NOT LISTED FOR SALE
-- Bed
-- Bath
-- Sq Ft
1,798 Sq Ft Lot

Last Sold June 07, 2024

70 Days on Market

Highlights

  • No HOA
  • Garage
  • Wood Siding
  • Baseboard Heating

About This Home

As of June 2024

MAJOR PRICE REDUCTION. Seller wants to sell! Over an 8% cap rate as-is! Get to 10% cap rate by placing program/voucher tenants in remaining units. This is a package of 13 doors across 2 buildings - 1208 W. White Oak Street (5 plex), 423 N. Spring Street/317 W. Farmer Street (8 plex), Independence, MO (All located less than a mile from each other). Experience exceptional cash flow, low price per unit yet in a suburban setting. Continue to build wealth by cash flowing, increasing rents using program-based tenants (Swope Health, ReStart, etc...), and maintaining property. As Kansas City continues to appreciate so will Independence. Hold for 5-10 years and expand your real estate portfolio. Implement bill back programs and reduce owner-paid utilities with LED lighting, low flow toilets, and more. Rare exceptional in place income and cap rate.

Lots of recent CapEx - new windows (all units!) new roof (1 building), partial roof replacement (one building), new exterior paint (both buildings), new flooring and paint as units have turned and time has allowed. See supplements for owner expense statement, rent roll, proposed business plan, insurance quote, detailed building information and more.

Tenants can walk to historic downtown Independence where there are bustling shops, entertainment, farmers market, bars, restaurants and more. No seller financing or assumable debt. Buildings must be sold together.

Last Agent to Sell the Property

Alex Olson

Legendary Apartment Brokers Brokerage Phone: 816-591-0825 License #2019043249 Listed on: 03/06/2024

Last Buyer's Agent

Non MLS

Non-MLS Office

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $6,000

Year Built

  • Built in 1925

Lot Details

  • 1,798

Home Design

  • Composition Roof
  • Wood Siding
  • Vinyl Siding

Parking

  • Garage
  • On-Street Parking
  • Off-Street Parking

Utilities

  • Window Unit Cooling System
  • Wall Furnace
  • Baseboard Heating

Additional Features

  • 2-Story Property
  • 1,798 Sq Ft Lot
  • Basement

Listing and Financial Details

  • Assessor Parcel Number 26-310-25-34-00-0-00-000
  • $0 special tax assessment

Community Details

Overview

  • No Home Owners Association
  • 13 Units
  • Forbis Park Subdivision

Building Details

  • Gross Income $140,654

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$6,000

Year Built

Built in 1925

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Property Sub Type: Package of Properties
  • Year Built: 1925
  • Internet Address Display: Yes
  • Internet Consumer Comment: No
  • List Agent Full Name: Alex Olson
  • List Office Mls Id: HMSFOXT
  • List Office Name: XChangeCRE
  • List Office Phone: 573-694-9669
  • Mls Status: Sold
  • Operating Expense: 62541
  • Age Description: 76-100 Years
  • Tax Special Amount: 0
  • Special Documents Required YN: 0
  • Major Repair Costs: 0.00
  • Package: Yes
  • Attribution Contact: 816-591-0825
  • Special Features: None

Interior Features

  • Basement: Yes
  • Stories: 2

Exterior Features

  • Roof: Composition
  • Construction Materials: Vinyl Siding, Wood Siding

Garage/Parking

  • Garage: Yes
  • Parking Features: Off Street, On Street

Utilities

  • Cooling: Window Unit(s)
  • Heating: Baseboard, Wall Furnace
  • Sewer: City/Public
  • Utilities: Cent Water Heater, Ind Water Heaters
  • Cooling: No
  • Water Source: City/Public - Verify

Condo/Co-op/Association

  • Association Fee Frequency: None
  • Type Of Management: Off-Site Mgmt

Association/Amenities

  • Association: No

Fee Information

  • Deposit: Superior Title

Schools

  • Junior High Dist: Independence

Lot Info

  • Zoning: Res
  • Lot Size Sq Ft: 1798
  • Parcel Number: 26-310-25-34-00-0-00-000
  • Subdivision Name: Forbis Park
  • ResoLotSizeUnits: SquareFeet
  • In Flood Plain: No

Building Info

  • Number of Units Total: 13

Rental Info

  • Existing Lease Terms: Month To Month,One Year Lease

Multi Family

  • Gross Income: 140654
  • Current Occupancy Rate: 90-95%
  • Unit Count: 3

Tax Info

  • Tax Annual Amount: 6000
  • Tax Abatement YN: 0
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
06/07/2024 06/07/24 Sold -- -- --
05/16/2024 05/16/24 Pending -- -- --
03/25/2024 03/25/24 Price Changed $695,000 -4.1% --
03/06/2024 03/06/24 For Sale $725,000 -- --
Source: Heartland MLS

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $2,222 $16,082 $4,228 $11,854
2024 $2,222 $32,072 $779 $31,293
2023 $2,171 $32,072 $779 $31,293
2022 $898 $12,160 $570 $11,590
2021 $898 $12,160 $570 $11,590
2020 $814 $10,706 $570 $10,136
2019 $801 $10,706 $570 $10,136
2018 $729 $9,309 $455 $8,854
2017 $729 $9,309 $455 $8,854
2016 $701 $8,867 $350 $8,517
2014 $686 $8,867 $350 $8,517
Source: Public Records

Agents Affiliated with this Home

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Map

Source: Heartland MLS

MLS Number: 2476238

Heartland MLS