5210 SW 10TH AVE Topeka KS 66604-6000

Marcus & Millichap is pleased to present Englewood Apartments (“The Property”) a 27-unit apartment community located in Topeka, KS. Built in 1988, the property consists entirely of a 2-Bedroom x 1-Bathroom unit mix, with units averaging 864 square feet. The property included four (4) total structures: One 9-unit building and three 6-unit buildings. Each unit has washer and dryer hook-ups and is individually metered for electric, gas, and water. The Property features pitched roofs which were replaced in 2014. The community is currently owner managed and has an average rent of $647.

Englewood Apartments currently has 26 of its 27 units on a master lease with Loving Hearts. Loving Hearts promotes and supports adults with developmental disabilities by providing community based, individualized services that will increase personal development, independence, and community inclusion. The clients of Loving Hearts rent apartments as well as the staff that stay overnight with them. During the day they are transported to the Loving Hearts Daycare Facility. The master lease with Loving Hearts is in effect until August 31, 2024. A new buyer will have the opportunity to negotiate a new lease with Loving Hearts or move all units to market rent.

Register at the link below to get access to the OM, rent roll, and T12. Click “Offering Memorandum & Deal Room” in orange to sign the CA.

https://www.marcusmillichap.com/properties/126483/englewood-apartments

» All units are 2 Bedroom / 1 Bathroom

» Each unit has Washer & Dryer Hook-Ups

» Forced-Heat/Central AC

» Low Expense to Income Ratio