Renovated Multifamily Apartment
For Sale
$2,550,000
2510 E Lincoln St, Wichita, KS 67211
Recent exterior upgrades include new lighting, security cameras, added balconies, updated doors, and a full roof replacement.
Property Size28,860 SF
Days on Market87
Property Features for 2510 E Lincoln St
General Information
Standard status
Active
Size
28,860 SF
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Building Details
Building Size
28,860 SF
Year Built
1967
Listing Agency:
NAI Martens
Listed By:
Trent Garman · License #SP00237691
(316) 613-2447
Source:
Naimartens
Added: Jun 11
Changed: Sep 4
Last Checked: Sep 4 at 4:09AM
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 NAI Martens
Investment Insights
Based on property information with market context.
The property is a multifamily apartment building featuring recent exterior improvements, including new lighting and security cameras, balconies added to all 2BR units, updated exterior doors, and a full roof replacement on Building 2520. Interior renovations have been completed on approximately 20 units with new flooring, updated cabinetry, refreshed bathroom vanities, modern light fixtures, fresh paint throughout, and new boilers for hot water.
Access is a key strength, with quick connectivity to both I-235 and Kellogg. Major nearby demand drivers cited include Via Christi St. Joseph Hospital, Cox Communications administrative offices, and Wichita State Technical College, and downtown Wichita is approximately 5 minutes away.
With ongoing unit improvements already completed on a portion of the building, the property is positioned for continued performance as additional units are turned.
Access is a key strength, with quick connectivity to both I-235 and Kellogg. Major nearby demand drivers cited include Via Christi St. Joseph Hospital, Cox Communications administrative offices, and Wichita State Technical College, and downtown Wichita is approximately 5 minutes away.
With ongoing unit improvements already completed on a portion of the building, the property is positioned for continued performance as additional units are turned.
Key Highlights
- 1967‑built property with recent exterior improvements, including new lighting, security cameras, added balconies to all 2BR units, updated exterior doors, and a full roof replacement on Building 2520
- Interior renovations completed on approximately 20 units with new flooring, updated cabinetry, refreshed bathroom vanities, modern light fixtures, and fresh paint throughout
- New hot water boilers installed to support the property’s hot water system
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
$221,400
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
8.68%
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%
$4,428,000
$4.4M
Cap Rate 7%
$3,162,857
$3.2M
Cap Rate 9%
$2,460,000
$2.5M
Market Conditions
NOI Build-Up for 28,860 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
$426.0K $14.76/SF
− Vacancy
−$23.4K −$0.81/SF
EGI
$402.5K $13.95/SF
− OpEx
−$181.1K −$6.28/SF
NOI
$221.4K $7.67/SF
Area
Wichita, KS
Vacancy
5.50%
Lease Rate
$14.76 /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%
$4,428,000
Cap Rate 7%
$3,162,857
Cap Rate 9%
$2,460,000
Alternative Uses
Best Use
Apartment 5plus
$3.16M
$2.77M – $3.69M
NOI $221,400 @ 7.0% cap · market cap 8.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.15M
$6.25M – $8.34M
NOI $500,208 @ 7.0% cap · market cap 19.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
435
Businesses Nearby
Explore this area
Business Placement
Demographics for 67211, KS
19,721
Population
9,568
Households
2.1
Avg Household Size
35
Median Age
14%
College-Educated
80%
High-School Grad
5.1 sq mi
ZIP Area
3,867
Density / Sq Mi
$44,003
Median Household Income
$31,335
Median Earnings
$841
Median Rent
$99,100
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 - Recent exterior upgrades include new lighting, security cameras, added balconies, updated doors, and a full roof replacement.
Where is this apartment building located?
The property is located at 2510 E Lincoln St Wichita, KS.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: 1967‑built property with recent exterior improvements, including new lighting, security cameras, added balconies to all 2BR units, updated exterior doors, and a full roof replacement on Building 2520; Interior renovations completed on approximately 20 units with new flooring, updated cabinetry, refreshed bathroom vanities, modern light fixtures, and fresh paint throughout; New hot water boilers installed to support the property’s hot water system
