1201 Douglas

100%

Occupied, November 2026

THE OPPORTUNITY

In August 2022 PETRA acquired 1201–1209 E. Douglas Avenue: about 13,700 square feet with five retail suites at street level and five apartments upstairs, along East Douglas just east of downtown Wichita.

Mixed-use buildings like this one serve two kinds of tenants at once: local businesses on the ground floor and residents above. The plan was to own, lease and operate the property for steady income, and to be the kind of landlord both would want to stay with.

THE CHALLENGE

Small retail suites depend on small businesses, and small businesses change hands. Older mixed-use buildings also need steady attention to keep both the storefronts and the apartments in good condition.

WHAT WE DID

Kept commercial tenancy stable. When the retail business in 1203 E. Douglas was sold in Q1 2026, PETRA completed a lease assignment so the new owner assumed the in-place lease. All commercial tenants stayed current on rent through the transition.

Maintained the buildings. Issues are found and fixed as they arise, including a roof repair at Unit 1205 in Q1 2026. No maintenance items were outstanding at quarter end.

Managed residential costs. The expense ratio on the five apartments was 18.5% in Q1 2026, down from 42.5% for FY 2025.

THE OUTCOME

PETRA continues to own and operate 1201 Douglas, and the property is 100% occupied.

Commercial tenants stayed current on rent through the Q1 2026 lease assignment, no maintenance items were outstanding at the March 31, 2026 quarter end, and the property has paid distributions to investors since acquisition.

WHY IT MATTERS

1201 Douglas is steady, neighborhood-scale ownership: supporting the small businesses on the street and the residents upstairs, and handling each change carefully so the income keeps flowing to investors.

This project summary is for informational purposes only. It is not an offer to sell or a solicitation of an offer to buy any security. Past performance does not guarantee future results.