1220 Broadway St Newton, KS 67114-3065
- Garden apartment buildings
- 1,741 SF
- 0.78 lot acres
Current Use by Public Records
- Garden apartment buildings
Property Details for 1220 Broadway St
- Year built
- 1947
- Lot size
- 0.78 lot acres
- Property size
- 1,741 SF
- Zone code
- P-O
- Property type
- Garden apartment buildings
- APN
- 095-16-0-10-25-006.00-0
- APU
- 951601025006000
Description
This stabilized 16-unit apartment building in Newton, Kansas, presents a compelling investment opportunity. Priced at $1,050,000, it boasts a current NOI of $84,000 and an 8% cap rate, with a pro-forma NOI of $94,067 and a pro-forma cap rate of 8.96%. The property, built in 1974, is a two-story structure situated on a 33,858 sq ft lot at 1220 E Broadway St, Newton, KS 67114. Currently 100% occupied, the building features 16 units, each recently upgraded with new flooring, electrical, plumbing, and appliances. Significant recent improvements include the installation of 15 new air handlers (2021-2022) and 5 new compressor units (since 2020). The roof and windows were also replaced approximately 10 years ago. This well-maintained property offers a strong cash flow and significant upside potential for the savvy investor. The price per unit is $65,625. This is a turnkey investment ready for immediate income generation.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Newton
- County
- Harvey
- State
- Kansas
- Longitude
- -97.3249
- Latitude
- 38.0504
- CBSA code
- 48620
- CBSA name
- WICHITA, KS METROPOLITAN STATISTICAL AREA
