Rentals and multifamily

Investment Property and Multifamily Realtor in Manhattan, KS

Greg Shosa is an Associate Broker and REALTOR® with Alliance Realty who helps clients buy, sell, and evaluate investment property and multifamily real estate in Manhattan, Kansas. For rentals near Kansas State University and properties across the Manhattan area, he reviews what the property produces, what it needs, and what could change. Bring your rent roll, leases, and goals to a practical conversation about your next purchase or sale.

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What a consultation covers

Rent roll: current rents, unit mix, vacancy history and how rents compare with similar properties
Leases: terms, renewal dates and how lease timing lines up with the school year and military moves
Expenses: taxes, insurance, utilities, maintenance, management and capital items
Condition: roof, mechanical systems, deferred maintenance and likely near-term costs
Net operating income and cap rate, in context

NOI and cap rate are tools, not promises

Net operating income starts with effective rental and other operating income after allowances for vacancy and collection loss, then subtracts operating expenses. It is calculated before debt service, income taxes, depreciation and capital expenditures. A cap rate compares annual NOI with a property's price or value. Both help you compare properties and spot assumptions worth questioning.

Neither number guarantees a return. Vacancy, reserves for repairs, financing terms, rent changes and unexpected expenses all affect what an owner actually keeps. Greg encourages investors to test the figures with conservative assumptions and to talk with their own lender, accountant and attorney.

Buying

Greg helps identify properties that fit your criteria, reviews the numbers with you, and coordinates inspections and due diligence on leases and records before you commit.

Selling an investment property

Occupied properties have different considerations than owner-occupied homes: tenant notice, showing access, lease expirations and how the income is presented to buyers. Greg plans pricing and timing around those factors.

Why Manhattan is a distinct rental market

Student demand, Fort Riley assignments and employers create seasonal patterns. Property type, location and condition influence who rents and how long they stay. A useful analysis looks at your specific building rather than relying on generalizations.

Frequently asked questions

What should I bring to a first consultation?

If you own the property, a rent roll, copies of leases, a year or more of income and expense records, and any recent inspection or repair information are helpful. If you are searching, bring your budget, financing plan and goals.

What is NOI?

Net operating income is effective operating income after vacancy and collection allowances, less operating expenses such as property taxes, insurance, maintenance and management. Debt service, income taxes, depreciation and capital expenditures are separate considerations.

What is a cap rate?

A capitalization rate is NOI divided by price or value. It is a comparison tool and does not account for financing, vacancy swings or major repairs on its own.

Do you guarantee returns or appreciation?

No. Real estate returns depend on many factors outside anyone's control. Greg provides local information and analysis to help you make your own decision.

Is this for single rentals or multifamily?

Both. Greg works with owners and buyers of single-family rentals, small multifamily and larger rental properties in the area.