12-Unit Apartment Building with Covered
For Sale
$1,500,000
1704 E 24th Ave, Hutchinson, KS 67502
MULTI_FAMILY - Other - Hutchinson, KS
Property Size11,152 SF
Price / SF$134.51
Days on Market164
Property Features for 1704 E 24th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
28
Bathrooms
24
Full bathrooms
24
Rooms
Bedroom 1, Bathroom 24, Bathroom 8, Bedroom 9, Bedroom 15, Bedroom 21, Bathroom 7, Bedroom 19, Bedroom 2, Bathroom 3, Bedroom 5, Bedroom 17, Bedroom 27, Bathroom 11, Bathroom 6, Bathroom 18, Bathroom 14, Bathroom 23, Bedroom 12, Bedroom 14, Bathroom 15, Bedroom 11, Bedroom 3, Bedroom 18, Bedroom 13, Bathroom 4, Bathroom 13, Bathroom 21, Bedroom 22, Bedroom 23, Bedroom 16, Bedroom 7, Bedroom 10, Bathroom 2, Bathroom 1, Bathroom 22, Bedroom 25, Bathroom 16, Bathroom 5, Bedroom 4, Bedroom 26, Bathroom 19, Bedroom 24, Bathroom 17, Bathroom 12, Bathroom 20, Bedroom 20, Bedroom 28, Bedroom 6, Bathroom 9, Bedroom 8, Bathroom 10
Parking features
Carport, On Street
Security features
Security Lighting
Basement
Crawl Space
Appliances
Dishwasher, Disposal, Electric Oven, Refrigerator, Electric Water Heater
Lot features
Standard Lot
Elementary school
Union Valley
Middle school
Hutchinson
High school
Hutchinson
Elementary school district
Union Valley
Subdivision
Hutchinson NE
Standard status
Active
APN
1330501004008000
Size
11,152 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
COVENTRY, S05, T23, R05W, BLOCK A, Lot 9
Tax Annual Amount
19361
Legal Description
COVENTRY, S05, T23, R05W, BLOCK A, Lot 9
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Electric
Water source
Public
Amenities
covered parking
Building Details
Year built
1987
Floors in Building
2
Number of units
12
Building materials
Frame, Vinyl Siding
Roof type
Composition, Shingle
Architectural style
Other
Listing Agency:
Berkshire Hathaway PenFed Realty
(316) 636-2323
Listed By:
Shane Pullman
(316) 640-7375
Added: Mar 9
Changed: Aug 5
Last Checked: Aug 19 at 6:06PM
MLS# 54351
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.
Apartment building opportunity featuring two well-maintained 6-unit buildings totaling 12 units, built in 1987. The unit mix is designed to serve a range of households, with two 3-bedroom units and four 2-bedroom units per building. The property is served by public water and public sewer, with electric heating and electric cooling. Construction materials include frame with vinyl siding, and roofing consists of composition shingles.
Ownership has completed major exterior upgrades, including newer roofs, siding, and windows, along with updated concrete parking areas. Tenants benefit from covered parking, and parking is also listed as carport and on-street. Two units are currently vacant and in the process of being leased.
The property’s 11,152 SF size and established multi-unit configuration support ongoing residential use. Appliances listed include dishwashers, disposals, electric ovens, refrigerators, and electric water heaters.
Ownership has completed major exterior upgrades, including newer roofs, siding, and windows, along with updated concrete parking areas. Tenants benefit from covered parking, and parking is also listed as carport and on-street. Two units are currently vacant and in the process of being leased.
The property’s 11,152 SF size and established multi-unit configuration support ongoing residential use. Appliances listed include dishwashers, disposals, electric ovens, refrigerators, and electric water heaters.
Key Highlights
- Two 6‑unit buildings totaling 12 units
- Unit mix per building: two 3‑bedroom units and four 2‑bedroom units
- 11,152 SF apartment building 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 - Twelve-unit apartment complex with two- and three-bedroom units plus covered parking and updated 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: Two 6‑unit buildings totaling 12 units; Unit mix per building: two 3‑bedroom units and four 2‑bedroom units; 11,152 SF apartment building built in 1987
