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Listed by Parker Beck • Compass Realty Group
$ 5,565,000
Est. payment /mo
Active
509 E Jefferson ST Pittsburg, KS 66762
5.07 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Package of Properties
Listing Status Active
Purchase Type For Sale
MLS Listing ID 2645245
Year Built 1910
Annual Tax Amount $36,347
Lot Size 5.068 Acres
Acres 5.068067
Property Sub-Type Package of Properties
Source hmls
Property Description
The subject offering is a 44-unit, 30-building portfolio located throughout Pittsburg, Kansas. The non-contiguous portfolio has 16 single-family rentals and 14 duplexes across 28 legal parcels. Pittsburg is home to Pittsburg State University, and its university-anchored economy supports consistent rental demand throughout the market. The portfolio is stabilized at 95% occupancy and has a history of high occupancy under its current owner-operator. It offers a range of one-, two- and three-bedroom floorplans in the central, northern, and southern parts of Pittsburg, giving prospective residents a variety of unit types and locations. Ownership began assembling the portfolio in 2016, when the first acquisitions and renovations were completed. Since then, ownership has continued to expand the holdings and has invested significant capital in improvements. The result is a turnkey offering that is approximately 97% renovated. Finish levels vary by unit and building; detailed property-level notes are provided on the following pages. Units feature central air or ductless mini-split cooling, fully equipped kitchens, laundry, off-street parking and functional floorplans. Depending on the property, upgrades include garages, quartz or granite countertops, new windows, new roofs, fresh interior paint, tankless water heaters, new cabinetry, new water and sewer lines, new flooring, new siding, new kitchens/bathrooms and updated electrical wiring. Every building is separately metered for gas and electric. The portfolio gives a new owner strategic flexibility. An investor may hold and operate the properties as currently configured, adding value through modest incremental improvements over time. Alternatively, an investor may sell individual buildings over time to potentially maximize overall returns.
Location
State KS
County Crawford
Zoning R
Interior
Heating Forced Air, Other
Cooling Electric, Other
Fireplace N
Exterior
Parking Features true
Utilities Available Cent Water Heater, Ind Heat And Air, Ind Water Heaters, Separate Meters
Roof Type Composition
Building
Story 1
Sewer Public Sewer
Water Public
Structure Type Brick/Mortar,Frame,Vinyl Siding
Schools
School District Pittsburg
Others
Acceptable Financing Cash, Conventional, 1031 Exchange
Listing Terms Cash, Conventional, 1031 Exchange
NEARBY SCHOOLS
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