White Lakes

Proven Value-Add Opportunity Current ownership has renovated (7) units at The Property with new flooring, countertops, hardware, lighting, shelving, and black appliances. By completing these renovations on the remaining units you could increase the gross revenue by $268K, which is an average rent premium of $155/unit over the current rents.

Significant NOI Increase Additionally, there is an immediate opportunity to increase property revenue by bringing (7) down units at the property to rent ready status. Once the down units are online and rents have been brought to market the property NOI should realize an increase of 51% adding significant value to the asset.

Additional Income There are several additional income optimization opportunities that would further increase the NOI that include Utility Bill Back, Car port fees (100 spaces), and internet/cable programs. Current ownership has already implemented a RUBS Bill-back program for water but has not yet recaptured electric, trash, or pest control expenses.

Strong Rent Growth in a Low Supply Market The average rent in Topeka sits at $895/unit per month, which is well above the $770/unit per month that White Lakes Plaza is currently achieving. Additionally, only one market rate property has been delivered in Topeka since 2014 that has resulted in upward pressure on rents that are projected by CoStar to grow 4.9% in 2024.

Property Description

Marcus & Millichap is pleased to present White Lakes Plaza (“The Property”), a 144-unit apartment community located in Topeka, KS. The Property was built in 1973 and consists of (72) one-bedroom / one-bathroom units and (72) two-bedroom / one and a half bathroom units with an average square footage of 851. White Lakes Plaza is a gated community consisting of (10) buildings and features a pool, clubhouse, laundry facility, and plenty of green space. Each unit comes complete with a full kitchen, central heating and air conditioning, patio/balcony, large closets, and a fireplace in select units. Tenants pay for electric and gas and are billed-back for water through a RUBS program. The Property is professionally managed by Orion Property Group. LOCATION White Lakes Plaza is located on the Southeast side of Topeka and sits just off Southwest 37th Street. The Southeast neighborhood contains mostly residential homes and is surrounded by parks, retail stores, and restaurants. The Property is conveniently located next to 470 Highway giving tenants easy access to all of Topeka. The Property sits behind White Lakes Plaza Shopping Center and is next door to a Walmart Supercenter. Southwest Topeka Blvd is down the street from The Property where tenants have access to a plethora of shops and restaurants. VALUE ADD With an average rent of $770, there is an opportunity to increase rents $150+/unit through interior & exterior improvements. Ownership has renovated (7) units at the property with new flooring, carpet, hardware, countertops, paint, doors, shelving, lighting, and black appliances. (8) interior hallways have been renovated with new paint and flooring and over $60K has been spent on repairing and replacing HVAC units. There are 100 covered parking spots at The Property giving a new owner the opportunity to gain additional income by charging a monthly fee for covered parking.