425 W Taft St - Apartments FOR SALE


Wichita, KS 67213- McCormick
$6,250,000 USD
316-847-4924
425 W Taft St, Wichita, KS for Sale
$6,250,000 USD
Apartments - FOR SALE
1/42
null | 7.16% Cap Rate

425 W Taft St
Wichita, KS 67213
McCormick


OVERVIEW

Situated next to downtown Wichita, Lux Off Riverwalk features two separate apartment properties located across the street from one another, operating together as one. Lux Off Riverwalk has recently undergone a $2M+ full renovation of the property including new electrical, plumbing, HVAC systems, exterior paint, roof repairs, window replacement, and the addition of amenities. These updates included full unit renovations, featuring granite countertops and stainless steel appliances along with many others which have significantly helped give the communities a more modern feel. In November 2024 there was a fire caused by a vehicle at the Laclede building which led to fire and/or smoke damage to 10 of the units. An insurance claim has been filed for this incident, it is in process with the insurance adjuster and the property owner has hired an independent adjuster to represent their interests. Prior to a buyer closing on the property all of the damaged units will be restored to their previous condition or the insurance proceeds will be assigned to the buyer at closing. Since the fire, the property has operated at 100% occupancy on all occupiable units and rents have again increased on new leases and lease renewals.

FOR SALE DETAILS

PRICE

$6,250,000 USD

PRICE/SF

$156 USD /SF

# OF UNITS

80

PRICE/UNIT

$78,125

CAP RATE

7.16%

% LEASED

-

STATUS

Under Renovation

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Lux off Riverwalk

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1970

PARKING SPACES

60

LAND DETAILS

LAND ACRES

0.69 AC

LAND SF

30,056 SF

ZONING

LC

APN/PARCEL ID

129-29-0-24-02-002.00

ASK ABOUT THIS PROPERTY

Jeff EnglertNAI MartensMore Info
316-847-4924

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Jeff EnglertNAI MartensMore Info
316-847-4924

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.