180 Units at Keystone Apartments $5,700,000

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    180 Units at Keystone Apartments Wichita, KS 67218

    • 0 Beds
    • 0 Baths
    • 105,596 sq. ft.
    • Multi-Family
    • MLS# 602732
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    Property Details

    180 UNIT INVESTMENT OPPORTUNITY - KEYSTONE APARTMENTS - Located near Lincoln and Edgemoor in southeast Wichita this investment opportunity consists of 45 fourplexes totaling 180 units consist of (122) one-bedroom units and (52) two-bedroom units and (6) studios. There is an office building in the middle of the complex. The entire assemblage of buildings is only three buildings short of two entire whole city blocks and consists of 46 individually deeded parcels. The current gross monthly income is approximately $73,000 per month ($52,500 per month excluding tenant utility income) and landlord expenses are minimal since the electric, gas and water meters are individually metered. The Seller offers an option of 'all bills paid' to the tenants which adds about $200/month to their monthly payment. About 70% of the occupants use this option. The owner's expenses are trash, lawn care, taxes, insurance and property maintenance. With some capital improvements one could increase cash flow with a value add by rehabbing the approximate 20 units that are out of commission and not leasable due to their current conditions. The complex has substantial off-street parking and many of these buildings have partial basements. These buildings were built from 1941 to 1945. All tenants are month to month, no written leases. Generally the Seller's rule of thumb for deposit amounts are $250-$350 per unit. Don't miss out on this wonderful investment package with great cash flow!

    • General Features
      • Approximate Age 51 - 80 Years
      • General Tax Year 2020
      • Lot Size Sq Ft 10.51 acre
      • Property Taxes $16,297
      • Property Type Apartment Complex
      • Total Specials $1,411
      • Year Built 1941
      • Yearly Specials $1,411
    • Building Features
      • Number of Stories One
      • Style Side By Side
      • Roof Composition
      • Exterior Construction Frame
      • Basement Yes - Unfinished
      • Cooling Window Unit
      • Heating Central Electric
      • Appliances None
    • Property Features
      • Utilities Natural Gas, Public, Sewer
      • Parking 1 per Unit
      • Flood Insurance Unknown
    • Schools
      • Elementary School Jefferson
      • High School Southeast
      • Middle School Curtis

    Contact

    Karen Hampton

    Karen Hampton

    Realtor

    KS

    RE/MAX Premier

    Cell: 316-641-9442

    Neighborhood

    67218 (Wichita) Demographics

    34 Median Age
    4,530 Population Density (per sq. mile)
    31% College Educated
    $41,798 Estimated Median Income
    4,575 Estimated Total Home Owners
    4,964 Estimated Total Renters
    48% / 52% Estimated Owner / Renter Divide
    2 Estimated Average Household Size
    22,635 Total Population
    Community data courtesy of LiveBy, Inc.

    Market Last 30 Days In This Postal Code

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    0 Homes Sold
    26 New On Market

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        Listing information comes in part from the InternetData Exchange program of the South Central Kansas MLS, and RE/MAX Kansas-Missouri. Real estate listings held by Brokerage firms other than RE/MAX Kansas-Missouri are marked with an IDX logo and detailed information about them includes the name of the listing Brokers. The information being provided is deemed reliable but not guaranteed, and all information should be verified by the consumer. Listing information last updated 12/5/2021 11:23:18 AM. In consideration for the receipt of the information on this page, the recipient agrees to use the information solely for the private non-commercial purpose of identifying a property in which the recipient has a good faith interest in acquiring.
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        Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability. This is not intended to solicit property currently listed.