Description
MAJOR potential with a lot of hard work already put in! Seller has spent a lot of time turning this complex around from repairs to the good tenants now in place. This complex features 54 studios and 6 one bedroom units and has the potential of adding another 2-6 units on the ground floor. Each floor has a communal laundry room. Over 39K worth of repairs done since August and over half of the units have had repairs made varying new PTAC units, appliances, flooring, and more. Monthly pest control has been put in place since initial treatment started in August. Elevator repairs have been made to ensure the unit is up to code as well as all fire inspection repairs to bring everything up to code. Main sewer line and SW sewer line to the main both have been cleared and several water lines fully replaced. These apartments currently have a 58% vacancy rate and current gross income of $151,740 with a potential of $367,200! With freshly updated apartments and Wichita State nearby, the potential is definitely there. Are you up for the challenge?
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0BEDS
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58ACRES
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0BATHS
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01/2 BATHS
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38,864SQFT
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$57$/SQFT
School Information
Description
MAJOR potential with a lot of hard work already put in! Seller has spent a lot of time turning this complex around from repairs to the good tenants now in place. This complex features 54 studios and 6 one bedroom units and has the potential of adding another 2-6 units on the ground floor. Each floor has a communal laundry room. Over 39K worth of repairs done since August and over half of the units have had repairs made varying new PTAC units, appliances, flooring, and more. Monthly pest control has been put in place since initial treatment started in August. Elevator repairs have been made to ensure the unit is up to code as well as all fire inspection repairs to bring everything up to code. Main sewer line and SW sewer line to the main both have been cleared and several water lines fully replaced. These apartments currently have a 58% vacancy rate and current gross income of $151,740 with a potential of $367,200! With freshly updated apartments and Wichita State nearby, the potential is definitely there. Are you up for the challenge?
This information is not verified for authenticity or accuracy, is not guaranteed and may not reflect all real estate activity in the market. ©2021 South Central Kansas Multiple Listing Service, Inc. All rights reserved. IDX information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated: 2021-04-20T08:00:37.033.
Listing information © 2021 South Central Kansas Multiple Listing Service, Inc. Listing provided courtesy of Keller Williams Signature Partners.