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Multifamily

Deer Creek Apartments

423 SE Winfield Ave, Topeka, KS 66607

Listing Price: Request For Offer

Number of Units
143
Occupancy
92.5%
Gross SF
271,417

Investment Overview

Marcus and Millichap is pleased to present Deer Creek Apartments (“The Property”) a 143-unit apartment community located in Topeka, KS. Built in 1960, Deer Creek has a unit mix consisting of fourteen (14) one-bedroom / one-bathroom units, one-hundred and eight (108) two-bedroom / one-bathroom units, and twenty-one (21) three-bedroom / one-bathroom units with an average square footage of 661. Of the 20 structures on the property, there has been ground up construction on an 8-unit building as well as a complete rehab down to the studs of one 16-unit and one 8-unit building that was completed in 2022. Of the 111 units that have not been newly constructed or seen complete gut rehab, the majority of those units have new LVT flooring and bathroom upgrades, 59 of which have gone through extensive rehab and have new LVT flooring, cabinets, and appliances. The exterior of the property has also seen renovation which includes new roofs and new decks on all buildings in the last 5 years. The Property is professionally managed by Epic Property Management and has a staff that consists of an onsite property manager and an onsite maintenance technician. Tenants are responsible for electric and gas utilities, and the landlord pays for water and trash and uses a RUBS program to bill back the water to the tenants. The Property is pet friendly, offers off-street parking, and features lots of green space.

Deer Creek Apartments is in a quiet neighborhood and is located on the East side of Topeka. The Property is conveniently located less than a mile away from Hwy I-70, which runs through the middle of Topeka. Eastborough Park is located up the street from Deer Creek and features a playground, picnic tables, and walking paths that connect to the Deer Creek Trail. Downtown Topeka is located about 2.5 miles West of The Property, along with Washburn University, which is 3.5 miles West of The Property.

With an average rent of $568, a new investor will have the opportunity to increase rents to market at renewal. Based on comparable properties, there is an average of $130 rent increase potential. Additionally, a new investor will be able to add value by renovating the remaining units and continuing to increase rents.

Investment Highlights

  • Opportunity to Increase Rents by an Average of $130/unit.
  • Professionally Managed.
  • Central Heat/Air.
  • 2.5 Miles from Downtown Topeka.

Exclusively Listed By

Multifamily

Deer Creek Apartments

Listing Price: Request For Offer

Number of Units
143
Occupancy
92.5%
Gross SF
271,417

Investment Highlights

  • Opportunity to Increase Rents by an Average of $130/unit.
  • Professionally Managed.
  • Central Heat/Air.
  • 2.5 Miles from Downtown Topeka.

Investment Overview

Marcus and Millichap is pleased to present Deer Creek Apartments (“The Property”) a 143-unit apartment community located in Topeka, KS. Built in 1960, Deer Creek has a unit mix consisting of fourteen (14) one-bedroom / one-bathroom units, one-hundred and eight (108) two-bedroom / one-bathroom units, and twenty-one (21) three-bedroom / one-bathroom units with an average square footage of 661. Of the 20 structures on the property, there has been ground up construction on an 8-unit building as well as a complete rehab down to the studs of one 16-unit and one 8-unit building that was completed in 2022. Of the 111 units that have not been newly constructed or seen complete gut rehab, the majority of those units have new LVT flooring and bathroom upgrades, 59 of which have gone through extensive rehab and have new LVT flooring, cabinets, and appliances. The exterior of the property has also seen renovation which includes new roofs and new decks on all buildings in the last 5 years. The Property is professionally managed by Epic Property Management and has a staff that consists of an onsite property manager and an onsite maintenance technician. Tenants are responsible for electric and gas utilities, and the landlord pays for water and trash and uses a RUBS program to bill back the water to the tenants. The Property is pet friendly, offers off-street parking, and features lots of green space. Deer Creek Apartments is in a quiet neighborhood and is located on the East side of Topeka. The Property is conveniently located less than a mile away from Hwy I-70, which runs through the middle of Topeka. Eastborough Park is located up the street from Deer Creek and features a playground, picnic tables, and walking paths that connect to the Deer Creek Trail. Downtown Topeka is located about 2.5 miles West of The Property, along with Washburn University, which is 3.5 miles West of The Property. With an average rent of $568, a new investor will have the opportunity to increase rents to market at renewal. Based on comparable properties, there is an average of $130 rent increase potential. Additionally, a new investor will be able to add value by renovating the remaining units and continuing to increase rents.

Exclusively Listed By

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