28-Unit Redeveloped Apartment
For Sale
$4,250,000
3000 W Kellogg Dr, Wichita, KS 67213
Fully rebuilt multifamily property with office income, tenant-paid utilities, and controlled-access security systems.
Property Size18,824 SF
Lot Size2.70 Acres
Price / SF$225.78
Days on Market84
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Property Features for 3000 W Kellogg Dr
General Information
Standard status
Active
Size
18,824 SF
Lot size
2.70 Acres
Property subtype
Multi-Family
Occupancy
98%
Net Operating Income
$313,025
Financials
Asking Price
$4,250,000
Cap Rate
7.12%
Gross Income
$347,925
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
28
Amenities
key fob access
fingerprint-controlled entry
package drop systems
camera coverage
laundry
Building Details
Year Built
1963
Listing Agency:
Red Cedar Land Company
Listed By:
Ridge Estes
(316) 844-6633
Source:
Highpointks
Added: Jul 24
Changed: Oct 4
Last Checked: Oct 7 at 5:45PM
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 Red Cedar Land Company
Investment Insights
Based on property information with market context.
Located at 3000 W Kellogg Dr in Wichita, Lofts by Viewpointe is a 28-unit apartment property with 18,824 square feet of building area and additional office income. The asset occupies approximately 2.7± acres and was extensively rebuilt from a former commercial structure, including modern infrastructure, upgraded finishes, controlled-access entry, package drop systems, fingerprint entry, and camera coverage. The property was built in 1963 and is reported at approximately 98% occupancy. Tenant-paid utilities and laundry income provide additional operating components. Seller-provided figures indicate a 7.12% in-place cap rate and estimated 1.29x DSCR based on 2025 operations.
The property fronts US-54/Kellogg and is directly adjacent to Newman University and Friends University. Ownership recently added approximately 0.81 acres, bringing the site to approximately 2.7± acres. Preliminary concepts identify 60 additional one-bedroom units and 48 additional two-bedroom units, subject to zoning, engineering, permitting, utility capacity, construction feasibility, and required approvals.
The property fronts US-54/Kellogg and is directly adjacent to Newman University and Friends University. Ownership recently added approximately 0.81 acres, bringing the site to approximately 2.7± acres. Preliminary concepts identify 60 additional one-bedroom units and 48 additional two-bedroom units, subject to zoning, engineering, permitting, utility capacity, construction feasibility, and required approvals.
Key Highlights
- 28‑unit multifamily property with 18,824 square feet of building area
- Approximately 98% occupancy with office income and laundry revenue
- Approximately 2.7± acres, including 0.81 recently acquired adjacent acres
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$144,409
Cap Rate
3.40%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,888,180
$2.9M
Cap Rate 7%
$2,062,986
$2.1M
Cap Rate 9%
$1,604,544
$1.6M
Market Conditions
NOI Build-Up for 18,824 SF
Gross rent
$277.8K $14.76/SF
− Vacancy
−$15.3K −$0.81/SF
EGI
$262.6K $13.95/SF
− OpEx
−$118.2K −$6.28/SF
NOI
$144.4K $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 Rate 5%
$2,888,180
Cap Rate 7%
$2,062,986
Cap Rate 9%
$1,604,544
Alternative Uses
Best Use
Apartment 5plus
$2.06M
$1.81M – $2.41M
NOI $144,409 @ 7.0% cap · market cap 3.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.66M
$4.08M – $5.44M
NOI $326,262 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
28
Residential units
98%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
443
Businesses Nearby
Explore this area
Business Placement
Demographics for 67213, KS
21,007
Population
9,788
Households
2.1
Avg Household Size
34
Median Age
13%
College-Educated
83%
High-School Grad
6.6 sq mi
ZIP Area
3,183
Density / Sq Mi
$48,015
Median Household Income
$32,186
Median Earnings
$920
Median Rent
$80,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Fully rebuilt multifamily property with office income, tenant-paid utilities, and controlled-access security systems.
Where is this apartment building located?
The property is located at 3000 W Kellogg Dr Wichita, KS.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: 28‑unit multifamily property with 18,824 square feet of building area; Approximately 98% occupancy with office income and laundry revenue; Approximately 2.7± acres, including 0.81 recently acquired adjacent acres
