Turnkey Multifamily Investment
For Sale
$349,900
400 E Sherman Ave, Hutchinson, KS 67501
MULTI_FAMILY - Other - Hutchinson, KS
Property Size3,410 SF
Price / SF$102.61
Days on Market126
Property Features for 400 E Sherman Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Basement
Partial
Appliances
Electric Oven, Refrigerator, Smoke/Heat/CoDetector
Elementary school district
McCandless
Subdivision
Hutchinson SE
Standard status
Active
APN
1261301023011000
Size
3,410 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3521
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Ceiling Fan(s), Electric
Building Details
Year built
1900
Floors in Building
2
Number of units
6
Building materials
Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Coldwell Banker Americana, Realtors · Coldwell Banker Real Estate
(620) 663-8391
Listed By:
LORI FRANK · License #SP00216899
(620) 664-2742
Added: Mar 27
Changed: May 14
Last Checked: Jul 30 at 3:06PM
MLS# 54397
Copyright © 2026 Mid-Kansas MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,410 square foot multifamily property is a 6-unit investment opportunity located in Hutchinson, KS. The property is situated on a desirable corner lot with convenient access to shopping, dining, and major roadways. It offers immediate cash flow with a 10% cap rate. The majority of the units have been recently remodeled, offering updated interiors. This positions the property for stable occupancy and continued rental demand. Investors will appreciate the strong in-place income along with additional upside through continued rent optimization. The property is centrally located with easy access to amenities and offers value-add potential through rent growth.
Key Highlights
- High‑Performing Investment: Generates immediate cash flow with an attractive 10% cap rate.
- Recently Remodeled Units: Majority of units feature updated interiors.
- Strong Rental Demand: Supports stable occupancy.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $40.9k | $12.00 |
| − Vacancy | −$2.4k | −$0.70 |
| EGI | $38.5k | $11.30 |
| − OpEx | −$17.3k | −$5.09 |
| NOI | $21.2k | $6.22 |
3,410 SF · lease $12.00/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$302.9K
$265.0K – $353.4K
NOI $21,201 @ 7.0% cap · market cap 6.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$690.3K
$604.0K – $805.3K
NOI $48,318 @ 7.0% cap · market cap 13.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
102
Businesses Nearby
Explore this area
Business Placement
Demographics for 67501, KS
24,779
Population
11,075
Households
2.2
Avg Household Size
37
Median Age
11%
College-Educated
85%
High-School Grad
188.0 sq mi
ZIP Area
132
Density / Sq Mi
$50,069
Median Household Income
$29,008
Median Earnings
$865
Median Rent
$86,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - High-performing 6-unit property with 10% cap rate in Hutchinson, KS.
Where is this apartment building located?
The property is located at 400 E Sherman Ave Hutchinson, KS.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: High‑Performing Investment: Generates immediate cash flow with an attractive 10% cap rate.; Recently Remodeled Units: Majority of units feature updated interiors.; Strong Rental Demand: Supports stable occupancy.
