South Hutchinson Multifamily
For Sale
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103 East 7th Avenue, South Hutchinson, KS 67505
24,398 SF multifamily property with 36 units in South Hutchinson.
Property Size24,398 SF
Price / SF$120.91
Days on Market156
Property Features for 103 East 7th Avenue
General Information
Standard status
Active
Size
24,398 SF
Property subtype
Multifamily
Occupancy
97%
Net Operating Income
$171,246
Building Details
Year Built
1967
Year Renovated
2013
Buildings
2
Stories
3
Units
36
Tenancy
Single
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty Wichita
Listed By:
Shane Pullman · License #KS SP00241192
Source:
Crexi
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 11 at 12:18PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Berkshire Hathaway HomeServices PenFed Realty Wichita
Investment Insights
Based on property information with market context.
Located in South Hutchinson, KS, this multifamily property encompasses 24,398 square feet and features 36 units. Constructed in 1967, the property underwent renovations in 2019. It is zoned R-4 and maintains a 90% occupancy rate. This property is intended for multifamily and high-rise investors seeking an income-generating asset.
Key Highlights
- 36‑unit multifamily property offers substantial income potential.
- High occupancy rate of 90% indicates strong tenant demand and consistent cash flow.
- Renovated in 2019, providing modern amenities and reduced maintenance costs.
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
$151,687
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
5.14%
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%
$3,033,740
$3.0M
Cap Rate 7%
$2,166,957
$2.2M
Cap Rate 9%
$1,685,411
$1.7M
Market Conditions
NOI Build-Up for 24,398 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
$292.8K $12.00/SF
− Vacancy
−$17.0K −$0.70/SF
EGI
$275.8K $11.30/SF
− OpEx
−$124.1K −$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%
$3,033,740
Cap Rate 7%
$2,166,957
Cap Rate 9%
$1,685,411
Alternative Uses
Best Use
Apartment 5plus
$2.17M
$1.90M – $2.53M
NOI $151,687 @ 7.0% cap · market cap 5.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.94M
$4.32M – $5.76M
NOI $345,710 @ 7.0% cap · market cap 11.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 24,398 SF multifamily property with 36 units in South Hutchinson.
Where is this apartment building located?
The property is located at 103 East 7th Avenue South Hutchinson, KS.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: 36‑unit multifamily property offers substantial income potential.; High occupancy rate of 90% indicates strong tenant demand and consistent cash flow.; Renovated in 2019, providing modern amenities and reduced maintenance costs.
