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    304 E Pancake Boulevard Liberal, KS 67901

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    Claim this Listing
    For Sale
    $1,500,000

    MULTI_FAMILY - Liberal, KS

    Property size:
    6,950 SF
    Lot size:
    0.65 Acres
    Price / SF:
    $215/SF
    Added:
    Oct 30, 2025
    Days on Market:
    174
    Last Refresh:
    Apr 21 at 12:06 pm

    Property Features for 304 E Pancake Boulevard

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking features
    Parking Lot
    Exterior features
    Private Yard, Rain Gutters
    Appliances
    Electric Cooktop, Microwave, Refrigerator
    Standard status
    Active
    APN
    192-04-0-30-03-002.00-0
    Size
    6,950 SF
    Lot size
    0.65 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    Abbreviated: FRANK WHEELER ADDN, BLOCK 2, S190' OF N200' LT 4 See full legal on attachment
    Tax Annual Amount
    15959

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating)
    Cooling system
    Electric
    Water source
    Public

    Building Details

    Year built
    1955
    Floors in Building
    1
    Roof type
    Composition

    We can help!

    Listing Contact
    Chad Novack

    Listing agent Chad Novack License #SP00234875

    Listing office Envision Real Estate 1809 E Mary Street, Suite 2, Garden City, KS

    Listing date Oct 30, 2025

    MLS# 100805 Listing URL

    Copyright © 2026 Kansas High Plains Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Turnkey Multifamily Investment Opportunity

    The Pancake Flats is a 23-unit multifamily complex located in Liberal, Kansas. This turnkey investment opportunity is currently operating at nearly 95% occupancy and 100% preleased. The property, situated on a 0.65-acre lot, features updated units and low-maintenance design. The total property size is 6,950 square feet. Each unit varies in size and rental income, providing diversified cash flow. Unit features include new kitchenettes, fresh paint, new flooring, and new split heating and cooling units. The property benefits from a stable tenant base with a strong rental history and ample on-site parking. Its location is convenient to schools, shopping, and major employers, offering reliable cash flow and long-term growth potential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Ranch Motel Hotel & Motel

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy Big Box & Wholesale Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Liberal
    County
    Seward
    State
    Kansas
    Longitude
    -100.918342
    Latitude
    37.032018

    FAQs

    What type of property is this?
    Apartment building - 23-unit multifamily complex in Liberal, Kansas, operating at nearly 95% occupancy.
    Where is this apartment building located?
    The property is located at 304 E Pancake Boulevard Liberal, KS.
    What is the asking price?
    The asking price for this property is $1,500,000.
    What are key features of this property?
    This property features: Turnkey multifamily investment opportunity with nearly 95% occupancy and 100% preleased; Updated units featuring new kitchenettes, fresh paint, and new flooring; Low‑maintenance property with new split heating and cooling units
    (620) 805-4365
    We can help!
    Listing Contact
    Chad Novack
    Real Estate License ID: SP00234875
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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