Lux Off Riverwalk Apartments

Highlights:

• 80-unit apartment community
• Minutes away from all core amenities including entertainment, restaurants and retail
• Close proximity to four different universities
• $2M+ Full renovation of property completed in 2023-2024
• Occupancy: 100% with a waiting list (February 2025, of leasable units post-fire) / 93% (November 2024, prior to fire)
• Studio and 1-Bedroom Units
• Sale Price: $6,250,000
• Cap Rate: 7.16%
• NOI (Proforma): $447,284

Description:

Situated next to downtown Wichita, Lux Off Riverwalk features two separate apartment properties located across the street from one another, operating together as one. Lux Off Riverwalk has recently undergone a $2M+ full renovation of the property including new electrical, plumbing, HVAC systems, exterior paint, roof repairs, window replacement, and the addition of amenities. These updates included full unit renovations, featuring granite countertops and stainless steel appliances along with many others which have significantly helped give the communities a more modern feel.

In November 2024 there was a fire caused by a vehicle at the Laclede building which led to fire and/or smoke damage to 10 of the units. An insurance claim has been filed for this incident, it is in process with the insurance adjuster and the property owner has hired an independent adjuster to represent their interests. Prior to a buyer closing on the property all of the damaged units will be restored to their previous condition or the insurance proceeds will be assigned to the buyer at closing. Since the fire, the property has operated at 100% occupancy on all occupiable units and rents have again increased on new leases and lease renewals.

Located in the heart of the city, Lux Off Riverwalk sits adjacent to downtown Wichita, Delano District, the Arkansas River, and Highway US-54/400. The property is just minutes from Intrust Bank Arena, Riverfront Stadium, Exploration Place, the downtown Advanced Learning Library, and the many restaurants throughout Old Town and Delano. The property is conveniently located ten minutes from Wichita State University and under five minutes from Friends University, Newman University, and the Kansas College of Osteopathic Medicine.

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