180 Units at Keystone Apartments Wichita, KS 67218

180 UNIT INVESTMENT OPPORTUNITY - KEYSTONE APARTMENTS - Located near Lincoln and Edgemoor in southeast Wichita this investment opportunity consists of 45 fourplexes totaling 180 units consist of (122) one-bedroom units and (52) two-bedroom units and (6) studios. There is an office building in the middle of the complex. The entire assemblage of buildings is only three buildings short of two entire whole city blocks and consists of 46 individually deeded parcels. The current gross monthly income is approximately $73,000 per month ($52,500 per month excluding tenant utility income) and landlord expenses are minimal since the electric, gas and water meters are individually metered. The Seller offers an option of “all bills paid” to the tenants which adds about $200/month to their monthly payment. About 70% of the occupants use this option. The owner's expenses are trash, lawn care, taxes, insurance and property maintenance. With some capital improvements one could increase cash flow with a "value add" by rehabbing the approximate 20 units that are out of commission and not leasable due to their current conditions. The complex has substantial off-street parking and many of these buildings have partial basements. These buildings were built from 1941 to 1945. All tenants are month to month, no written leases. Generally the Seller's rule of thumb for deposit amounts are $250-$350 per unit. Don't miss out on this wonderful investment package with great cash flow!