Renovated Apartment
For Sale
$4,800,000
333 West 21st Street, Wichita, KS 67203
Completely renovated, stabilized apartment building offered for sale with operational upside.
Property Size40,350 SF
Days on Market95
Property Features for 333 West 21st Street
General Information
Standard status
Active
Size
40,350 SF
Property subtype
Multifamily
Site & Location
Neighborhood
Historic Midtown Citizens Assoc
Building Details
Building Size
40,350 SF
Year Built
1980
Listing Agency:
NAI Martens
Listed By:
Trent Garman · License #SP00237691
(316) 613-2447
Source:
Naimartens
Added: Jul 22
Changed: Oct 16
Last Checked: Oct 23 at 4:47AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This completely renovated stabilized apartment building is offered for sale. The property is described as having upside and is positioned to be operated by third-party management with minimal on-site employees.
The asset is located at 333 West 21st Street in Wichita, Kansas (per the provided information).
Given its stabilized status and recently completed renovations, the property’s current structure supports ongoing operations, while the noted upside centers on how it can be managed with limited on-site staffing.
The asset is located at 333 West 21st Street in Wichita, Kansas (per the provided information).
Given its stabilized status and recently completed renovations, the property’s current structure supports ongoing operations, while the noted upside centers on how it can be managed with limited on-site staffing.
Key Highlights
- Apartment building built in 1980
- Completely renovated
- Stabilized asset
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$336,150
Cap Rate
7.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,723,000
$6.7M
Cap Rate 7%
$4,802,143
$4.8M
Cap Rate 9%
$3,735,000
$3.7M
Market Conditions
NOI Build-Up for 40,350 SF
Gross rent
$653.7K $16.20/SF
− Vacancy
−$42.5K −$1.05/SF
EGI
$611.2K $15.15/SF
− OpEx
−$275.0K −$6.82/SF
NOI
$336.1K $8.33/SF
Area
ZIP 67203
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,723,000
Cap Rate 7%
$4,802,143
Cap Rate 9%
$3,735,000
Alternative Uses
Best Use
Apartment 5plus
$4.80M
$4.20M – $5.60M
NOI $336,150 @ 7.0% cap · market cap 7.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.88M
$8.64M – $11.52M
NOI $691,438 @ 7.0% cap · market cap 14.40%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Location Intelligence
Trade Area within ½ mile
413
Businesses Nearby
Explore this area
Business Placement
Demographics for 67203, KS
30,498
Population
14,851
Households
2.1
Avg Household Size
37
Median Age
25%
College-Educated
83%
High-School Grad
7.2 sq mi
ZIP Area
4,236
Density / Sq Mi
$50,411
Median Household Income
$33,431
Median Earnings
$921
Median Rent
$126,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Completely renovated, stabilized apartment building offered for sale with operational upside.
Where is this apartment building located?
The property is located at 333 West 21st Street Wichita, KS.
What is the asking price?
The asking price for this property is $4,800,000.
What are key features of this property?
This property features: Apartment building built in 1980; Completely renovated; Stabilized asset
