Workforce Apartment Asset with
120 W Elizabeth St Independence, MO 64050
120 W Elizabeth St, Independence, MO, 64050
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For Sale
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Forty-nine-unit brick workforce housing property with secured entry, on-site parking, and coin-operated basement laundry.
Property Size25,444 SF
Price / SF$147.38
Days on Market37
Property Features for 120 W Elizabeth St
General Information
- Standard status
- Active
- Size
- 25,444 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1950
Listing agency
Lutz Sales + Investments
(913) 426-5576
Listed by
Michelle Lutz · License #00239672
Source
Crexi
Added: Jun 15 Updated: Jul 20 at 9:42PM Checked: Jul 20 at 9:42PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lutz Sales + Investments
Investment Insights
Based on property information with market context.
Manor Ridge is a 49-unit workforce housing asset across three well-maintained brick buildings. The unit mix includes three two-bedrooms, 43 one-bedrooms, and three studios. The property offers on-site parking, coin-operated laundry located in the basements, and secured entry.
Nearly all HVAC systems were replaced in 2018, new doors were installed in 2023, and the roof, parking lot, and brick exterior are reported to be in excellent condition. Utilities are sub-metered for gas and electric, with tenants responsible for their own costs, while landlord-paid water/sewer and trash are offset by a $50/month utility fee on new leases.
All 49 units are described as 100% market rate, supporting a straightforward residential income profile for an owner who wants a stabilized workforce-focused asset with major capital items completed.
Nearly all HVAC systems were replaced in 2018, new doors were installed in 2023, and the roof, parking lot, and brick exterior are reported to be in excellent condition. Utilities are sub-metered for gas and electric, with tenants responsible for their own costs, while landlord-paid water/sewer and trash are offset by a $50/month utility fee on new leases.
All 49 units are described as 100% market rate, supporting a straightforward residential income profile for an owner who wants a stabilized workforce-focused asset with major capital items completed.
Key Highlights
- 49‑unit workforce housing asset in three well‑maintained brick buildings
- Unit mix: 3 two‑bedrooms, 43 one‑bedrooms, and 3 studios
- Secured entry and on‑site parking, plus coin‑operated laundry in the basements
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $519.1k | $20.40 |
| − Vacancy | −$33.7k | −$1.33 |
| EGI | $485.3k | $19.07 |
| − OpEx | −$218.4k | −$8.58 |
| NOI | $266.9k | $10.49 |
25,444 SF · lease $20.40/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$3.81M
$3.34M – $4.45M
NOI $266,925 @ 7.0% cap · market cap 7.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.52M
$6.58M – $8.77M
NOI $526,385 @ 7.0% cap · market cap 14.04%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Manor Ridge Apartments
Apartment Complex
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Forty-nine-unit brick workforce housing property with secured entry, on-site parking, and coin-operated basement laundry.
Where is this apartment building located?
The property is located at 120 W Elizabeth St Independence, MO.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: 49‑unit workforce housing asset in three well‑maintained brick buildings; Unit mix: 3 two‑bedrooms, 43 one‑bedrooms, and 3 studios; Secured entry and on‑site parking, plus coin‑operated laundry in the basements
