924 Washington AveWellington, KS 67152

Property Details for 924 Washington Ave

Year built

1955

Lot size

0.46 AC

Property size (Sq ft)

10,339 SF

Zone code

RV08

Property type

Assisted living facilities

Property subtype

Retirement homes

APN

156-23-0-20-16-007.00-0

APU

1562302016007000

Description

This exceptional 18-unit apartment building presents a compelling investment opportunity in Wellington, Kansas. Located at 924 S Washington Ave, this well-maintained Class B property boasts a substantial 20,678 square feet of space, offering a compelling price per square foot of $19.10. The asking price for this multifamily asset is $395,000, translating to an attractive price per unit of $21,944.44. Originally constructed as a hospital, the building features a unique layout ideal for its current use. Key features include a commercial kitchen with a large adjoining dining room, perfect for communal gatherings or catering events. Accessibility is ensured with an elevator and ramp, catering to a diverse range of tenants. Multiple floors offer various entry points, enhancing convenience. Several large rooms are adaptable for a variety of uses, including meetings, classrooms, or family rooms, providing flexibility for future development or tenant needs. The building's brick construction and corner lot location add to its curb appeal and visibility. Situated in Sumner County, Kansas, with a zip code of 67152, this property offers a strong foundation for a profitable investment. The building's history and current configuration provide a unique opportunity for an investor seeking a well-established, multi-use property in a stable market. This is a rare chance to acquire a substantial multifamily property with significant potential for growth and return on investment.

• CAP approach

  CAP return

  Valuation

  6%

  $1,741,210

  6.5%

  $1,607,271

  7%

  $1,492,466

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,430,587

  Geo Method

  $1,430,587

• Alternative Use

  Use

  Valuation

  Residential

  $2,038,891

  Hospitality

  $1,867,613

  Educational

  $1,553,832

  Medical

  $1,607,271

  Retail

  $2,417,072

Location Insight

City

Wellington

County

Sumner

State

Kansas

Latitude

37.257

Longitude

-97.3981

CBSA code

48620

CBSA name

WICHITA, KS METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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