Independence Multifamily Investment
For Sale
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1206 W White Oak St, Independence, MO 64050
Well-maintained 5-unit apartment building near downtown Independence and Graceland University.
Property Size3,840 SF
Price / SF$124.74
Days on Market162
Property Features for 1206 W White Oak St
General Information
Standard status
Active
Size
3,840 SF
Class
B
Property subtype
Multifamily
Zoning
MF
Occupancy
100%
Building Details
Year Built
1925
Buildings
1
Stories
2
Units
5
Listing Agency:
Lutz Sales + Investments
(913) 426-5576
Listed By:
Michelle Lutz · License #2018036086
Source:
Crexi
Added: Mar 12
Changed: Aug 11
Last Checked: Aug 13 at 7:25AM
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.
The White Oak Apartments is a 5-unit multifamily property constructed in 1925. The property is located minutes from downtown Independence and across the street from Graceland University. The building features a classic exterior and contains four 1-bedroom/1-bath units and one 2-bedroom/1-bath unit. All units have washer/dryer hookups. Cosmetic upgrades can further drive rental growth. All units have been updated to varying degrees over the past couple years. The landlord is responsible for water and gas, which are on a master meter. Electric is separately metered, and tenants pay their own electric, with the exception of 2 voucher tenants. The location provides close proximity to downtown shopping, coffee shops, grocery stores, parks, and a variety of restaurants, along with access to public transportation and commuter routes. Residents benefit from walkable amenities, nearby green space, and the historic Independence Square, creating rental demand. The property is an ideal asset for student and young professional housing.
Key Highlights
- Prime Location: Minutes from downtown Independence and across from Graceland University
- Value‑Add Opportunity: Potential for rental growth through cosmetic upgrades.
- Strong Rental Demand: Located in a high‑demand area with walkable amenities and proximity to Independence Square.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$40,284
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.41%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$805,680
$805.7K
Cap Rate 7%
$575,486
$575.5K
Cap Rate 9%
$447,600
$447.6K
Market Conditions
NOI Build-Up for 3,840 SF
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.
Gross rent
$78.3K $20.40/SF
− Vacancy
−$5.1K −$1.33/SF
EGI
$73.2K $19.07/SF
− OpEx
−$33.0K −$8.58/SF
NOI
$40.3K $10.49/SF
Area
Independence, MO
Vacancy
6.50%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$805,680
Cap Rate 7%
$575,486
Cap Rate 9%
$447,600
Alternative Uses
Best Use
Apartment 5plus
$575.5K
$503.6K – $671.4K
NOI $40,284 @ 7.0% cap · market cap 8.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$993.0K – $1.32M
NOI $79,442 @ 7.0% cap · market cap 16.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
476
Businesses Nearby
Explore this area
Business Placement
Demographics for 64050, MO
22,223
Population
10,338
Households
2.1
Avg Household Size
39
Median Age
15%
College-Educated
87%
High-School Grad
12.9 sq mi
ZIP Area
1,723
Density / Sq Mi
$46,561
Median Household Income
$36,084
Median Earnings
$915
Median Rent
$137,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 5-unit apartment building near downtown Independence and Graceland University.
Where is this apartment building located?
The property is located at 1206 W White Oak St Independence, MO.
What is the asking price?
The asking price for this property is $479,000.
What are key features of this property?
This property features: Prime Location: Minutes from downtown Independence and across from Graceland University; Value‑Add Opportunity: Potential for rental growth through cosmetic upgrades.; Strong Rental Demand: Located in a high‑demand area with walkable amenities and proximity to Independence Square.
