503 N Spring St
, MO 64050
Exceptional Investment Opportunity - 6-unit Apartment Building near Downtown Independence, Missouri!
- 6 unit apartment building
- Five 2bd/1 bath units & One 1 bd/1bath unit
- No deferred maintenance.
- Under tax abatement discount until 2026
- Fully occupied with a waiting list
- Newer Roof
- Currently gross income of $4500/mo & Net minimum of $3000/mo minimum with room to increase rents
- Excellent investment opportunity
- Seller will not owner finance
This property offers an outstanding return on investment for those wanting to enter or expand upon the lucrative rental market. This smaller apartment building features 5 two-bedroom, one-bathroom units and 1 comfortable one-bedroom, one-bathroom unit, appealing to a broad tenant base. The apt building includes a large rear parking lot with 12 spaces and a small, well-kept green space for children and pets. All the units have balconies, and most have been updated. Located just minutes from downtown Independence, this property enjoys a prime location with easy access to local amenities and major transportation routes. Currently, the apartment generates an annual gross income of $54,000, with the potential for a conservative increase to $66,000.00 (if not more), promising robust income growth. That does not include additional income from the coin-operated laundry machines, which average around $300/month.
There is no deferred maintenance, and the roof was replaced approx. 5 years ago. In addition, this apartment building is in a tax abatement zone, so the real estate taxes are approximately $1700 annually. This abatement does not expire until approximately 2026.
All units are fully occupied, with a waiting list of potential tenants eager to secure a spot. This outstanding investment opportunity provides an attractive return on investment, with easy entry ownership, making it an ideal addition to your real estate portfolio.
Don't miss out on this chance to own an established, income-generating property in a desirable location.
For more information or to schedule a private showing, call or text Billy O’Connor (785) 766-2382