538 N Florence

Description

ONLINE AUCTION – PRAIRIE COURT APARTMENTS – 24 UNIT VALUE-ADD OPPORTUNITY – CONVENIENTLY LOCATED NEAR CENTRAL AVE & WEST ST. Bidding is now open and will close Friday, April 17th at 11:00 AM. Located at 538 N Florence St in Wichita, Kansas, Prairie Court Apartments consists of a 24 unit multifamily complex situated on approximately 0.83± acres in west Wichita. The property includes two buildings constructed in 1984 with a major renovation completed in 2015 and offers 9,936± square feet of building area. The unit mix consists of twenty four (24) one bedroom, one bath units with private surface parking, on site laundry facilities, and additional storage buildings on the property. Current occupancy is approximately 91.6% with additional upside potential through rent adjustments, parking income, and storage rental opportunities. The property is currently generating approximately $129,566 in annual gross income with potential annual gross income estimated at approximately $158,400. With strong rental demand, a convenient west Wichita location near major commercial corridors, and multiple value add opportunities, this property presents an excellent investment opportunity for both seasoned and first time multifamily investors.Buyers are advised to thoroughly review the terms and details provided on the online bidding site, as any terms, comments, or announcements made there supersede any other advertised material. The property is being sold in its current "Where Is, As Is" condition, without any warranties. Sale is subject to seller confirmation with closing within 30 days. The successful bidder must immediately execute the provided auction purchase contract and deposit $75,000.00 as earnest money within the specified time outlined in the contract. Additionally, a 10% buyer’s premium will be added to the final bid price. This auction is conducted exclusively online, with a 2-minute bidding time extension. The auctioneer reserves the right to recess, adjust and/or extend the bidding time as they deem necessary. Furthermore, the auctioneer may, at their sole discretion, reject, disqualify, or refuse any bid. Broker forms, if any, are available on the bidding site. While all information is deemed reliable, buyers are encouraged to conduct their own due diligence. The sale is not contingent on financing, appraisal, or inspection, and the winning bidder must be available immediately post-auction. The property is sold subject to applicable Federal, State, and/or Local Government regulations, with all measurements and details approximate and non-binding. The auctioneer provides no warranties regarding the online bidding platform's performance and assumes no liability for any bidder-incurred damages during its use, including unacknowledged bids or errors. Bidders accept all risks associated with the platform and acknowledge that the auctioneer bears no responsibility for bid submission or acceptance errors or omissions. Auctions may be subject to selling prior to the auction date.