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Property profile & analytics
OFF-MARKET
Estimated value
$3,025,000
High-rise multifamily apartments
14 2nd Ave Hutchinson, KS 67501-7108
Entity Owned
Free & Clear
Property ID
US33-0725501
Property summary
AI-generated overview
This stunning 7-story, 32,420 square foot apartment building, constructed in 1930, presents a unique investment opportunity in Hutchinson, Kansas. Currently operating at 94% occupancy, this 33-unit multifamily property boasts a strong pro-forma NOI of $74,961 and an attractive 8.26% cap rate. Located at 14 E 2nd Ave, in Reno County, this historic building retains many original features, including stonework, marble floors, and period entryways, blending historical charm with modern upgrades. Recent renovations include a new elevator and chiller, as well as significant improvements to the laundry room, lobby, and hallways. The property offers significant upside potential through increased rents, leasing of available commercial space, and filling the remaining 6% vacancy. Financial records are available upon request. The projected occupancy date for full capacity is September 24, 2024. This property is situated within a qualified opportunity zone, offering additional investment incentives. The asking price for this exceptional income-producing asset is $1,500,000.
Property profile
Verified
Property type
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Year built
1930
Construction
FRAME
Total area
29,384 SF
Lot
0.19 ac (8,276 SF)
APN
126-13-0-10-15-007.00
UPID
US33-0725501
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
Current use
Occupant on record · Public records
-
Leon Place apartments Apartment Building
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.81M
Comparable Approach
Comparable
$3.24M
Blend (final)
Blend
$3.03M
Owner & transaction history
LEVARE PROPERTIES LLC
LEVARE PROPERTIES LLC
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Hutchinson submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Hutchinson 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%
$3,045,000
6.5%
$2,810,000
7%
$2,610,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$4,650,000
Current use
Blend value · Realmo final
$3.03M
Range $2.72M – $3.33M · ±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
$103 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$12,187
Tax year 2023
Assessed value
$53,735
Assessed 2023
Previous assessed
$50,714
+6.0% YoY
Effective rate
22.68%
On assessed value
Assessed land
$2,321
Assessed improvement
$51,414
Land market value
$20,180
Improvement market value
$438,670
Total market value
$458,850
Applied tax rate
5.0000
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
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Status
Off-Market
Year built
1930
Construction
FRAME
Heating
HOT WATER
Cooling
AC.PACKAGE
Total area
29,384 SF
Lot
0.19 ac (8,276 SF)
APN
126-13-0-10-15-007.00
UPID
US33-0725501
Jurisdiction
RENO
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$4.7M
APARTMENT HOUSE (5+ UNITS) Current
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
1930
Construction
FRAME
Heating
HOT WATER
Cooling
Yes
Lot
0.19 ac
Current owner
From public records · entity-resolved
LEVARE PROPERTIES LLC
Entity
Free & Clear · 0 yrs held
Mailing address
PO BOX 172047, KANSAS CITY, KS 66117-1047
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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