713 Dondee Dr.
Multifamily | 36 Units | $72,083/unit
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Investment highlights
8.8% going-in cap rate on ~$229,000 in-place NOI — roughly $72,000/unit and $39,300/bedroom, well above cap rates trading in primary markets.
Two of three buildings fully renovated (803 & 805 Allison, $695–$895/unit) — the majority of the portfolio needs no near-term capital, with clear value-add upside in the third building's below-market units.
Three years of rising, documented income ($320K → $337K → ~$357K), backed by full trailing-12 statements and current rent rolls.
36 units in one transaction at ~94% occupancy — three adjacent buildings under shared management, with tenant-paid electric/gas and RUBS recovery on water and trash.
Financeable at list and anchored by durable college-town demand — pencils near 75% LTV with positive cash flow, in Manhattan, KS, home of Kansas State University.
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