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Listed by Ridge S Estes • Red Cedar Land Company
$ 4,250,000
Est. payment | /mo
18,824 SqFt
$ 4,250,000
Est. payment | /mo
18,824 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 18,824 sqft
Price per Sqft $225
MLS Listing ID SCK673420
Style Other
Total Fin. Sqft 18824
Year Built 1963
Annual Tax Amount $22,000
Tax Year 2025
Lot Dimensions 117612
Property Sub-Type Multi Family
Source sckansas
Property Description
3000 W Kellogg Dr | Wichita, KS Lofts by Viewpointe | Stabilized Cash Flow with Significant Expansion Potential 98% occupied 28-unit multifamily asset fully redeveloped to institutional-quality standards and situated on approximately 2.7± acres following the recent acquisition of adjacent land. Strategically located along Wichita's primary commercial corridor and directly adjacent to Newman University and Friends University. Positioned on highly visible Kellogg frontage, Lofts by Viewpointe offers investors a rare combination of proven in-place cash flow and substantial future development upside. Originally converted from a commercial structure, the property has been completely rebuilt from the ground up with premium materials, modern infrastructure, and institutional-grade security systems throughout, delivering true "like-new" construction quality without the risk, timeline, and uncertainty associated with new development. The asset consists of 28 upgraded residential units plus office income and has maintained approximately 98% occupancy. Based on seller-provided financials, the property generated approximately $347,925 in gross income and approximately $302,677 in net operating income during 2025. Current 2026 operating performance annualizes to approximately $313,025 in NOI, providing strong and stable in-place cash flow. At the current asking price of $4,250,000, the property offers an in-place cap rate of approximately 7.12% and an estimated DSCR of approximately 1.29x based on 2025 actual performance. Expansion Opportunity Ownership has recently acquired approximately 0.81 additional acres, increasing the total site area to approximately 2.7± acres and creating a compelling future development opportunity. Preliminary planning concepts indicate the potential for: 60 Additional One-Bedroom Units 48 Additional Two-Bedroom Units At current market rents of approximately $995/month for one-bedroom units and $1,295/month for two-bedroom units, the expansion concept could generate more than $1.5 million in additional annual revenue and position the property as a potential 136-unit multifamily community at full buildout, subject to zoning, engineering, permitting, utility capacity, construction feasibility, and all required approvals. Investment Highlights 28-unit multifamily asset plus office income Approximately 98% occupancy 2025 NOI: Approximately $302,677 2026 Annualized NOI: Approximately $313,025 Approximately 7.12% in-place cap rate at asking price Estimated 1.29x DSCR based on 2025 operations Fully redeveloped from the ground up with premium finishes Institutional-grade security systems including key fob access, fingerprint-controlled entry, package drop systems, and comprehensive camera coverage Approximately 2.7± acres including newly acquired adjacent land Significant future expansion and development potential Prime frontage along US-54/Kellogg Direct adjacency to Newman University and Friends University Tenant-paid utilities and additional laundry income streams Strong tenant retention and operational efficiency Investment Summary 3000 W Kellogg presents a unique opportunity to acquire a stabilized, income-producing multifamily asset with immediate development upside. Combining proven operating performance, premium construction quality, strategic location, and expanded land control, the property offers investors both reliable current cash flow and a clear path toward future value creation in one of Wichita's most visible and desirable multifamily corridors. Detailed financial information, rent rolls, and supporting documentation will be made available to qualified prospective purchasers upon request.
Location
State KS
County Sedgwick
Direction 3000 W Kellogg Dr. Wichita, KS 67213
Rooms
Basement Lower Level
Interior
Heating Other
Cooling Other
Fireplace No
Appliance Dishwasher, Disposal, Microwave, Range, Refrigerator
Heat Source Other
Exterior
Garage Description 1 1/2 per Unit
Utilities Available Natural Gas Available, Sewer Available
View Y/N Yes
Roof Type Other
Total Parking Spaces 120
Building
Architectural Style Other
Structure Type Brick
Schools
Elementary Schools Lawrence
Middle Schools Marshall
High Schools West
School District Wichita School District (Usd 259)
Others
Financing Conventional
Nearby Locations
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