Skip to main content

503 N Spring Street
Independence, MO 64050

Residential Income
Sq. Ft.
Acre Lot
Agent Websites> Missouri> Independence> 64050
This property offers an outstanding return on investment for those wanting to enter or expand upon the lucrative rental market. Priced at only $625,000, 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 of the 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. Seller will not owner finance.Don't miss out on this chance to own an established, income-generating property in a desirable location.
Apartment, 2 Story
0.34 Acres
Public Sewer
The scores below measure the walkability of the address, access to public transit of the area and the convenience of using a bike on a scale of 1-100

Walk Score

Transit Score

Bike Score

The information displayed on this page is confidential, proprietary, and copyrighted information of Heartland Multiple Listing Service, Inc. (Heartland MLS). Copyright 2022, Heartland Multiple Listing Service, Inc. Heartland MLS do not make any warranty or representation concerning the timeliness or accuracy of the information displayed herein. In consideration for the receipt of the information on this page, the recipient agrees to use the information solely for the private non-commercial purpose of identifying a property in which the recipient has a good faith interest in acquiring.
This content last refreshed on 12/3/2023 1:54 AM CST. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.
Information is deemed reliable but is not guaranteed.