Remodeled 8-Unit Apartment
For Sale
$950,000
525 N Osage Street, Independence, MO 64050
Brick multifamily property with updated building systems, shared laundry facilities, and controlled building entry.
Property Size4,080 SF
Price / SF$232.84
Days on Market1109
Property Features for 525 N Osage Street
General Information
Standard status
Active
Size
4,080 SF
Property subtype
Multi Family
Additional Details
Highway Access
Yes
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$3,199
Amenities
common laundry
security door entry
Building Details
Year Built
1964
Construction
brick
Listing Agency:
Sky Realty & Development
(816) 200-4114
Listed By:
Lynnette Shattuck · License #2003026838
(816) 200-4114
Source:
Exitrealty
Added: Aug 18, 2023
Changed: Aug 29
Last Checked: Aug 30 at 2:17PM
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 Sky Realty & Development
Investment Insights
Based on property information with market context.
This 4,080-square-foot apartment building contains 8 units with a mix of 1- and 2-bedroom layouts, along with a studio that is partially completed. The 1964 property has an all-brick exterior and has undergone extensive remodeling, including new wood flooring, kitchens, bathrooms, roof, water heater, gas, plumbing, electrical work, and blacktop paving. A ninth studio is positioned for completion upon an accepted offer.
Residents have access to washers and dryers in the common area, while a security-door entry system serves the building. The property is located minutes from downtown Independence Square, with shopping, dining, schools, and highway access nearby.
Residents have access to washers and dryers in the common area, while a security-door entry system serves the building. The property is located minutes from downtown Independence Square, with shopping, dining, schools, and highway access nearby.
Key Highlights
- 8‑unit apartment building with 1- and 2‑bedroom layouts
- 4,080 square feet on the property
- All‑brick building constructed in 1964
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
$42,802
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
4.51%
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%
$856,040
$856.0K
Cap Rate 7%
$611,457
$611.5K
Cap Rate 9%
$475,578
$475.6K
Market Conditions
NOI Build-Up for 4,080 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
$83.2K $20.40/SF
− Vacancy
−$5.4K −$1.33/SF
EGI
$77.8K $19.07/SF
− OpEx
−$35.0K −$8.58/SF
NOI
$42.8K $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%
$856,040
Cap Rate 7%
$611,457
Cap Rate 9%
$475,578
Alternative Uses
Best Use
Apartment 5plus
$611.5K
$535.0K – $713.4K
NOI $42,802 @ 7.0% cap · market cap 4.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,407 @ 7.0% cap · market cap 8.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
899
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 - Brick multifamily property with updated building systems, shared laundry facilities, and controlled building entry.
Where is this apartment building located?
The property is located at 525 N Osage Street Independence, MO.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 8‑unit apartment building with 1- and 2‑bedroom layouts; 4,080 square feet on the property; All‑brick building constructed in 1964
