Updated: May 15
Multifamily Investment Opportunity
912-947 S. Mission Rd | Wichita, Kansas 67207
Mission Apartments - (48 Units) 16 Buildings
This multifamily property is a fantastic opportunity for seasoned multifamily investors seeking a solid Class C investment in the vibrant city of Wichita, KS. The property consists of 48 units located across 16 triplex buildings, with a vintage 1950's design that adds to its charm and character.
The property has a strong financial performance with a Gross Income of $333,903.51 and NOI of $220,288.65, generating an impressive Cap rate of 7.34%. There is significant potential for growth with Pro Forma NOI of $320,540.21 and Pro Forma Cap of 10.7%. The property has undergone over $420K in Capex improvements over the past two years, ensuring that it is well-maintained and in excellent condition.
The property also has a solid occupancy rate of 81.25%, with rents increasing from $16K to an average of $29K a month over the past 10 months. The sale includes two parcels that hold three garages, which can be used for storage or rented out to tenants. Another advantage of this property is that all utilities - water, electric, gas, and security lighting - are paid by the tenants.
The asking price for this multifamily property is $3,125,000, which is a great value at a price per door of $65,000. Please note that there is a 3% buyer's fee. The seller requires a non-binding LOI and POF with all offers, and they are not open to holding a note on the property.
Don't miss out on this exceptional opportunity to add a solid multifamily property to your investment portfolio in a prime location with excellent financial performance and growth potential. Contact us for more information or to schedule a viewing.
Please submit all offers directly to firstname.lastname@example.org
Additional Information Available upon request.
"Your #1 Source for Off Market Properties, NATIONWIDE"
PROMISE LAND REALTY, LLC
All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. *Realtors add your fee on top*