Aley Park Apartments

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30730208
Property Subtypes: Duplex/Fourplex, Low-Rise/Garden
Status: Pending
Number of Units: 26 Units
Building Size (RSF): 21,240 SF
Gross Land Area: 47,466 SF
Sale Price: $1,300,000
Unit Price: $50,000 Per Unit
Property Use Type: Investment
Building Name: Aley Park Apartments
Sale Terms: Cash to Seller, Purchase Money Mortgage
Cap Rate: 8.82%
Average Occupancy Rate: 96
Last Updated: 6/15/2021

Overview / Comments

Aley Park Apartment Complex, 26 units mixed between (6) quadplexes and (2) single family homes. 95.82% Occupancy with below market rents, leaving a large potential for a new owner to achieve a higher NOI & return. This property just ended from the Low Income Housing Tax Credit program, leaving a new owner the opportunity to put new leases in place and change to market rent.

The property has been well maintained, with a new roof, new gutters & new exterior lighting waiting to be installed. The owner has renovated several units with LVP flooring. Every unit is a 2 Bedroom 1 Bathroom with their own washer dryer hookups. Landlord provides Fridge & Oven. Each unit is separately metered for Electric, where landlord pays water & trash.

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $11,658 (Annual)
Tax Value Land $24,100
Tax Value Improvements $845,400
Assessed Value - Total($) $869,500 (Annual)
Potential Rental Income $194,400 (Annual)
Gross Operating Income $153,072 (Annual)
Net Operating Income $118,567 (Annual)
Actual or Proforma Year Proforma

Additional Details

Nearest MSA: Wichita
County: Sedgwick
Tax ID/APN: 087129310110500501
Zoning: MF-29
Percent Occupied: 9,582%
Property Located Between: Harry & S. Seneca
Highway Access: Close proximity to W. Kellogg, I-135 & I-235.
Total Number of Buildings: 8
Property Condition: Good
Number of Stories: 2
Year Built: 1995
Year Renovated: 2020
Construction/Siding: Brick/Vinyl Siding
Parking Type: Surface
Parking Description: Concrete Parking Lot
Laundry: In Each Unit
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Package Unit
Internet Access: Satellite
Interior Description: 2 Bedroom 1 Bathroom Units, Renovated and well Maintained.
Zoning Description: MF-29
Lot Frontage: 100.17
Lot Depth: 318.08
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Legal Description: LOT 1 MERTON AVENUE-CREW ADD

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 14,663 104,383 249,819
Median Age: 32.98 33.21 33.42
Households: 6,149 42,693 100,248

Contact

Photograph of Listing Agent

Shane Pullman

Better Homes & Gardens Real Es
KSCRE Member
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