Investment Overview

Register to Bid and Access Due Diligence Documents on RealINSIGHT Marketplace: https://rimarketplace.com/auction/2598 Marcus & Millichap is pleased to exclusively present the opportunity to acquire an 82-unit multifamily portfolio located in Wichita, Kansas. Consisting of multiple garden-style apartment buildings constructed between 1948 and 1950, the portfolio offers a compelling value-add investment opportunity in a stable, supply-constrained Midwestern market. With significant revenue growth potential, operational upside, and proximity between assets, this portfolio is ideally suited for investors seeking scale, efficiency, and long-term appreciation. The properties feature a combined net rentable square footage that supports an attractive unit mix of both classic and renovated units—44 of which have already undergone renovations, while 38 remain in classic condition. The existing rent roll reflects below-market pricing, with current weighted average rents at $644 per unit. Market data indicates that rents can be increased by over 20% through a mark-to-market strategy, presenting immediate revenue enhancement for a new operator. In addition to rental growth, several operational improvements can further boost income and profitability: Ancillary Income Opportunity: The current operations do not include water bill-back to tenants. Implementing a water recapture system provides an ancillary income stream with no major capital outlay, improving net operating income. Operational Efficiency: With properties located in close proximity, there is an opportunity to achieve operational efficiencies by sharing maintenance and management staff across the portfolio. This consolidated structure can reduce overhead, improve occupancy, and streamline leasing activities. Strategic Unit Renovations: Upgrading the remaining 38 classic units at an estimated cost of $6,500 per unit could command a rental premium of approximately $151 per unit. These targeted enhancements will not only elevate property value but also attract a more stable and higher-paying tenant base. Wichita is Kansas’s largest city and a regional hub for aerospace, healthcare, and education. The metro benefits from affordable housing, low unemployment, and a steady demand for rental housing, making it an attractive environment for multifamily investment. The portfolio's strong positioning, value-add potential, and operational upside create a compelling case for investors seeking durable returns in a growing and economically diverse market.