- Irreplaceable Historic Asset & Truly Iconic Local Landmark
- Major Opportunity for Value-Add Implementation
- Ability to Capture Additional ~$75+ Per Unit Upon Stabilization
- Offered at a Highly Attractive Basis Relative to Market Cost
- Prime Location in the Downtown Wichita Central Business District
- Offered Free and Clear of Existing Debt
Irreplaceable Historic Asset & Truly Iconic Local
Designed by Kansas City-based architect Nelle Elizabeth Peters—one of the area’s first female architects—The Commodore was built as a hotel in 1929, then later turned into an apartment building around the 1950s. The iconic landmark building holds a spot on both the National Register of Historic Places and the Register of Historic Kansas Places listings.
The Commodore still maintains its original wood windows, terra cotta details, and an opulent lobby with original beamed ceilings, wrought-iron railings, and light fixtures. However, it’s perhaps best distinguished by its rooftop red neon sign, which sits atop the nine-story building—the tallest on the north end of town—and still illuminates the downtown Wichita skyline to this day.
Well-Maintained Asset with Remarkable Value-Add Opportunity
Current ownership has deployed significant capital into the property since acquiring it, addressing major capital expenditures, and renovating unit interiors across three of the eight residential stories in the building. RUBS programs have also been successfully implemented, thereby reducing ownership expenses, and allowing a new investor to enter in at a low basis in order to complete the current renovation project.
The Commodore is incredibly well positioned for new ownership to stabilize the asset and reach a projected NOI of $345,000. Current average rents on the brand-new units provide strong indication for further increase after stabilization with estimated average rent increase of ~$75 per unit. When coupled with implementation of an extended amenity package achieved by converting unused spaces currently located near the lobby into community amenities, new ownership can bring the Commodore to modern standards and increase property revenues.
