Historic Duplex with Separate
New
For Sale
$529,000
Pending
945 - 945 1/2 Kentucky Street, Lawrence, KS 66044
Residential Income, Lawrence, KS
Property Size2,129 SF
Days on Market6
Property Features for 945 - 945 1/2 Kentucky Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
M-2
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 5, Bathroom 1, Bathroom 3, Bedroom 4
Parking
4
Basement
Unfinished, Full
Elementary school
New York
Middle school
Liberty Memorial
High school
Free State
Subdivision
LAWRENCE 2
Standard status
Pending
Size
2,129 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
Lot 91, on Kentucky Street in the City of Lawrence, Douglas County, Kansas.
Legal Description
Lot 91, on Kentucky Street in the City of Lawrence, Douglas County, Kansas.
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1862
Floors in Building
2
Number of units
2
Listing Agency:
KW INTEGRITY · Keller Williams Realty
(785) 856-2530
Listed By:
CARSON LEVINE · License #SP00240931
(913) 547-2098
Added: Aug 14
Changed: Aug 19
Last Checked: Aug 19 at 6:06PM
MLS# 166261
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.
Built in 1862, this 2,129-square-foot duplex includes two separate residences with distinct living areas and kitchens. The primary home offers three bedrooms and two bathrooms, wood floors, original architectural features, natural light, and an updated kitchen with quartz countertops, modern cabinetry, and stainless steel appliances. A covered front porch adds usable outdoor space.
The second residence at 945 1/2 Kentucky Street contains 690 square feet, two bedrooms, one bathroom, a full kitchen, living space, and a covered porch. Both units are legally rentable. Four off-street parking spaces are located at the rear, with public water and public sewer serving the property. The property is zoned M-2 and provides access to Downtown Lawrence and the University of Kansas.
The second residence at 945 1/2 Kentucky Street contains 690 square feet, two bedrooms, one bathroom, a full kitchen, living space, and a covered porch. Both units are legally rentable. Four off-street parking spaces are located at the rear, with public water and public sewer serving the property. The property is zoned M-2 and provides access to Downtown Lawrence and the University of Kansas.
Key Highlights
- Two separate, legally rentable residences at 945 and 945 1/2 Kentucky Street
- 2,129 square feet total property size; built in 1862
- Primary residence includes 3 bedrooms, 2 bathrooms, and an updated kitchen
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
$21,125
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
3.99%
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%
$422,500
$422.5K
Cap Rate 7%
$301,786
$301.8K
Cap Rate 9%
$234,722
$234.7K
Market Conditions
NOI Build-Up for 2,129 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
$31.9K $15.00/SF
− Vacancy
−$1.8K −$0.83/SF
EGI
$30.2K $14.17/SF
− OpEx
−$9.1K −$4.25/SF
NOI
$21.1K $9.92/SF
Area
Douglas County, KS
Vacancy
5.50%
Lease Rate
$15.00 /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%
$422,500
Cap Rate 7%
$301,786
Cap Rate 9%
$234,722
Alternative Uses
Best Use
Multifamily LT 5
$301.8K
$264.1K – $352.1K
NOI $21,125 @ 7.0% cap · market cap 3.99%
Second Best
Apartment 5plus
$283.3K
$247.9K – $330.5K
NOI $19,829 @ 7.0% cap · market cap 3.75%
Theoretical Best
Retail
$626.5K
$548.2K – $730.9K
NOI $43,855 @ 7.0% cap · market cap 8.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,083
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?
Duplex - Two legally rentable residences combine historic character, updated interiors, covered porches, and rear off-street parking.
Where is this duplex located?
The property is located at 945 - 945 1/2 Kentucky Street Lawrence, KS.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: Two separate, legally rentable residences at 945 and 945 1/2 Kentucky Street; 2,129 square feet total property size; built in 1862; Primary residence includes 3 bedrooms, 2 bathrooms, and an updated kitchen
