6-Unit Apartment
For Sale
$349,900
400 E Sherman Ave, Hutchinson, KS 67501
MULTI_FAMILY - Other - Hutchinson, KS
Property Size3,410 SF
Price / SF$102.61
Days on Market146
Property Features for 400 E Sherman Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Basement
Partial
Appliances
Electric Oven, Refrigerator, Smoke/Heat/CoDetector
Elementary school district
McCandless
Subdivision
Hutchinson SE
Standard status
Active
APN
1261301023011000
Size
3,410 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3521
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Electric, Ceiling Fan(s)
Building Details
Year built
1900
Floors in Building
2
Number of units
6
Building materials
Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Coldwell Banker Americana, Realtors · Coldwell Banker Real Estate
(620) 663-8391
Listed By:
LORI FRANK · License #SP00216899
(620) 664-2742
Added: Mar 27
Changed: Aug 2
Last Checked: Aug 19 at 6:06PM
MLS# 54397
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 turnkey 6-unit apartment building offers a practical, income-producing multifamily setup in Hutchinson. The property totals 3,410 SF and features frame construction, a composition roof, public sewer service, and natural gas heating. Cooling is provided via electric systems and ceiling fans, and the unit interiors include electric oven, refrigerators, and smoke/heat co-detectors as listed appliances.
Set at 400 E Sherman Ave (corner lot), the building includes on-street parking and convenient access to shopping, dining, and major roadways. Public remarks indicate strong rental demand and that a majority of the units have been recently remodeled, supporting updated tenant-ready interiors.
For underwriting, public remarks reference a 10% cap rate and position the property as a value-add opportunity through rent optimization. With six income-producing units already in place, the building may appeal to investors seeking stabilized multifamily cash flow with room for continued improvement.
Set at 400 E Sherman Ave (corner lot), the building includes on-street parking and convenient access to shopping, dining, and major roadways. Public remarks indicate strong rental demand and that a majority of the units have been recently remodeled, supporting updated tenant-ready interiors.
For underwriting, public remarks reference a 10% cap rate and position the property as a value-add opportunity through rent optimization. With six income-producing units already in place, the building may appeal to investors seeking stabilized multifamily cash flow with room for continued improvement.
Key Highlights
- 10% cap rate (per public remarks)
- Six income‑producing units
- Majority of units recently remodeled
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
$21,201
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
6.06%
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%
$424,020
$424.0K
Cap Rate 7%
$302,871
$302.9K
Cap Rate 9%
$235,567
$235.6K
Market Conditions
NOI Build-Up for 3,410 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
$40.9K $12.00/SF
− Vacancy
−$2.4K −$0.70/SF
EGI
$38.5K $11.30/SF
− OpEx
−$17.3K −$5.09/SF
NOI
$21.2K $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%
$424,020
Cap Rate 7%
$302,871
Cap Rate 9%
$235,567
Alternative Uses
Best Use
Apartment 5plus
$302.9K
$265.0K – $353.4K
NOI $21,201 @ 7.0% cap · market cap 6.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$690.3K
$604.0K – $805.3K
NOI $48,318 @ 7.0% cap · market cap 13.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
850
Businesses Nearby
Explore this area
Business Placement
Demographics for 67501, KS
24,779
Population
11,075
Households
2.2
Avg Household Size
37
Median Age
11%
College-Educated
85%
High-School Grad
188.0 sq mi
ZIP Area
132
Density / Sq Mi
$50,069
Median Household Income
$29,008
Median Earnings
$865
Median Rent
$86,300
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 - Six-unit apartment building with majority recently remodeled interiors, natural gas heat, and public sewer.
Where is this apartment building located?
The property is located at 400 E Sherman Ave Hutchinson, KS.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: 10% cap rate (per public remarks); Six income‑producing units; Majority of units recently remodeled
