Studios at 501

Multi-Family for Sale
Catylist Listing ID: 30331158
Property Subtypes: Mid-Rise, Mixed Use
Number of Units: 21 Units
Building Size (RSF): 21,476 SF
Gross Building Area: See Agent
Sale Price: $750,000
Unit Price: $35,714.29 Per Unit
Property Use Type: Investment
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 11/19/2018

Overview / Comments

Description
21-unit mid-rise mixed use property located in the heart of Downtown Newton, KS. The property includes three studio apartments, eighteen one bed/one bath units, and a 7,500 square foot retail store-front space occupied by Rent-a-Center. The units were remodeled in 2014 and have maintained steady occupancy since.

Highlights
New 5-year lease to Rent-a-Center, ending in 2023 with 5-year renewal option
21,476 SF mixed use property
Apartments remodeled in 2014
Studio and one-bedroom units
Very steady occupancy since renovation
New roof installed October 2017
Central fire alarm system monitored by local 911
Located on the hard corner of 5th and Main in downtown Newton, Kansas

Attachments & Media

Additional Details

Nearest MSA: Wichita
County: Harvey
Year Built: 1915
Year Renovated: 2014

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,170 21,041 22,204
Median Age: 36.18 38.48 38.81
Households: 2,552 8,351 8,783

Contact

Photograph of Listing Agent

Trent Garman

NAI Martens
KSCRE Member
Photograph of Listing Agent

Jeff Englert

NAI Martens
KSCRE Member
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