12-Unit Apartment
New
For Sale
$1,830,000
705 N Elder St, Wichita, KS 67212
The property offers a three-bedroom, two-bathroom unit configuration.
Property Size14,878 SF
Days on Market3
Property Features for 705 N Elder St
General Information
Standard status
Active
Size
14,878 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
12
Building Details
Building Size
14,878 SF
Year Built
2015
Listed By:
Jayden Bowlby
(316) 262-0000
Source:
Naimartens
Added: Oct 14
Changed: Oct 15
Last Checked: Oct 15 at 2:45AM
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 Jayden Bowlby
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Investment Insights
Based on property information with market context.
This apartment property contains 12 units, each described with a three-bedroom, two-bathroom layout. Built in 2015, the building provides a defined multifamily configuration at 705 N Elder St in Wichita, Kansas.
Key Highlights
- 12 units with a 3 BR / 2 BA configuration
- Built in 2015
- Located at 705 N Elder St, Wichita, KS 67212
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$103,599
Cap Rate
5.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,071,980
$2.1M
Cap Rate 7%
$1,479,986
$1.5M
Cap Rate 9%
$1,151,100
$1.2M
Market Conditions
NOI Build-Up for 14,878 SF
Gross rent
$200.0K $13.44/SF
− Vacancy
−$11.6K −$0.78/SF
EGI
$188.4K $12.66/SF
− OpEx
−$84.8K −$5.70/SF
NOI
$103.6K $6.96/SF
Area
ZIP 67212
Vacancy
5.80%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,071,980
Cap Rate 7%
$1,479,986
Cap Rate 9%
$1,151,100
Alternative Uses
Best Use
Apartment 5plus
$1.48M
$1.29M – $1.73M
NOI $103,599 @ 7.0% cap · market cap 5.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.25M
$2.84M – $3.79M
NOI $227,241 @ 7.0% cap · market cap 12.42%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
239
Businesses Nearby
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Business Placement
Demographics for 67212, KS
43,587
Population
19,409
Households
2.2
Avg Household Size
39
Median Age
32%
College-Educated
93%
High-School Grad
12.5 sq mi
ZIP Area
3,487
Density / Sq Mi
$64,957
Median Household Income
$42,601
Median Earnings
$1,021
Median Rent
$189,000
Median Home Value
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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 - The property offers a three-bedroom, two-bathroom unit configuration.
Where is this apartment building located?
The property is located at 705 N Elder St Wichita, KS.
What is the asking price?
The asking price for this property is $1,830,000.
What are key features of this property?
This property features: 12 units with a 3 BR / 2 BA configuration; Built in 2015; Located at 705 N Elder St, Wichita, KS 67212
