1801 Anderson AveManhattan, KS 66502

Property Details for 1801 Anderson Ave

Property type

Dormitories

Property subtype

Student housing

Description

This exceptional investment opportunity presents a four-unit multifamily property ideally situated across from Kansas State University in Manhattan, Kansas. The property comprises two buildings on a sizable 16,370 square foot lot. One building is a ranch-style duplex with a basement, offering five bedrooms currently rented at $450 per bedroom, utilities included. The second building, a two-story structure on a corner lot, is currently used for church meetings and includes a one-bedroom basement apartment. This corner building presents significant rental upside potential, with estimated monthly rental income ranging from $2,500 to $3,000. The property is currently church-owned, resulting in significantly reduced property taxes due to its non-profit status. This presents a unique advantage for potential buyers. The asking price is $590,000. Note that four additional houses along Anderson Avenue are also available for purchase for a total of $1,050,000, offering substantial potential for future redevelopment into condos, townhomes, or apartments. The property is zoned MF (Multifamily). This presents a compelling opportunity for investors seeking a strong return on investment in a prime location near a major university. The property's current income stream, combined with its redevelopment potential, makes it an attractive proposition for both experienced and emerging investors.

Location Insight

City

Manhattan

County

Riley

State

Kansas

Latitude

39.1861

Longitude

-96.5858

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