10-Unit Apartment Complex with Attached
For Sale
$1,000,000
1705 E 24th Ave, Hutchinson, KS 67502
MULTI_FAMILY - Other - Hutchinson, KS
Property Size7,192 SF
Price / SF$139.04
Days on Market164
Property Features for 1705 E 24th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Bathrooms
10
Full bathrooms
10
Rooms
Bedroom 6, Bedroom 1, Bathroom 5, Bathroom 7, Bedroom 4, Bathroom 3, Bedroom 10, Bedroom 8, Bathroom 1, Bathroom 8, Bedroom 7, Bedroom 3, Bedroom 9, Bedroom 5, Bathroom 4, Bathroom 6, Bathroom 9, Bathroom 2, Bathroom 10, Bedroom 2
Parking features
On Street, Off Street, Garage
Security features
Security Lighting
Basement
Crawl Space
Appliances
Dishwasher, Disposal, Electric Oven, Refrigerator, Gas Water Heater, Smoke/Heat/CoDetector
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
1330501010010000
Size
7,192 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
See legal Description 2
Tax Annual Amount
12468
Legal Description
See legal Description 2
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Ceiling Fan(s), Electric
Water source
Public
Building Details
Year built
1986
Floors in Building
2
Number of units
10
Building materials
Brick, Frame, Wood Siding
Roof type
Composition
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# 54349
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 fully leased 10-unit apartment complex offers apartment living alongside additional attached garage space. The property includes six attached garage spaces with private exterior entrances separate from the apartment units, creating separate rental agreements and an extra revenue stream. Tenants also contribute through a utility reimbursement structure.
Built in 1986, the building features brick construction with frame elements and wood siding, and a composition roof. Heating is natural gas, and cooling includes electric systems and ceiling fans. The property is serviced by public water and public sewer.
Recent major improvements include new windows, new siding, a new roof, and multiple mechanical system updates, supporting a maintained, lower-near-term-capex ownership profile. The unit mix includes 10 bedrooms and multiple bathrooms, with in-unit appliances such as dishwasher, disposal, electric oven, and refrigerator.
Built in 1986, the building features brick construction with frame elements and wood siding, and a composition roof. Heating is natural gas, and cooling includes electric systems and ceiling fans. The property is serviced by public water and public sewer.
Recent major improvements include new windows, new siding, a new roof, and multiple mechanical system updates, supporting a maintained, lower-near-term-capex ownership profile. The unit mix includes 10 bedrooms and multiple bathrooms, with in-unit appliances such as dishwasher, disposal, electric oven, and refrigerator.
Key Highlights
- Fully leased 10‑unit apartment complex
- Six attached garage spaces with private exterior entrances separate from units
- Utility reimbursement structure from tenants
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
$44,714
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
4.47%
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%
$894,280
$894.3K
Cap Rate 7%
$638,771
$638.8K
Cap Rate 9%
$496,822
$496.8K
Market Conditions
NOI Build-Up for 7,192 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
$86.3K $12.00/SF
− Vacancy
−$5.0K −$0.70/SF
EGI
$81.3K $11.30/SF
− OpEx
−$36.6K −$5.09/SF
NOI
$44.7K $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%
$894,280
Cap Rate 7%
$638,771
Cap Rate 9%
$496,822
Alternative Uses
Best Use
Apartment 5plus
$638.8K
$558.9K – $745.2K
NOI $44,714 @ 7.0% cap · market cap 4.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.46M
$1.27M – $1.70M
NOI $101,908 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
100%
Occupancy
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased 10-unit apartment complex built in 1986, with six attached garage spaces and private exterior entrances.
Where is this apartment building located?
The property is located at 1705 E 24th Ave Hutchinson, KS.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Fully leased 10‑unit apartment complex; Six attached garage spaces with private exterior entrances separate from units; Utility reimbursement structure from tenants
