1701 Grove St Wichita, KS 67214
- Small apartment buildings
- 2,266 SF
- 0.16 lot acres
Current Use by Public Records
- Small apartment buildings
Property Details for 1701 Grove St
- Year built
- 2023
- Lot size
- 0.16 lot acres
- Property size
- 2,266 SF
- Property type
- Small apartment buildings
Description
This newly constructed 2023 Class A duplex in Wichita, KS offers a compelling investment opportunity. Located on a 0.15 acres corner lot near Wichita State University and downtown, this property boasts two units, each featuring 4 bedrooms and 2 bathrooms across 1133 square feet. The duplex features a 50-year roof, concrete floors, open floor plans, granite countertops, ample kitchen storage, and paved parking. Currently, one unit is rented for $1150/month, with a 50% occupancy rate as of August 5th, 2024. The property's 2,266 square feet is priced at $121.32 per square foot, with a pro-forma NOI of $18,868 and a 6.86% cap rate. The asking price is $274,900 ($137,450 per unit). The property is zoned MultiFamily - B and qualifies for a 1.75% lender credit for closing/loan costs or rate reduction under the Community Reinvestment Act. Easy access to I-135 adds to its appeal. This is a turnkey investment ready for immediate income generation. No HOA fees or special taxes.
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
- Wichita
- County
- Sedgwick
- State
- Kansas
- Longitude
- -97.308300108116
- Latitude
- 37.713630734176
