Lakeview Apartments

LAKEVIEW Apartments | Emporia KS List Price: $939,000

912, 918-920, 932 East Street

20-unit complex with four buildings, off-street parking, and room for growth.
Two bedroom / 1 bath units with a comfortable floor plan.
Stable tenant base that has filled in and will create strong occupancy rates with room for improvement once the last few renovations are completed.

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Convenient location in a progressive town in thriving Emporia.

Good location allows access to all the amenities of Emporia.

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Key features of this property include off-street parking, good location, and room for growth. The grassy area on the east side of the parking lot could be utilized to add another building with more rental units and increased revenue, or increase the property value with a pool or patio area, carports, a pet park, or a community center/clubhouse with extra amenities (subject to zoning and other city requirements). The property also joins Ninth Avenue, so you could easily add a second driveway.

Property Description

Contact Victor Edelman

Lakeview Apartments consists of four buildings, providing space for future growth or enhancements. The property has 20 units, each with two bedrooms and one bathroom. The current owner has renovated apartments between tenants, and you can capitalize on those improvements. The complex is situated in a great location, easily accessible to all the amenities Emporia has to offer.

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Contact Victor Edelman

Please contact Victor Edelman for a private showing

Cell: 620-366-0339

Email: realestateve@gmail.com

Schedule your private showing today.

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Agent notes

Contact Victor Edelman

Agent notes

This property is ideal for a new owner looking to capitalize on the numerous improvements and upgrades. The new property manager has focused on recruiting stable tenants to ensure high occupancy and collection rates. Rates can be further improved since most units have been renovated and updated.

· Multi-family Investment Property

· Four buildings with a total of 20 2-bedroom, one-bath units.

· Landlord pays trash only. All other utilities are metered separately and are paid directly by tenants.

· All four buildings were built in the 1960s. Most units have been updated and renovated.

· The complex is within walking distance of Emporia State University, Dillon's grocery store, and Emporia's historic downtown.

Property location

The Possibilities Are Endless

Property Description

Lakeview Apartments

912, 918, 920, and 932 - Emporia, Kansas

Convenient location in a progressive town. Ideal location near Emporia State University and thriving downtown Emporia. .

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Property Description

The Possibilities Are Endless

Property Description

Property manager has secured stable tenants
Many aesthetic upgrades and updates throughout
Property manager makes this complex easy to operate
Emporia has a strong and continuous demand for rentals
Extra space to add more rentals, pool, or a community center.
The landlord pays for trash, but all remaining utilities are metered separately

The Possibilities Are Endless

With the unused green space, the new owner has numerous options for enhancing the property's value. A few of the options include the following additions subject to zoning restrictions:

A new fourplex behind 912 East or 932 East Street
Carports on the east side of the parking lot.
Dog park to attract and retain tenants with pets.
Gazebo, patio, or BBQ area.
Clubhouse or community center.
Driveway that extends to Ninth Avenue.

A new owner with a strong vision can utilize the extra space to enhance this property.

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Key Features of Individual Units

Twenty units in total. All units are two-bedroom one bath units with an open floor plan.

Units rent for $550 to $675 per month, with a security deposit equal to one month of rent.

912 East Street – $600 to $675
918 and 920 East Street – $600 to $775
932 East Street – $550 to $650

• Landlord pays trash only. Tenants are responsible for all remaining utilities with separate meters.

• Appliances included (stove, refrigerator, and garbage disposal). Many appliances have been recently upgraded.

• All units are equipped with central heating and air conditioning except for three units. Units 2, 3, and 4 at 932 East Street have window A/C units.

• All baths have a shower and tub combination.

• Square footage - Apartments at 912 and 932 East Street have 740 square feet, while the units at 918 and 920 East Street have 870 square feet.

• The kitchen has space for a table and chairs. Several units have updated kitchens.

• All units have been repainted between tenants and feature adequate bedroom closet space, pantries, and hall closets for extra storage.

• Several units have new flooring including carpet and vinyl plank.

• Washer and dryer hookups included with 918 and 920 East Street, except for the units located partially below ground level.

Property Details PDF

Lakeview Apartments