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- LoopNet Team
209 E Main St
Beloit, KS 67420
Porter House · Residential 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 | Lot Size | 0.26 AC |
| Property Type | Residential | Building Size | 16,260 SF |
| Property Subtype | Apartment | Number of Floors | 4 |
| Apartment Style | Mid Rise | Year Built/Renovated | 1920/2004 |
| Building Class | C |
| No. Units | 30 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Building Size | 16,260 SF |
| Number of Floors | 4 |
| Year Built/Renovated | 1920/2004 |
Unit Amenities
- Heating
- Kitchen
- Patio
Site Amenities
- Laundry Facilities
- On-Site Retail
- Lift
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
| Parcel Number | 092-09-0-20-47-007.00-0 | Improvements Assessment | £45,707 |
| Land Assessment | £441 | Total Assessment | £46,148 |
PROPERTY TAXES
