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1011 N Topeka St
Wichita, KS 67214 Midtown Wichita

$3,300,000

Hotel For Sale  •  37,440 Sq Ft

Property Details

  • Property Type Hotel
  • Total Building Size 37,440 Sq Ft
  • Lot Size 0.52 ac
  • Building Class C
  • Year Built 1998
  • Tenancy Single
  • Zoning LC
28 Transit Score
58 Walk Score

Description

Property Tours
Do not contact on-site staff. All property tours must be scheduled through the listing agent.Prospective purchasers are encouraged to visit the subject property prior to submitting offers.
Marcus & Millichap has been chosen to exclusively market for sale the 316 Hotel, a three-story limited service hotel located adjacent to Ascension Via Christi St. Francis Hospital. The hotel consists of 53 interior corridor rooms with close proximity to Dwight D. Eisenhower National Airport and several main thoroughfares. The hotel was thoroughly renovated and launched as the 316 Hotel in March 2017.A local sales effort for the hotel has just begun, and a major tour operator has already booked 150 room nights for summer/fall. The hotel also has an established relationship with KU School of Medicine Wichita.

Wichita, Kansas’ largest city, is also its cultural epicenter, with countless things to see and experience. Downtown Wichita is a thriving hub of social, professional and cultural experiences with 350 residential units under development, over 120 unique retailers and 4.1 million square feet of occupied office space. At the core of the largest city in Kansas, it’s an employment epicenter.Downtown is Wichita’s favorite place to go for great art, local flavor, vibrant nightlife and active adventures. By offering support and championing strategic improvements in infrastructure, the leadership of Downtown Wichita has always supported a diverse offering of amusements and cultural amenities. Wichita’s favorites include: River Festival, the Old Town Farm and Art Market, Tallgrass Film Festival, Wagonmasters Chili Cookoff, Automobilia, and Final Friday art gallery crawls.With vibrant cultural experiences and diverse professional opportunities, walkable amenities and easy access to either side of town, Downtown Wichita offers a unique pace and perspective within the city.

Highlights

10.2% Cap Rate
32% 5-Year IRR - 27% Cash on Cash Return
Tremendous RevPAR Growth
No New Supply has Come to Downtown Since Acquisition of the Hotel in 2016
Adjacent to Ascension Via Christi St. Francis Hospital - $66M+ Community Benefit
Located in Wichita, the “Air Capital of the World” - Known for its Significant Aviation Industry Presence

Amenities

  • 24 Hour Access
  • Air Conditioning
  • Microwave
  • Breakfast/Coffee Concierge
  • Pet-Friendly

Public Transportation

AirportDriveWalkDistance
Wichita Mid-Continent Airport 13 min - 8.1 mi

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 160
Type: Surface
Included in Rent: Yes
Gordon Allred 909-456-3400 Marcus & Millichap
Gordon Allred 909-456-3400 Marcus & Millichap