spring Hill, KS
- Unfinished lower level with room for a possible third bedroom, full bathroom, and family 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
$11,466
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
4.02%
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%
$229,320
$229.3K
Cap Rate 7%
$163,800
$163.8K
Cap Rate 9%
$127,400
$127.4K
Market Conditions
NOI Build-Up for 1,070 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
$17.3K $16.20/SF
− Vacancy
−$953 −$0.89/SF
EGI
$16.4K $15.31/SF
− OpEx
−$4.9K −$4.59/SF
NOI
$11.5K $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%
$229,320
Cap Rate 7%
$163,800
Cap Rate 9%
$127,400
Alternative Uses
Best Use
Multifamily LT 5
$163.8K
$143.3K – $191.1K
NOI $11,466 @ 7.0% cap · market cap 4.02%
Second Best
Apartment 5plus
$153.7K
$134.5K – $179.3K
NOI $10,756 @ 7.0% cap · market cap 3.77%
Theoretical Best
Office A
$259.0K
$226.6K – $302.1K
NOI $18,127 @ 7.0% cap · market cap 6.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
159
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 - Newer two-story residence with vaulted ceilings, patio, garage, and no HOA.
Where is this duplex located?
The property is located at 506 W Lawrence Street Spring Hill, KS.
What is the asking price?
The asking price for this property is $284,950.
What are key features of this property?
This property features: 2023 construction with 1,070 square feet of living area; 0.1108‑acre lot in Spring Hill, KS; Unfinished lower level with room for a possible third bedroom, full bathroom, and family room
