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209 E Main St
Beloit, KS 67420

Porter House · Multifamily Property For Sale · 30 Units

Investment Highlights

  • 100% LIHTC/Historic Tax Credit property that will be removed from the Section 42 LIHTC program via the qualified contract process in January 2020.
  • Immediate ability to reduce $8,000+ of annual affordability-related expenses.
  • Located on Main Street in Beloit’s downtown corridor.
  • Immediate ability to lease units to market-rate tenants.
  • Ground-floor commercial suite with long-term lease with the city’s chamber of commerce.

PROPERTY FACTS

No. Units 30
Property Type Multifamily
Property Subtype Apartment
Apartment Style Mid Rise
Building Class C
Lot Size 0.26 AC
Building Size 16,260 SF
No. Stories 4
Year Built/Renovated 1920/2004

Unit Amenities

  • Heating
  • Kitchen
  • Patio

Site Amenities

  • Laundry Facilities
  • On-Site Retail
  • Elevator

About 209 E Main St , Beloit, KS 67420

Porter House Apartments is a 30-unit affordable community in Beloit, KS. Located on Main Street in downtown Beloit, the 4-story building is the restored Porter Hotel, which was placed on the National Register of Historic Places in 2004. Later in 2004, the property was rehabbed and placed into service utilizing both the Section 42 LIHTC and the Historic Tax Credit programs, with 50% and 60% AMI set asides on all units. The LURA originally stipulated elderly and disabled occupancy, though these restrictions have since been removed and management now leases to family tenancy. Mitchell County’s area median income for 2019 is $66,100, and has grown 2.6% annually since 1999. The initial compliance period expires in December 2019, while the extended-use period expires in 2034. In 2019, ownership initiated the qualified contract process with Kansas Housing Resources Corporation. As such, the LURA will be removed in January 2020, and the property will begin the 3-year decontrol period towards market-rate tenancy. The property includes a 567-square foot commercial suite on the ground-floor that is leased to the Beloit Chamber of Commerce. The 5-year lease was executed in January 2017, and the tenant has an additional 5-year option upon lease expiration. Property management services are provided by Weigand Omega, a Wichita-based management company. The onsite manager currently lives in the building.

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
1+1 27 $335.00 518 - 563
2+1 3 $365.00 672

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
092-09-0-20-47-007.00-0
Land Assessment
$553
Improvements Assessment
$57,298
Total Assessment
$57,851
  • Listing ID: 17522656

  • Date on Market: 10/22/2019

  • Last Updated:

  • Address: 209 E Main St, Beloit, KS 67420

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