(NW) 32-Unit Apartment Complex

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30731991
Property Subtypes: Duplex/Fourplex, Other
Status: Pending
Number of Units: 32 Units
Building Size (RSF): 19,300 SF
Sale Price: $1,200,000
Unit Price: $37,500 Per Unit
Property Use Type: Vacant/Owner-User
Building Name: Bluestem Apartments
Usable Size (USF): 19,900 SF
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Average Occupancy Rate: 78
Last Updated: 7/2/2021

Overview / Comments

INVESTMENT OPPORTUNITY!!! Rare chance to purchase a 32 unit apartment complex in north Wichita with all but seven units currently being rented! This package consists of (8) Four-plexes with an office/shed all on just over two acres of land at 30th North & Arkansas Avenue. These buildings have stone and maintenance free exteriors. The unit mix consists of three floor plans. There are (30) 1-BR Units (1/2 of these are loft units) and (2) 2-BR Units. Rent varies from $365-515 per month but most are $430 per month. The 1-BR units are either single story or 2-story units with lofts. The landlord provides an oven/range and refrigerator. The exterior has 3 separate parking lots with approximately 2 parking stalls per unit.  Current cash flow gross is about $10k per month but with an attentive eye and a few improvements to the interior raising rents could be closer to $15k per month.  Current Rent Roll is in the property information packet. All units are total electric. Tenants pay electric and water. Owner pays lawn, trash, 2 electric house meters and water on shop. About 1/2 of the units have updated central air conditioning units. All tenants have written leases (they typically do 1 year leases which convert to month to month thereafter) with deposits. Please do not disturb tenants.

Additional Details

Nearest MSA: Wichita
County: Sedgwick
Tax ID/APN: 087099320430300500D
Zoning: MF-29 MULTI FAMILY & LC LIMITED COMMERCIAL
Percent Occupied: 78%
Total Number of Buildings: 8
Property Condition: Average
Number of Stories: 2
Year Built: 1978
Roof Type: Arched
Construction/Siding: Other
Parking Type: Surface
Total Parking Spaces: 64
Heat Type: Natural Gas
Heat Source: Central
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,785 64,652 193,715
Median Age: 30.48 35.1 34.53
Households: 3,791 25,441 79,125

Contact

Photograph of Listing Agent

Braden R. McCurdy

McCurdy Auction KSCRE Member
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