1801 Anderson Ave Manhattan, KS 66502
- Dormitories
Current Use by Public Records
- Wildcat Ministries and Campus Center / School
Property Details for 1801 Anderson Ave
- Property type
- Dormitories
- Property subtype
- Student housing
Description
This exceptional investment opportunity presents a four-unit multifamily property ideally situated across from Kansas State University in Manhattan, Kansas. The property comprises two buildings on a sizable 16,370 square foot lot. One building is a ranch-style duplex with a basement, offering five bedrooms currently rented at $450 per bedroom, utilities included. The second building, a two-story structure on a corner lot, is currently used for church meetings and includes a one-bedroom basement apartment. This corner building presents significant rental upside potential, with estimated monthly rental income ranging from $2,500 to $3,000. The property is currently church-owned, resulting in significantly reduced property taxes due to its non-profit status. This presents a unique advantage for potential buyers. The asking price is $590,000. Note that four additional houses along Anderson Avenue are also available for purchase for a total of $1,050,000, offering substantial potential for future redevelopment into condos, townhomes, or apartments. The property is zoned MF (Multifamily). This presents a compelling opportunity for investors seeking a strong return on investment in a prime location near a major university. The property's current income stream, combined with its redevelopment potential, makes it an attractive proposition for both experienced and emerging investors.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Manhattan
- County
- Riley
- State
- Kansas
- Longitude
- -96.5858
- Latitude
- 39.1861
