KEYSTONE APARTMENTS

Multi-Family for Sale
Catylist Listing ID: 30765251
Property Subtypes: Duplex/Fourplex
Number of Units: 180 Units
Building Size (RSF): 105,596 SF
Gross Land Area: 10 - 11 Acres
Sale Price: $5,700,000
Unit Price: $31,666.67 Per Unit
Property Use Type: Vacant/Owner-User
Building Name: Keystone Apartments
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Average Occupancy Rate: 88
Last Updated: 10/19/2021

Overview / Comments

180 UNIT INVESTMENT OPPORTUNITY - KEYSTONE APARTMENTS - Located near Lincoln and Edgemoor in southeast Wichita this investment opportunity consists of 45 fourplexes totaling 180 units consist of (122) one-bedroom units and (52) two-bedroom units and (6) studios. There is an office building in the middle of the complex. The entire assemblage of buildings is only three buildings short of two entire whole city blocks and consists of 46 individually deeded parcels. The current gross monthly income is approximately $73,000 per month ($52,500 per month excluding tenant utility income) and landlord expenses are minimal since the electric, gas and water meters are individually metered. The Seller offers an option of “all bills paid” to the tenants which adds about $200/month to their monthly payment. About 70% of the occupants use this option. The owner's expenses are trash, lawn care, taxes, insurance and property maintenance. With some capital improvements one could increase cash flow with a "value add" by rehabbing the approximate 20 units that are out of commission and not leasable due to their current conditions. The complex has substantial off-street parking and many of these buildings have partial basements. These buildings were built from 1941 to 1945. All tenants are month to month, no written leases. Generally the Seller's rule of thumb for deposit amounts are $250-$350 per unit. Don't miss out on this wonderful investment package with great cash flow!

Attachments & Media

Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $13,500 (Annual)
Gross Operating Income $472,688 (Annual)
Net Operating Income $31,305 (Annual)

Additional Details

Nearest MSA: Wichita
County: Sedgwick
Tax ID/APN: 087127250240600100J
Zoning: MULTI-FAMILY
Percent Occupied: 88%
Property Located Between: Edgemoor & Oliver
Total Number of Buildings: 45
Property Condition: Average
Number of Stories: 1
Year Built: 1941
Construction/Siding: Brick
Parking Type: Surface
Total Parking Spaces: 180
Sprinklers: None
Heat Type: Electricity
Heat Source: Other
Air Conditioning: Window Unit
Zoning Description: Multi-Family
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 19,102 106,036 230,377
Median Age: 33.73 33.46 33.38
Households: 8,266 43,948 92,671

Contact

Photograph of Listing Agent

Braden R. McCurdy

McCurdy Auction KSCRE Member
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