36-Unit Apartment
For Sale
$3,300,000
103 E 7th Ave, South Hutchinson, KS 67505
Residential Income, South Hutchinson, KS
Property Size24,408 SF
Price / SF$135.20
Days on Market204
Property Features for 103 E 7th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
54
Bathrooms
36
Full bathrooms
36
Rooms
Bathroom 17, Bathroom 7, Bathroom 10, Bedroom 23, Bedroom 43, Bathroom 30, Bedroom 13, Bedroom 36, Bedroom 15, Bedroom 25, Bathroom 11, Bathroom 25, Bedroom 4, Bathroom 5, Bathroom 28, Bedroom 44, Bathroom 21, Bedroom 17, Bedroom 9, Bathroom 15, Bathroom 26, Bathroom 18, Bedroom 24, Bedroom 30, Bedroom 31, Bathroom 34, Bathroom 27, Bedroom 3, Bathroom 3, Bedroom 52, Bedroom 37, Bathroom 31, Bedroom 45, Bedroom 39, Bedroom 12, Bedroom 19, Bathroom 35, Bedroom 14, Bathroom 32, Bedroom 53, Bedroom 8, Bathroom 13, Bedroom 54, Bathroom 16, Bedroom 5, Bathroom 20, Bedroom 20, Bedroom 26, Bathroom 24, Bathroom 12, Bathroom 33, Bedroom 32, Bedroom 22, Bedroom 29, Bedroom 40, Bedroom 16, Bedroom 49, Bathroom 4, Bedroom 47, Bathroom 19, Bathroom 8, Bedroom 46, Bedroom 48, Bedroom 28, Bedroom 42, Bedroom 6, Bathroom 9, Bedroom 33, Bathroom 1, Bedroom 7, Bedroom 41, Bedroom 50, Bedroom 18, Bedroom 21, Bedroom 11, Bathroom 6, Bathroom 36, Bedroom 34, Bedroom 27, Bedroom 51, Bathroom 2, Bedroom 10, Bedroom 38, Bathroom 29, Bedroom 2, Bedroom 1, Bathroom 23, Bedroom 35, Bathroom 22, Bathroom 14
Parking features
On Street
Basement
Finished, Concrete
Appliances
Disposal, Electric Oven, Refrigerator, Smoke/Heat/CoDetector
Lot features
Corner Lot
Elementary school
South Hutchinson
Middle school
Hutchinson
High school
Hutchinson
Elementary school district
South Hutchinson
Subdivision
South Hutchinson
Standard status
Active
APN
1262402021002000
Size
24,408 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
PUTERBAUGH, S24, T23, R06W, W/2 LOT 18 & ALL LOTS 19-26 BLK 1 & VAC ST & ALLEY
Tax Annual Amount
20574
Legal Description
PUTERBAUGH, S24, T23, R06W, W/2 LOT 18 & ALL LOTS 19-26 BLK 1 & VAC ST & ALLEY
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Electric
Water source
Public
Amenities
pool
Building Details
Year built
1967
Floors in Building
2
Number of units
36
Building materials
Brick, Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Berkshire Hathaway PenFed Realty
(316) 636-2323
Listed By:
Shane Pullman
(316) 640-7375
Added: Mar 9
Changed: Sep 17
Last Checked: Sep 28 at 4:06AM
MLS# 54353
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 36-unit apartment property at 103 E 7th Ave includes 24,408 square feet across a 1967-built complex in South Hutchinson, Kansas. Construction incorporates brick, frame, and vinyl siding, with electric heating and cooling, shingle roofing, and public water and sewer. Unit layouts are described as spacious, and each pair of units on a floor shares an HVAC system and water heater.
Recent exterior work includes a newer roof, replacement siding, and concrete parking areas. A brand-new in-ground swimming pool serves as a central property amenity. The site also includes a separate clubhouse building that can be remodeled as a fitness room or community lounge, or converted into an additional two-bedroom unit, subject to applicable approvals and construction requirements.
Recent exterior work includes a newer roof, replacement siding, and concrete parking areas. A brand-new in-ground swimming pool serves as a central property amenity. The site also includes a separate clubhouse building that can be remodeled as a fitness room or community lounge, or converted into an additional two-bedroom unit, subject to applicable approvals and construction requirements.
Key Highlights
- 36‑unit apartment complex with 24,408 square feet
- Brand‑new in‑ground swimming pool
- Newer roof, replacement siding, and concrete parking areas
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$151,749
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.60%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,034,980
$3.0M
Cap Rate 7%
$2,167,843
$2.2M
Cap Rate 9%
$1,686,100
$1.7M
Market Conditions
NOI Build-Up for 24,408 SF
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.
Gross rent
$292.9K $12.00/SF
− Vacancy
−$17.0K −$0.70/SF
EGI
$275.9K $11.30/SF
− OpEx
−$124.2K −$5.09/SF
NOI
$151.7K $6.22/SF
Area
Reno County, KS
Vacancy
5.80%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,034,980
Cap Rate 7%
$2,167,843
Cap Rate 9%
$1,686,100
Alternative Uses
Best Use
Apartment 5plus
$2.17M
$1.90M – $2.53M
NOI $151,749 @ 7.0% cap · market cap 4.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.94M
$4.32M – $5.76M
NOI $345,852 @ 7.0% cap · market cap 10.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
36
Residential units
Location Intelligence
Trade Area within ½ mile
195
Businesses Nearby
Explore this area
Business Placement
Demographics for 67505, KS
2,538
Population
1,294
Households
2
Avg Household Size
49
Median Age
13%
College-Educated
90%
High-School Grad
2.8 sq mi
ZIP Area
906
Density / Sq Mi
$42,306
Median Household Income
$45,825
Median Earnings
$555
Median Rent
$149,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with spacious layouts, a brand-new in-ground pool, and a separate clubhouse building.
Where is this apartment building located?
The property is located at 103 E 7th Ave South Hutchinson, KS.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: 36‑unit apartment complex with 24,408 square feet; Brand‑new in‑ground swimming pool; Newer roof, replacement siding, and concrete parking areas
