249 N Athenian Wichita, KS 67203

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.