The Kapitol 1306 SW Harrison St 36 Unit Apartment Building $4,000,000 ($111,111/Unit) 6.80% Cap Rate Topeka, KS 66612
INVESTMENT HIGHLIGHTS
- Fully renovated in 2022 with building renovations included new roofs, mechanical, electrical, and plumbing
- 6.1% YOY rent growth in a supply constrained market
- Located in the heart of Downtown Topeka, within walking distance to the Kansas State Capitol restaurants and major employers
- New interiors include flooring, cabinets, stainless steel appliances and granite countertops
- Immediate opportunity to increase rents
- One mile from Topeka’s largest University, Washburn University
EXECUTIVE SUMMARY
Zimmer Real Estate Services, as exclusive advisor, is pleased to present the opportunity to acquire The Kapital (the “Property”), a 36-unit multifamily property located in the heart of Downtown Topeka at 1306 SW Harrison St, Topeka, Kansas. The Property was fully renovated in 2022 including new roofs, mechanical, electrical, and plumbing. Interior renovations included new flooring, cabinets, stainless steel appliances and granite countertops have had a positive impact on leasing, with the Property having a 97% occupancy rate. The Property features a variety of unit types, with 12 studios, 12 one-bedroom, and 12 two-bedroom units.
The Property is centrally located within walking distance of the Kansas State Capitol, five minutes from Washburn University and University of Kansas Health System St Francis Campus. Less than a mile from Interstate-70, the location offers quick access to other markets nearby including Lawrence and Kansas City. The Topeka multifamily market has seen strong year-over-year market rent growth of 6.1% in a supply constrained market.
The Property is centrally located within walking distance of the Kansas State Capitol, five minutes from Washburn University and University of Kansas Health System St Francis Campus. Less than a mile from Interstate-70, the location offers quick access to other markets nearby including Lawrence and Kansas City. The Topeka multifamily market has seen strong year-over-year market rent growth of 6.1% in a supply constrained market.
PROPERTY FACTS
| Price | $4,000,000 |
| Price Per Unit | $111,111 |
| Sale Type | Investment |
| Cap Rate | 6.80% |
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.60 AC |
| Building Size | 24,153 SF |
| Average Occupancy | 97% |
| No. Stories | 3 |
| Year Built/Renovated | 1968/2022 |
| Parking Ratio | 0.82/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | UR |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Microwave
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Wi-Fi
- Freezer
- Pantry
SITE AMENITIES
- Controlled Access
- Laundry Facilities
- Security System
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 12 | - | 352 |
| 1+1 | 12 | - | 577 |
| 2+1 | 12 | - | 603 |
1 of 1
Walk Score®
Very Walkable (72)
Bike Score®
Very Bikeable (89)
PROPERTY TAXES
| Parcel Number | 133-06-0-20-12-006-000 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $110,406 |
CONTACTS
-
Michael VanBuskirk SIOR, CCIM,CRE -
Christopher Robertson, CCIM -
Christian Roustic -
Raegen Root -
Newmark Zimmer
