1st Street Investment Opportunity

Multi-Family for Sale
Catylist Listing ID: 30524627
Property Subtypes: Mixed Use, Other
Number of Units: 7 Units
Building Size (RSF): 7,170 SF
Gross Land Area: 32,039 SF
Sale Price: $450,000
Unit Price: $64,285.71 Per Unit
Property Use Type: Investment
Building Name: 1st & New York Mixed Use
Usable Size (USF): 7,170 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 72
Last Updated: 11/2/2019

Overview / Comments

Great investment package. Mixed use development with two single family dwellings, a 3-plex multi family unit, a garage/industrial building, a storage building, and a commercial building formerly used as a church. The land has great value as a future development as well. 3/4 of an acre of land total. Pro Forma Rents are $3455/mo. NOI is $33,367 Annually which would be a 7.4 CAP rate. All but two units are leased out

Additional Details

Nearest MSA: Wichita
County: Sedgwick
Taxing Authority: Sedgwick County
Tax ID/APN: 087125210140201200B
Percent Occupied: 72%
Property Located Between: 1st Street & 2nd Street
Highway Access: 1/2 a mile from 135 Hwy, less than a mile from hwy 400 (Kellogg)
Airports: 8 miles from Dwight D Eisenhower National Airport
Site Description: Property sits at the corner of 1st Street North and New York Avenue. It consists of 7 buildings of mixed use investment properties.
Area Description: Area is close to the Douglas Design District, Old Town. Close to many local shops, bars, restaurants, art galleries. Fantastic area with tremendous growth.
Total Number of Buildings: 7
Property Condition: Average
Number of Stories: 1
Parking Type: Surface
Parking Description: On and off street parking. Each unit has access to parking. The church building has a large parking lot.
Heat Type: Natural Gas
Heat Source: Central
Fuel: Gas
Air Conditioning: Window Unit, Other
Interior Description: Each unit is different. The commercial property on the corner is a garage space with a small retail building to the east. The 3 plex units are all Studio style. Single family home has 2 bedrooms, separate kitchen, living room. Former church has a kitchen, several office spaces.
Zoning Description: Mixed use zoning with some properties being zoned residential, some industrial, and some multifamily.
Lot Frontage: 130 Feet of 1st Street Frontage
Lot Depth: 250 Feet of New York Ave Frontage
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Individual
Legal Description: Multiple legals. See attachments

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,982 133,399 262,166
Median Age: 31.38 32.87 34.04
Households: 4,443 54,518 107,289
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