12-Unit Garden Apartment
For Sale
Contact for pricing
1704 E 24th Ave, Hutchinson, KS 67502
Low-rise multifamily property with R5 zoning and recent exterior improvements.
Property Size11,152 SF
Price / SF$134.51
Days on Market174
Property Features for 1704 E 24th Ave
General Information
Standard status
Active
Size
11,152 SF
Property subtype
Multifamily
Zoning
R5
Additional Details
Multifamily Units
12
Building Details
Year Built
1987
Stories
2
Construction
garden
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty Wichita
Listed By:
Shane Pullman · License #KS SP00241192
Source:
Crexi
Added: Mar 11
Changed: Aug 30
Last Checked: Aug 30 at 3:34PM
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.
This low-rise apartment property contains 12 units within 11,152 square feet. Constructed in 1987, the garden-style asset has received recent work to its exterior siding, roof, windows, and carports. The improvements provide a clear record of attention to several major building components while retaining the established character of the property.
Located at 1704 E 24th Ave in Hutchinson, Kansas, the property carries an R5 zoning designation. Its apartment configuration and existing carport improvements support continued multifamily use within the established building format.
Located at 1704 E 24th Ave in Hutchinson, Kansas, the property carries an R5 zoning designation. Its apartment configuration and existing carport improvements support continued multifamily use within the established building format.
Key Highlights
- 12‑unit apartment property totaling 11,152 SF
- Low‑rise garden‑style configuration
- Built in 1987
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
$69,334
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
4.62%
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%
$1,386,680
$1.4M
Cap Rate 7%
$990,486
$990.5K
Cap Rate 9%
$770,378
$770.4K
Market Conditions
NOI Build-Up for 11,152 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
$133.8K $12.00/SF
− Vacancy
−$7.8K −$0.70/SF
EGI
$126.1K $11.30/SF
− OpEx
−$56.7K −$5.09/SF
NOI
$69.3K $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%
$1,386,680
Cap Rate 7%
$990,486
Cap Rate 9%
$770,378
Alternative Uses
Best Use
Apartment 5plus
$990.5K
$866.7K – $1.16M
NOI $69,334 @ 7.0% cap · market cap 4.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.26M
$1.98M – $2.63M
NOI $158,019 @ 7.0% cap · market cap 10.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
695
Businesses Nearby
Explore this area
Business Placement
Demographics for 67502, KS
23,770
Population
10,868
Households
2.2
Avg Household Size
46
Median Age
30%
College-Educated
96%
High-School Grad
73.3 sq mi
ZIP Area
324
Density / Sq Mi
$73,192
Median Household Income
$42,541
Median Earnings
$919
Median Rent
$178,400
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 - Low-rise multifamily property with R5 zoning and recent exterior improvements.
Where is this apartment building located?
The property is located at 1704 E 24th Ave Hutchinson, KS.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 12‑unit apartment property totaling 11,152 SF; Low‑rise garden‑style configuration; Built in 1987
