Courtesy: Lutz Sales + Investments
Lee Ripma
816-866-8322
This charming 10-unit multifamily in Silver Lake, Kansas consists of ten total cottages across five buildings. All units are one bedroom and one bathroom, originally constructed in the 1930s with enduring character. The smaller units do well in Silver Lake, attracting a broad tenant base that includes single professionals, couples, and downsizing seniors seeking affordable, low-maintenance living. Silver Lake’s proximity to Topeka enhances the property’s appeal by offering residents convenient access to larger employment centers, healthcare, retail, and amenities—while still enjoying the affordability and community feel of a smaller town. This dynamic supports steady rental demand from tenants who work in Topeka or the surrounding area but prefer more cost-effective housing options. In markets like Silver Lake, well-maintained multifamily assets often face limited competition, positioning investors to benefit from consistent cash flow. Manage this property for operational efficiency and consider adding some furnished rentals. 308 Chestnut St offers both immediate income and long-term upside for investors seeking dependable returns in a stable Midwest market.
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Silver Lake is located in Kansas. Silver Lake, Kansas has a population of 1,521. Silver Lake is less family-centric than the surrounding county with 21.88% of the households containing married families with children. The county average for households married with children is 30.62%.
The median household income in Silver Lake, Kansas is $49,846. The median household income for the surrounding county is $59,848 compared to the national median of $69,021. The median age of people living in Silver Lake is 39.6 years.
The average high temperature in July is 89 degrees, with an average low temperature in January of 18.5 degrees. The average rainfall is approximately 37.4 inches per year, with 15.8 inches of snow per year.
