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Property profile & analytics
OFF-MARKET
Estimated value
$1,580,000
Garden apartment buildings
1119 Ratone St Manhattan, KS 66502-4971
Entity Owned
Absentee Owner
Free & Clear
Property ID
US33-0637367
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
2011
Total area
10,782 SF
Lot
0.34 ac (14,810 SF)
Zoning code
R-3
APN
203-07-2-70-17-005.00-0
UPID
US33-0637367
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.59M
Comparable Approach
Comparable
$1.57M
Blend (final)
Blend
$1.58M
Owner & transaction history
VILLAFAY DEVELOPMENT III LLC
VILLAFAY DEVELOPMENT III LLC
Zoning & alternative use
R-3 · Manhattan, KS
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$1.8M
+9.7%
Restaurant
$1.7M
+4.6%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Manhattan submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Manhattan submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,715,000
6.5%
$1,585,000
7%
$1,470,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$1,595,000
Current use
OFFICE BUILDING
$1,750,000
Change: +10% · Conversion: Moderate
RESTAURANT
$1,670,000
Change: +5% · Conversion: Difficult
MEDICAL BUILDING
$1,415,000
Change: -11% · Conversion: Moderate
Blend value · Realmo final
$1.58M
Range $1.42M – $1.74M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$147 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$24,986
Tax year 2022
Assessed value
$165,476
Assessed 2023
Previous assessed
$156,987
+5.4% YoY
Effective rate
15.10%
On assessed value
Assessed land
$44,850
Assessed improvement
$120,626
Land market value
$390,000
Improvement market value
$1,048,920
Total market value
$1,438,920
Applied tax rate
2.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Status
Off-Market
Year built
2011
Heating
YES
Cooling
AC.PACKAGE
Stories
3
Units
14
Bathrooms
3
Total area
10,782 SF
Lot
0.34 ac (14,810 SF)
Zoning code
R-3
APN
203-07-2-70-17-005.00-0
UPID
US33-0637367
Jurisdiction
RILEY
Zoning & alternative use
R-3 · Manhattan, KS
Zoning R-3 · permitted uses
R-3 · Manhattan, KS
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Manhattan. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$1.6M
OFFICE BUILDING
Est. value
$1.8M
RESTAURANT
Est. value
$1.7M
MEDICAL BUILDING
Est. value
$1.4M
APARTMENT HOUSE (5+ UNITS) Current
OFFICE BUILDING
RESTAURANT
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2011
Heating
YES
Cooling
Yes
Stories
3
Units
14
Bathrooms
3
Lot
0.34 ac
Current owner
From public records · entity-resolved
VILLAFAY DEVELOPMENT III LLC
Entity
Free & Clear · 0 yrs held
Mailing address
2103 ABBOTT CIR, MANHATTAN, KS 66503-8187
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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