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    638 N Broadway Ave &, Unit L Wichita, KS 67214

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    MULTI_FAMILY - Other - Wichita, KS

    Property size:
    5,265 SF
    Lot size:
    6,421.00 Acres
    Days on Market:
    30
    Last Refresh:
    Mar 22 at 7:06 am

    Property Features for 638 N Broadway Ave &

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Pending
    APN
    12516-00119008
    Parking
    12
    Parking features
    On Street
    Basement
    Finished
    Appliances
    Range, Refrigerator
    Size
    5,265 SF
    Lot size
    6,421.00 Acres

    Utilities

    Utilities
    Natural Gas Available
    Heating system
    Wall Furnace
    Cooling system
    Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1910
    Number of units
    12
    Building materials
    Metal Siding
    Roof type
    Composition
    Architectural style
    Other

    We can help!

    Listing Contact
    Isaac Klingman

    McCurdy Auction, LLC

    Listing agent Isaac Klingman

    Listing date Feb 20, 2026

    MLS# 667830 Listing URL

    Copyright © 2026 South Central 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.

    Learn more

    Overview

    Wichita Multi-Unit Investment Opportunity

    This 12-unit apartment building, situated on a fully fenced corner lot with alley access and parking in the back, presents a significant investment opportunity. The property has undergone extensive improvements in recent years, including a major plumbing overhaul with new drain stacks and PEX plumbing throughout. Most units feature updated LVP flooring, refreshed kitchens and bathrooms, and new windows. Each unit is equipped with electric stoves, refrigerators, and mini-split systems for climate control. Additional improvements include new exterior paint, a wrought-iron security fence with gated access, a surveillance system, and upgraded exterior lighting. The boiler system is not operational, as the property was updated with mini splits for climate control. The basement offers value-add potential with space for a possible 13th unit, and renovation plans that could allow for expansion to a total of 14 units upon completion. The property is located in Wichita, KS. The lot size is 6421 acres and the property size is 5265 square feet. Note that a faucet in one of the apartments had broken and was actively leaking water, which has been addressed by the property manager. The water will remain off due to the property being vacant. This property is offered at public auction and is accepted by the buyer in its present condition.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Map

    City
    Wichita
    County
    Sedgwick
    State
    Kansas
    Longitude
    -97.335289
    Latitude
    37.696026

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    FAQs

    What type of property is this?
    Apartment building - 12-unit apartment building with updates and expansion potential.
    Where is this apartment building located?
    The property is located at 638 N Broadway Ave &, Unit L Wichita, KS.
    What are key features of this property?
    This property features: - 12-unit apartment building with cash flow potential.; - Extensive recent improvements including new drain stacks, PEX plumbing, LVP flooring, refreshed kitchens and bathrooms, new windows, mini-split systems, exterior paint, wrought-iron security fence, surveillance system, and upgraded exterior lighting.; - **Value-add potential in the basement for a possible 13th unit, with renovation plans to expand to 14 units.**
    (316) 683-0612
    Request Owner's contact information
    638 N Broadway Ave &, Unit L Wichita, KS 67214
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    Wichita, KS 67214
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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
    638 N Broadway Ave &, Unit L Wichita, KS 67214
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    We can help!
    Listing Contact
    Isaac Klingman
    Real Estate License ID: 00244279
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