Market Street Lofts

Multi-Family for Sale
Catylist Listing ID: 30499693
Property Subtypes: Low-Rise/Garden
Number of Units: 48 Units
Building Size (RSF): 35,844 SF
Gross Building Area: See Agent
Sale Price: $1,700,000
Unit Price: $35,416.67 Per Unit
Property Use Type: Investment
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 11/18/2019

Overview / Comments

Market Street Lofts consists of 48 units spread over two locations in close proximity, providing efficient operations for management. Market Street Lofts offer a mixture of very well maintained renovated one and two bedroom units. The properties are both located just north of downtown Wichita and are surrounded by many local business, retailers/restaurants, event centers, and bus stops with easy highway access. Market Street Lofts offer affordable living with many rental and community features. Market Street Lofts provides an investor with the opportunity to acquire a well operating, renovated asset close to downtown Wichita in an area with a strong rental demand, with future upside through increasing of rents once the property is out of Section 42 compliance period. The properties have gone through full renovations in 2011, and offer up-todate finishes and appliances throughout all the units. Market Street Lofts is currently 100% occupied and has a historically strong occupancy.

*Note* - Due to tax credit implications, Market Street Lofts will be sold as a General Partner Buyout of 100% of the operating entity.

- 48-unit apartment property spread over two locations
- Located just north of downtown Wichita
- Easy access to I-135
- Capital Improvements: Fully renovated complexes & units in 2011, up-to-date appliances, and planned new roofs
- Currently operates under Section 42 Low Income Housing Tax Credit program
- Occupancy: 100%
- NOI (Proforma): $122,665
- Cap Rate: 7.22%
- Price: $1,700,000

Attachments & Media

Additional Details

Nearest MSA: Wichita
County: Sedgwick
Tax ID/APN: 087123080140101200
Percent Occupied: 100%
Total Number of Buildings: 4
Year Renovated: 2011

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 13,996 96,862 221,961
Median Age: 28.63 33.4 34.44
Households: 4,827 39,055 91,091

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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