Property Details for 2301-2331 Belmont And 2302-2334

Year built

1953

Lot size

4.80 lot acres

Property size

17,448 SF

Property type

Residential income homes

Description

This exceptional investment opportunity presents a 24-unit multifamily portfolio situated on a sizable 4.8-acre lot in Wichita, Kansas. Comprising twelve contiguous duplexes, this property boasts a total of 17,448 square feet and offers a compelling 8% cap rate at an asking price of $1,925,000 ($80,208 per unit). Built in 1953, the buildings are single-story structures, each unit featuring two bedrooms, one bathroom, and a basement. Recent improvements include new roofs on all duplexes, and many units have undergone extensive renovations, including new flooring, countertops, and fixtures. Twenty of the twenty-four units are equipped with central heating and air conditioning, and all units include washer and dryer hookups. Several units also benefit from newer windows, HVAC systems, and appliances. Individual utility metering, paid by the tenant, adds to the property's appeal. The property provides ample parking with driveway and street parking available. The average unit size is 727 square feet, plus basement, and the average in-place rent is $800 per month. The property's location in a well-established, quiet neighborhood, combined with its strong financial performance, makes this a highly attractive investment opportunity. The anticipated occupancy date is April 28, 2024, and the current Net Operating Income (NOI) is $148,975. This portfolio offers a rare chance to acquire a substantial multifamily asset in a desirable Wichita location.

Location Insight

City

Wichita

County

Sedgwick

State

Kansas

Longitude

-97.2868

Latitude

37.6507