Silver Lake Cottages

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.

Why We Love It: The Silver Lake Cottages are currently the only property with anything for rent in all of Silver Lake, Kansas! If you want to live in Silver Lake this is the only game in town! Great price per door and priced to sell at 10k below the 2022 appraisal. In place 12 caps are pretty rare – and this has one!

The Challenge: Smaller units in a tertiary submarket. All utilities are master metered. Operational efficiency is really key on this one – property management can make or break you so make sure operations are dialed in to run this property successfully.

The Value-Add Play: Get all units up to market rent and work on increased occupancy, then manage for operational efficiency. Consider turning some units into furnished medium-term rentals.