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The Hillcrest 400 W 15th Ave 34 Unit Apartment Building $2,850,000 ($83,824/Unit) 7.15% Cap Rate Emporia, KS 66801
INVESTMENT HIGHLIGHTS
- Strong tenant base with high demand in a university and employment corridor
- Value-add potential through continued interior upgrades and management optimization
- Solid in-place income with room for rent increases and reduced vacancy
EXECUTIVE SUMMARY
The Hillcrest Apartments present a prime value-add multifamily investment opportunity in the heart of Emporia, Kansas. This 34-unit historic property, originally built as the Hillcrest Hospital, has been partially updated and is poised for strong rent growth and operational upside.
Current ownership has completed key improvements including unit updates, fresh paint, new flooring, and modern fixtures. Several units remain primed for renovation, giving investors immediate potential to increase income through strategic capital improvements. The property offers an attractive unit mix of studios, one-bedroom, and two-bedroom apartments that cater to Emporia’s strong tenant base of students, professionals, and local workforce.
Positioned near Emporia State University and downtown employers, Hillcrest benefits from stable occupancy and consistent rental demand. With market rents in the area trending upward and operational efficiencies achievable through modernization, this property provides an excellent path to enhanced NOI and long-term appreciation.
Current ownership has completed key improvements including unit updates, fresh paint, new flooring, and modern fixtures. Several units remain primed for renovation, giving investors immediate potential to increase income through strategic capital improvements. The property offers an attractive unit mix of studios, one-bedroom, and two-bedroom apartments that cater to Emporia’s strong tenant base of students, professionals, and local workforce.
Positioned near Emporia State University and downtown employers, Hillcrest benefits from stable occupancy and consistent rental demand. With market rents in the area trending upward and operational efficiencies achievable through modernization, this property provides an excellent path to enhanced NOI and long-term appreciation.
DATA ROOM Click Here to Access
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Heating
- Ceiling Fans
- Kitchen
- Sprinkler System
- Carpet
- Basement
- Family Room
- Office
SITE AMENITIES
- 24 Hour Access
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | - | - |
| 1+1 | 18 | - | - |
| 2+2 | 14 | - | - |
| 3+2 | 1 | - | - |
1 1
PROPERTY TAXES
| Parcel Number | 192-10-0-20-03-027.00-0 | Total Assessment | $218,938 (2025) |
| Land Assessment | $20,482 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $198,456 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
192-10-0-20-03-027.00-0
Land Assessment
$20,482 (2025)
Improvements Assessment
$198,456 (2025)
Total Assessment
$218,938 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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Presented by
Century 21 Monument Real Estate
The Hillcrest | 400 W 15th Ave
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