Description
3560 S. Lynn Street is a 4-unit, brick exterior building located at the end of a quiet cul-de-sac in Independence, Missouri. Built in 1969, the property dwells in a neighborhood of rental properties and provides tenants 6 off-street parking spaces at the rear of the building. The Lynn property stands 2-stories on a slab with a pitched composition shingle roof on over a quarter acre lot. The building is separately metered for gas, electric and water (tenants responsible for all utilities + trash) and the building has completed significant renovations over the last year mainly to the exterior/cosmetics with light unit rehabs. These capital improvements are highlighted by the new roof, new deck/stairs, new HVAC and unit make-readies/renovations ($68,000+ in CAPEX last 12 months). All units at the property are two-bedroom, one-bathroom units with an approximate unit size of 750 square-feet (+/-). All units have front/rear access and are identical footprints. All units feature washer/dryer hookups, vinyl flooring, carpeted bedroom, ceiling fans, good closet space and individual mechanical rooms. Three of the four units have windows units for cooling while the other has central air. 3560 Lynn has excellent commuter accessibility to highways/interstates and nearby shops/restaurants. The building has a history of high occupancy (100% currently) with efficient 3rd party management in place. The asset presents an appeal to both the stabilized and value-add investor. Buyer could continue to manage property as-is with small incremental improvements or look to enhance finishes, install central air in the remaining 3 units, and provide laundry equipment in units to increase rents.
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Description
3560 S. Lynn Street is a 4-unit, brick exterior building located at the end of a quiet cul-de-sac in Independence, Missouri. Built in 1969, the property dwells in a neighborhood of rental properties and provides tenants 6 off-street parking spaces at the rear of the building. The Lynn property stands 2-stories on a slab with a pitched composition shingle roof on over a quarter acre lot. The building is separately metered for gas, electric and water (tenants responsible for all utilities + trash) and the building has completed significant renovations over the last year mainly to the exterior/cosmetics with light unit rehabs. These capital improvements are highlighted by the new roof, new deck/stairs, new HVAC and unit make-readies/renovations ($68,000+ in CAPEX last 12 months). All units at the property are two-bedroom, one-bathroom units with an approximate unit size of 750 square-feet (+/-). All units have front/rear access and are identical footprints. All units feature washer/dryer hookups, vinyl flooring, carpeted bedroom, ceiling fans, good closet space and individual mechanical rooms. Three of the four units have windows units for cooling while the other has central air. 3560 Lynn has excellent commuter accessibility to highways/interstates and nearby shops/restaurants. The building has a history of high occupancy (100% currently) with efficient 3rd party management in place. The asset presents an appeal to both the stabilized and value-add investor. Buyer could continue to manage property as-is with small incremental improvements or look to enhance finishes, install central air in the remaining 3 units, and provide laundry equipment in units to increase rents.
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