- UPGRADE PREMIUMS OF $130+ PER UNRENOVATED UNIT WITH INTERIOR ENHANCEMENTS
- EXCELLENT LONG TERM TENANT BASE
- ATTRACTIVE UNIT LAYOUTS INCLUDING ATTACHED GARAGES
- METICULOUSLY MAINTAINED ASSET WITH CLEAR PRIDE OF OWNERSHIP
- PREMIER TOPEKA LOCATION
- SUPPLY CONSTRAINED MARKET
- STRONG LOCAL DEMAND DRIVERS
- OFFERED FREE AND CLEAR OF ANY EXISTING DEBT
Fleming Court offers investors an opportunity to purchase an asset featuring exceptional upkeep, recent capital expenditures, and a proven business model to continue upgrading units as they turn. The asset covets some of the most desirable layouts in the market including many ground-level units and garage spaces for every single unit on site. The desirable layouts coupled with its strategic location adjacent to one of Topeka’s most high-end neighborhoods and directly to the West of a major grocery chain and several other neighborhood amenities make it one of the most leasable assets in the submarket. Furthermore, Fleming Court has proven interior upgrades performed on over half of the units (57%).
UPGRADE PREMIUMS OF $130+ PER UNRENOVATED UNIT WITH INTERIOR ENHANCEMENTS
The property demonstrates a proven business model for the upgrade package that can be continued property-wide. Fleming Court offers 50 remaining units (43%) that are yet to receive a full interior cosmetic modernization. Cosmetic upgrades that have been completed in the renovated units include cabinet fronts, vinyl flooring, upgrading countertops, fixtures, doors, an updated lighting package as well as upgraded bathrooms. Renovating the remaining units as well as pushing the in-place rents on renovated units will allow a new buyer to push annual rental income by more than $95,000!
EXCELLENT LONG TERM TENANT BASE
Fleming Court boasts desirable unit layouts and a proximity to local amenities that attracts a variety of “sticky” long-term tenants willing to pay premium rents. Fleming Court boasts current tenant move-in dates dating as far back as 1987.
