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Listed by The Alms Group • Schmidt Tray
$ 2,595,000
Est. payment | /mo
66 Beds
36 Baths
1.4 Acres Lot
$ 2,595,000
Est. payment | /mo
66 Beds
36 Baths
1.4 Acres Lot
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 20261729
Bedrooms 66
Full Baths 36
Year Built 1975
Annual Tax Amount $31,122
Tax Year 2025
Lot Size 1.400 Acres
Property Sub-Type Multi Family
Source flinthills
Property Description
Turnkey 36-unit apartment portfolio across three adjacent buildings (713 Dondee Dr + 803 & 805 Allison Ave) in Manhattan, Kansas — home of Kansas State University. Strong, well-documented performance: $366,960 gross income, $229,390 NOI, and an 8.8% going-in cap at list (~$72,083/unit). ~94% occupied with an established tenant base and three years of operating history.Two of the three buildings are fully renovated and commanding premium rents ($695–$895/mo); the third offers clear value-add upside through below-market units. Unit mix: 31 two-bedroom + 5 one-bedroom (67 bedrooms total). Rising income, falling post-renovation expenses, durable college-town rental demand, and scale in a single transaction. In-place cash flow plus a built-in rent-growth runway. Full financials available to qualified investors. A rare cash-flowing value-add play in the Midwest market region. For more details or to request a showing, text 785-341-6146.
Location
State KS
County Riley
Rooms
Basement Walk-Out Access, Finished
Interior
Interior Features Eat-in Kitchen, Breakfast Bar
Heating Electric
Cooling Central Air
Fireplaces Type None
Exterior
Fence None
Pool None
Roof Type Age Unknown
Building
Structure Type Vinyl Siding
Schools
School District Manhattan-Ogden Usd 383
Others
Pets Allowed Yes
Nearby Locations
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