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Archived about 2 years ago

$1,250,000

rooms 1 ba 20150 sqft

619 S Highway 77, Douglass, KS 67039

Commercial Multifamily Occupied Needs Repairs Off MLS

Current Rent **

$9,130

Projected Rent **

$10,000+

Estimated Cap Rate *

Pro Only

Estimated Cash on Cash ROI *

Pro Only

20-Unit Multifamily Building in KS

This is a 20-unit multifamily building in Douglass, KS. There are 10 - 1bd/1ba apartments, 8 - 2bd/1ba, and 2 commercial spaces. All 10 1-bed units are currently rented above market rate at $750 and scheduled to increase to $775 at lease renewal later this year. One of the commercial spaces is rented to a restaurant. The other commercial space is currently empty but ready to be leased or built out. The remaining 8 units are gutted and ready to be put back together. The remodel should cost about $25k/unit. I recently completed a 12-unit building in Wichita (30 minutes away) at $30k/unit but that included demolition and MUCH more work than is needed at this one.

The current NOI is about $38,000/year. Once it is stable, that will increase to $140,000/year.

There is room to negotiate, including seller financing. I'm happy to answer any questions and make introductions to local property managers, contractors, etc.

Location:

619 S Highway 77, Douglass, KS 67039

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* The cap rate and cash on cash return calculations found on BiggerPockets Listings are estimated and designed to be used for informational and educational purposes only, and when used alone, do not constitute investment advice. They assume 3 months worth of expenses and estimate taxes and insurance. BiggerPockets recommends that you seek the advice of a real estate professional before making any type of investment. The results presented may not reflect the actual return of your own investments. BiggerPockets is not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. Furthermore, BiggerPockets is not responsible for any human or mechanical errors or omissions.

** Current rent and projected rent are provided by the lister.

† Rental comps are pulled by looking at property characteristics (beds, baths, structure type), date the rent listing was captured, and proximity to the searched location.

‡ Confidence levels range from low to very high. Confidence is determined by the number of recent and relevant comparable properties for any given search. A very high confidence level indicates a high number of recent and similar rental listings.