Investment Overview

Marcus & Millichap is pleased to present Englewood Apartments (“The Property”) a 27-unit apartment community located in Topeka, KS. Built in 1988, the property consists entirely of a 2-Bedroom x 1-Bathroom unit mix, with units averaging 864 square feet. The property included four (4) total structures: One 9-unit building and three 6-unit buildings. Each unit has washer and dryer hook-ups and is individually metered for electric, gas, and water. The Property features pitched roofs which were replaced in 2014. The community is currently owner managed and has an average rent of $647. Englewood Apartments currently has 26 of its 27 units on a master lease with Loving Hearts. Loving Hearts promotes and supports adults with developmental disabilities by providing community based, individualized services that will increase personal development, independence, and community inclusion. The clients of Loving Hearts rent apartments as well as the staff that stay overnight with them. During the day they are transported to the Loving Hearts Daycare Facility. The master lease with Loving Hearts is in effect until August 31, 2024. A new buyer will have the opportunity to negotiate a new lease with Loving Hearts or move all units to market rent. Topeka is the capital city of Kansas and is in Shawnee County. As of 2020, the population of Topeka is 126,587. The Topeka metropolitan statistical area, which includes Shawnee, Jackson, Jefferson, Osage, and Wabaunsee Counties, has a population of 232,670. The Property is located on the West side of Topeka just off Southwest 10th Ave. According to Neighborhood Scout, Southwest 10th Ave/Southwest Woodbridge Drive is one of the safest neighborhoods in Topeka. Tenants at the property can enjoy easy access to I-70 and I-470, along with the luxury of being close to shopping centers and parks. 1-mile from the property is Fleming Place Shopping Center, Topeka Zoo & Conservation Center, and Gage Park. 2.6 miles from the property is Washburn University. Washburn University was established in 1865 and sits on 160-acres. Washburn University has about 7,000 students on campus and offers undergraduate and graduate programs, as well as professional programs in law and business.