2810 Monroe St Topeka, KS 66605

Property Details for 2810 Monroe St

Year built

1985

Lot size

0.38 lot acres

Property size

5,824 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a stabilized, Class A multifamily property encompassing two four-plex buildings situated on a 0.38-acre lot in Topeka, Kansas. The property, built in 1985 and extensively renovated in 2024, features eight two-bedroom, one-bathroom units, totaling 5,824 square feet. Currently boasting 75% occupancy, the complex generates a substantial net operating income (NOI) of $70,419, representing an attractive 11.54% capitalization rate. Individual units command a price of $76,250, with current monthly rents ranging from $700 to $911. Three units in each building are currently occupied, generating approximately $2,400 and $2,339 in monthly rental income respectively. The property is zoned M2-Multifamily, allowing for continued use as an apartment complex. The recent renovations provide modern amenities, enhancing tenant appeal and justifying potential rent increases to market rates, which could significantly boost the property's overall income. Located in a stable and growing area of Topeka, this property offers a compelling combination of immediate cash flow and significant long-term growth potential within a favorable investment climate. The asking price for this turnkey investment is $610,000, representing a price per square foot of $104.74. This represents a rare opportunity to acquire a well-maintained, income-producing asset in a strong rental market with considerable upside potential.