Two-Unit Duplex with
For Sale
$350,000
631 N Mulvane St, Mulvane, KS 67110
Residential Income, Mulvane, KS
Property Size2,186 SF
Lot Size0.20 Acres
Price / SF$160.11
Days on Market56
Property Features for 631 N Mulvane St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking
4
Appliances
Dishwasher, Disposal, Microwave, Refrigerator, Trash Compactor
Elementary school
Munson
Middle school
Mulvane
High school
Mulvane
Elementary school district
Mulvane School District (USD 263)
Middle school district
Mulvane School District (USD 263)
High school district
Mulvane School District (USD 263)
Directions
From 2nd and Mulvane St, go East on Mulvane St to home
Subdivision
SCKMLS
Standard status
Active
APN
30025246
Size
2,186 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 11-12 & W 1/2 LOT 13 SHAW'S ADD TO MULVANE
Tax Annual Amount
4478
Legal Description
LOTS 11-12 & W 1/2 LOT 13 SHAW'S ADD TO MULVANE
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air
Cooling system
Electric
Water source
Public
Building Details
Year built
2017
Number of units
2
Building materials
Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Heritage 1st Realty
(316) 512-1300
Listed By:
Justin Crafton
(316) 461-2806
Added: Jul 8
Changed: Aug 19
Last Checked: Sep 1 at 12:06PM
MLS# 675617
Copyright © 2026 South Central Kansas MLS. 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 2017, this frame duplex at 631 N Mulvane St includes 2,186 square feet of living area across two matching residences. Each unit provides three bedrooms, two bathrooms, generous living space, storage, and an attached 2-car garage. The property includes dishwashers, disposals, microwaves, refrigerators, and trash compactors, along with forced-air heating, electric cooling, composition roofing, and public water service. Natural gas is available.
The 0.1962-acre property is located in Mulvane, with access to nearby schools, parks, K-15, and Rock Rd. Its two-unit configuration supports separate occupancy, including the option for an owner to occupy one side while leasing the other, as well as continued use as a residential income property.
The 0.1962-acre property is located in Mulvane, with access to nearby schools, parks, K-15, and Rock Rd. Its two-unit configuration supports separate occupancy, including the option for an owner to occupy one side while leasing the other, as well as continued use as a residential income property.
Key Highlights
- Two‑unit duplex with 2,186 square feet of living area
- Each unit has 3 bedrooms, 2 bathrooms, and an attached 2‑car garage
- Built in 2017 on a 0.1962‑acre lot
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
$18,278
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
5.22%
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%
$365,560
$365.6K
Cap Rate 7%
$261,114
$261.1K
Cap Rate 9%
$203,089
$203.1K
Market Conditions
NOI Build-Up for 2,186 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
$27.5K $12.60/SF
− Vacancy
−$1.4K −$0.66/SF
EGI
$26.1K $11.94/SF
− OpEx
−$7.8K −$3.58/SF
NOI
$18.3K $8.36/SF
Area
Sedgwick County, KS
Vacancy
5.20%
Lease Rate
$12.60 /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%
$365,560
Cap Rate 7%
$261,114
Cap Rate 9%
$203,089
Alternative Uses
Best Use
Multifamily LT 5
$261.1K
$228.5K – $304.6K
NOI $18,278 @ 7.0% cap · market cap 5.22%
Second Best
Apartment 5plus
$240.8K
$210.7K – $281.0K
NOI $16,859 @ 7.0% cap · market cap 4.82%
Theoretical Best
Office A
$455.6K
$398.7K – $531.6K
NOI $31,894 @ 7.0% cap · market cap 9.11%
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
246
Businesses Nearby
Explore this area
Business Placement
Demographics for 67110, KS
8,263
Population
3,394
Households
2.4
Avg Household Size
39
Median Age
30%
College-Educated
97%
High-School Grad
54.3 sq mi
ZIP Area
152
Density / Sq Mi
$73,387
Median Household Income
$44,226
Median Earnings
$1,190
Median Rent
$179,800
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 - Well-maintained duplex with matching three-bedroom layouts, attached garages, and convenient access to schools, parks, and major roads.
Where is this duplex located?
The property is located at 631 N Mulvane St Mulvane, KS.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,186 square feet of living area; Each unit has 3 bedrooms, 2 bathrooms, and an attached 2‑car garage; Built in 2017 on a 0.1962‑acre lot
