Multifamily Income
612 1/2 Mississippi Street Lawrence, KS 66044
New
For Sale
$315,000
MULTI_FAMILY - Lawrence, KS
Property Size2,422 SF
Price / SF$130.06
Days on Market2
Property Features for 612 1/2 Mississippi Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Duplex
- Bedrooms
- 6
- Bathrooms
- 3
- Rooms
- Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 5, Bathroom 3, Bedroom 6, Bedroom 4, Bedroom 2
- Basement
- Partial
- Standard status
- Active
- APN
- U02268
- Size
- 2,422 SF
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- MISSISSIPPI STREET LT 152
Utilities
- Sewer type
- Public Sewer
- Water source
- Public
Building Details
- Year built
- 1920
- Floors in Building
- 2
- Building materials
- Frame
- Roof type
- Composition
Listing Agency:
AMERICAN DREAM REALTY
(785) 856-4663
Listed By:
HOLLY GARBER · License #BR00054094
(785) 979-7325
Added: Jul 24
Changed: Jul 25
Last Checked: Jul 25 at 9:06PM
MLS# 166143
Copyright © 2026 Lawrence Board of Realtors. 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 multifamily income property includes an original home with five conforming bedrooms and two bathrooms, along with a detached back house featuring an additional one-bedroom, one-bathroom living space. The property is set up with three kitchens already in place, and the basement has historically been used as a third apartment, offering flexibility subject to buyer verification of current zoning and permitted use.
Located in Old West Lawrence, the property is described as minutes from downtown, shopping, restaurants, parks, and the University of Kansas. The seller notes that all taxes and measurements are approximate.
Located in Old West Lawrence, the property is described as minutes from downtown, shopping, restaurants, parks, and the University of Kansas. The seller notes that all taxes and measurements are approximate.
Key Highlights
- Original home built in 1920 with frame construction and a composition roof
- Main home layout includes 5 conforming bedrooms and 2 bathrooms
- Detached back house at 612 1/2 Mississippi offers 1 bedroom and 1 bathroom
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $36.3k | $15.00 |
| − Vacancy | −$2.0k | −$0.83 |
| EGI | $34.3k | $14.17 |
| − OpEx | −$10.3k | −$4.25 |
| NOI | $24.0k | $9.92 |
2,422 SF · lease $15.00/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$343.3K
$300.4K – $400.5K
NOI $24,032 @ 7.0% cap · market cap 7.63%
Second Best
Apartment 5plus
$322.3K
$282.0K – $376.0K
NOI $22,558 @ 7.0% cap · market cap 7.16%
Theoretical Best
Retail
$712.7K
$623.6K – $831.5K
NOI $49,891 @ 7.0% cap · market cap 15.84%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Two separate residences include a main home and detached back house with multiple kitchens and baths.
Where is this duplex located?
The property is located at 612 1/2 Mississippi Street Lawrence, KS.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Original home built in 1920 with frame construction and a composition roof; Main home layout includes 5 conforming bedrooms and 2 bathrooms; Detached back house at 612 1/2 Mississippi offers 1 bedroom and 1 bathroom
