249 N Athenian, Wichita, KS 67203
249 N Athenian, Wichita, KS 67203
249 N Athenian, Wichita, KS 67203
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Larry Hall

Larry Hall

+1(316) 212-0817
Listed by Ryan Saylor • Real Broker, LLC
$1,100,000
Est. payment /mo
17,508 SqFt
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Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Pending

Purchase Type For Sale

Square Footage 17,508 sqft

Price per Sqft $62

MLS Listing ID SCK674921

Style Other

Total Fin. Sqft 17508

Year Built 1930

Annual Tax Amount $10,740

Tax Year 2025

Lot Dimensions 68397

Property Sub-Type Multi Family

Source sckansas

Property Description

Exceptional investment opportunity in the heart of Wichita's historic Delano District! Located at 249 N. Athenian Ave., this remarkable 10-unit apartment community is a beautifully converted historic school building originally constructed in 1930, offering a rare blend of character, charm, and significant upside potential. The property has retained much of its original architectural appeal, including exposed brick, original chalkboards, soaring ceilings, and unique historic details that make it unlike any other multifamily asset on the market. More than half of the units have been thoughtfully updated with modern finishes while preserving the building's original character. While rich in historic charm, this is not a property burdened by 1930-era infrastructure, as the building's major systems, including electrical and plumbing, have been extensively updated over the years, providing modern functionality and reducing many of the concerns commonly associated with older buildings. Situated on 1.57 fenced acres, the property offers an impressive collection of amenities, including a heated in-ground swimming pool with a new heater, updated concrete surround, electric pool cover, and pool house complete with a bathroom and storage room, as well as an on-site fitness center, private storage lockers for each unit, dog waste stations throughout the property, 14 covered parking spaces, and 6 additional off-street parking spaces. The property also features a dedicated guest suite complete with a private bedroom and bathroom that residents may reserve for visiting family and guests, providing a unique amenity rarely found in multifamily communities. Every apartment comes complete with a refrigerator, range, dishwasher, microwave, disposal, washer, and dryer. One of the property's most attractive features is its substantial value-add potential, including the original basement auditorium that remains intact and could potentially be converted into an additional income-producing unit, along with a woodworking shop that may also offer future redevelopment opportunities. Additionally, the building features an entire third floor that is currently underutilized and may provide a significant opportunity for future expansion, additional units, storage, office space, or other income-producing uses. The expansive rear portion of the property provides additional room for future development, creating even more income potential for a new owner. Ownership intentionally left several units vacant as they became available to allow a purchaser the opportunity to quickly lease units at current market rents and maximize returns from day one. Current in-place gross income with recent vacant units is approximately $107,400, while estimated market-rate gross income is approximately $188,376. The property also includes a highly desirable detached residence-style unit separate from the main building, offering approximately 1,260 square feet, covered parking, and a private backyard, providing a unique rental option rarely found in multifamily communities. Major recent improvements include a new roof completed in April 2026. Whether you're seeking a stabilized multifamily asset with immediate upside, a value-add investment opportunity, or a truly one-of-a-kind historic property, 249 N. Athenian Ave. offers exceptional income potential, redevelopment opportunities, and irreplaceable character in one of Wichita's most sought-after districts.

Location

State KS

County Sedgwick

Direction From Central and McLean, South on McLean to Athenian. South on Athenian to the building

Rooms

Basement Finished

Interior

Heating Natural Gas, Forced Air, Individual Unit

Cooling Multi Units, Electric

Flooring Carpet, Wood

Fireplace No

Appliance Dishwasher, Disposal, Microwave, Range, Refrigerator, Washer, Dryer

Heat Source Natural Gas, Forced Air, Individual Unit

Exterior

Garage Description 1 per Unit, 2 per Unit, Covered, Paved, On Street, Off Street

Utilities Available Natural Gas Available, Sewer Available

View Y/N Yes

Roof Type Composition,Other

Total Parking Spaces 14

Building

Unit Features [{\"UnitTypeActualRent\":1150,\"UnitTypeBedsTotal\":1,\"UnitTypeType\":\"1 Bedroom\",\"UnitTypeKey\":\"SCK674921Group_1\"},{\"UnitTypeActualRent\":1150,\"UnitTypeBedsTotal\":1,\"UnitTypeType\":\"1 Bedroom\",\"UnitTypeKey\":\"SCK674921Group_2\"},{\"UnitTypeActualRent\":1150,\"UnitTypeBedsTotal\":1,\"UnitTypeType\":\"1 Bedroom\",\"UnitTypeKey\":\"SCK674921Group_3\"},{\"UnitTypeActualRent\":1150,\"UnitTypeBedsTotal\":1,\"UnitTypeType\":\"1 Bedroom\",\"UnitTypeKey\":\"SCK674921Group_4\"},{\"UnitTypeActualRent\":1150,\"UnitTypeBedsTotal\":1,\"UnitTypeType\":\"1 Bedroom\",\"UnitTypeKey\":\"SCK674921Group_5\"},{\"UnitTypeActualRent\":1150,\"UnitTypeBedsTotal\":1,\"UnitTypeType\":\"1 Bedroom\",\"UnitTypeKey\":\"SCK674921Group_6\"},{\"UnitTypeActualRent\":1150,\"UnitTypeBedsTotal\":1,\"UnitTypeType\":\"1 Bedroom\",\"UnitTypeKey\":\"SCK674921Group_7\"},{\"UnitTypeActualRent\":1450,\"UnitTypeBedsTotal\":2,\"UnitTypeType\":\"2 Bedroom\",\"UnitTypeKey\":\"SCK674921Group_8\"},{\"UnitTypeActualRent\":1450,\"UnitTypeBedsTotal\":2,\"UnitTypeType\":\"2 Bedroom\",\"UnitTypeKey\":\"SCK674921Group_9\"},{\"UnitTypeActualRent\":1450,\"UnitTypeBedsTotal\":2,\"UnitTypeType\":\"2 Bedroom\",\"UnitTypeKey\":\"SCK674921Group_10\"}]

Architectural Style Other

Structure Type Brick

Schools

Elementary Schools Franklin

Middle Schools Hamilton

High Schools West

School District Wichita School District (Usd 259)

Others

Security Features Exercise Room,Fenced,Fire Alarm,Fire Escape,Pool Alarm,Smoke Detector(s),Sprinkler System

Financing None

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A Few Words From Past Clients

Larry worked with us to both sell our home and buy a new home. He went above and beyond throughout the entire process and helped us get into our dream home! Can’t recommend him highly enough!

Randy

My last home buying experience was easy quick and painless thanks to Larry Hall of the L+H Realty. He worked with us on our schedule and was always easy to get in contact with. He always kept us in the know and stayed on top of the seller. I would highly recommend him to anyone!

Nate

Nearby School & Business

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Larry Hall

Larry Hall

+1(316) 212-0817

Agent SPSP00236074

Agent SPSP00236074

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