REO: Timberlee Apartments | Vacant, Value-Add
- No in-place tenants or evictions to manage, so a buyer can set the renovation and lease-up plan.
- Townhome-style layouts give residents a house-like feel that stands apart from typical apartments.
- A mix weighted toward two- and three-bedroom homes targets a deep and stable renter demand pool.
- Most units can reach market rents with moderate renovation, creating real upside for an operator.
- Solid bones, hardwood floors, and separately metered utilities support efficient operations.
- Topeka offers steady renter demand anchored by government, healthcare, and education employers.
Property Description
Brokered by SVN Encompass Commercial and powered by RealINSIGHT Marketplace, Timberlee Apartments at 341 SE Lawrence Street in Topeka, Kansas, is a 102-unit townhome-style multifamily community offered fully vacant via REO auction. Set on a spacious site with ample parking, the property features a family-oriented unit mix weighted toward two- and three-bedroom homes with large floor plans that give residents a house-like living experience. Current ownership has cleaned out and secured the buildings, giving a buyer a true blank slate with no tenants or evictions to manage. The asset retains solid underlying construction, including hardwood floors and separately metered gas and electric service. Most units can achieve market rents through moderate renovation, while select units and building systems will require more extensive work, positioning the property for a comprehensive value-add and lease-up strategy. Topeka, home to the Kansas State Capitol, offers an affordable entry point with steady rental demand supported by government, healthcare, and education employment. The offering is well suited to an experienced, well-capitalized operator seeking a hands-on repositioning opportunity in a stable, income-focused market.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Auction |
| Property Types: | Apartment Buildings |
| Price: | $450,000 |
| No. of Units: | 102 |
| Year Built: | 1971 |
| Building Size: | 115,226 Sq ft |
| Lot Size: | 5.40 Acres |
| No. of Stories: | 2 |
| Opportunity Zone: | No |
| Price per unit: | $4,412 |
| Parking Spaces: | 107 |
| Property Website | Click Here |
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