3024 N ARKANSAS AVE, Wichita

Property Description

INVESTMENT OPPORTUNITY!!! Rare chance to purchase a 32 unit apartment complex in north Wichita with all but seven units currently being rented! This package consists of (8) Four-plexes with an office/shed all on just over two acres of land at 30th North & Arkansas Avenue. These buildings have stone and maintenance free exteriors. The unit mix consists of three floor plans. There are (30) 1-BR Units (1/2 of these are loft units) and (2) 2-BR Units. Rent varies from $365-515 per month but most are $430 per month. The 1-BR units are either single story or 2-story units with lofts. The landlord provides an oven/range and refrigerator. The exterior has 3 separate parking lots with approximately 2 parking stalls per unit. Current cash flow gross is about $10k per month but with an attentive eye and a few improvements to the interior raising rents could be closer to $15k per month. Current Rent Roll is in the property information packet. All units are total electric. Tenants pay electric and water. Owner pays lawn, trash, 2 electric house meters and water on shop. About 1/2 of the units have updated central air conditioning units. All tenants have written leases (they typically do 1 year leases which convert to month to month thereafter) with deposits. Please do not disturb tenants.