Highly Visible Corner Location - Mixed Use Residential / Office Building in Independence / Kansas City

[Mark Boek]

10510 E 23rd St

Independence, Mo 64052

Great corner location on 23rd St.

So many options! Ideal location for chiropractor / doctor / dental office, insurance agent, stock broker, mortgage broker, CPA, attorney. . .

Owner is currently using majority of upstairs for his chiropractic practice. 1 room upstairs is rented to 1 long term residential tenant (5 yrs) for $400/mo. Basement apartment is rented to 1 residential tenant for $600/mo. Both are month to month rentals. Units are not on separate meters.

Convert upstairs to all commercial, lease to one tenant or lease to multiple tenants who need only a small office - or leave as-is with residential tenants in place.

Current upstairs layout accommodates waiting room, reception area, kitchen area, conference room, 3-4 offices, storage area, and 2 bathrooms.
Upstairs has approximately 1365 sq ft (recommend confirmation by buyer)

Parking lot can accommodate 10 cars based on past parking arrangement.

Zoned O-1 -- Office-Residential per City of Independence. A minimum of 50% of upstairs must be used for office per city (recommend confirmation by buyer)

Independence schools -per Independence Schools website (recommend confirmation by buyer)

.27 acre per Jackson County website
2014 Taxes: $1757.69 per Jackson County website

Seller is retiring, so the majority of the upstairs currently in use will be ready for a new tenant. $525/mo has been used in the scenario below for the area currently occupied by the seller, in addition to the current rents of $400 and $600.

Purchase Price: $75,000.00

$11,615.86 Net Operating Income after 5% vacancy, 10% Mgmt, 10% Mntnc, Insurance, & Taxes Cap Rate: 15.5

(utilities are paid by seller.)

New furnace installed in fall of 2013. Could use updated interior and exterior paint, flooring, and possibly a roof in the next few years. 

You can message me or call 816-401-3544

Thanks for looking,

Mark Boek