Triplex with Detached Back
New
For Sale
$315,000
612-612 1/2 Mississippi Street, Lawrence, KS 66044
MULTI_FAMILY - Lawrence, KS
Property Size2,422 SF
Price / SF$130.06
Days on Market7
Property Features for 612-612 1/2 Mississippi Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 2, Bedroom 1, Bedroom 6, Bedroom 5
Basement
Partial
Elementary school
Hillcrest
High school
Free State
Subdivision
LAWRENCE 2
Standard status
Active
APN
U02268
Size
2,422 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
MISSISSIPPI STREET LT 152
Legal 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 30
Last Checked: Jul 30 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 triplex property includes the original home plus a detached back house. The original home offers 5 conforming bedrooms and 2 bathrooms, and the detached back house features an additional 1-bedroom, 1-bathroom living space. Three kitchens are already in place. The basement has historically been used as a third apartment, which may support additional flexible living or income potential, subject to buyer verification of current zoning and permitted use.
The home is constructed of frame materials and was built in 1920. Utilities include public water and public sewer, and the roof is a composition roof.
Set up for multiple living arrangements, this layout may appeal to buyers looking for a multi-unit configuration with privacy between the primary home and the detached back house.
The home is constructed of frame materials and was built in 1920. Utilities include public water and public sewer, and the roof is a composition roof.
Set up for multiple living arrangements, this layout may appeal to buyers looking for a multi-unit configuration with privacy between the primary home and the detached back house.
Key Highlights
- 2,422 SF triplex property
- Built in 1920 with frame construction and a composition roof
- Original home: 5 conforming bedrooms and 2 bathrooms
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,328
Businesses Nearby
Explore this area
Business Placement
Demographics for 66044, KS
28,276
Population
12,723
Households
2.2
Avg Household Size
28
Median Age
54%
College-Educated
95%
High-School Grad
64.2 sq mi
ZIP Area
440
Density / Sq Mi
$56,340
Median Household Income
$20,271
Median Earnings
$999
Median Rent
$228,100
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?
Triplex - Triplex with a detached back house and multiple kitchens, served by public water and public sewer.
Where is this triplex located?
The property is located at 612-612 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: 2,422 SF triplex property; Built in 1920 with frame construction and a composition roof; Original home: 5 conforming bedrooms and 2 bathrooms
