Renovated Duplex with
For Sale
$185,000
807 S Hardy Avenue, Independence, MO 64053
Residential Income, Independence, MO
Property Size1,400 SF
Lot Size0.12 Acres
Price / SF$132.14
Days on Market203
Property Features for 807 S Hardy Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
MF
Parking features
Off Street
Subdivision
Fairmount
Elementary school
Sugar Creek
Middle school
Nowlin
High school
Van Horn
Elementary school district
Independence
Middle school district
Independence
High school district
Independence
Directions
From Interstate 470 (I-470) 1. Take Exit toward MO-291/US-291 (Noland Rd) from I-470 2. Head north on Noland Rd (MO-291) 3. Turn left (west) onto MO-78/22nd St (if coming from southeast I-470 direction) 4. Continue on 22nd St into central Independence 5. Turn right on S Pearl Ave 6. Turn left on E Lexington Ave 7. Turn right on S Hardy Ave Property will be on your left at 807 S Hardy Ave
Standard status
Active
APN
27-120-06-14-00-0-00-000
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
FAIRMOUNT LOT 354
Tax Annual Amount
1433
Legal Description
FAIRMOUNT LOT 354
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1915
Floors in Building
2
Number of units
2
Building materials
Vinyl Siding
Roof type
Composition
Listing Agency:
Keller Williams Realty Partners Inc.
(913) 906-5400
Listed By:
Elevated Home Team
(913) 906-5400
Added: Jan 31
Changed: Aug 19
Last Checked: Aug 22 at 11:06AM
MLS# 2598849
Copyright © 2026 Heartland Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This fully occupied, renovated duplex includes two separate 2-bedroom, 1-bath units. Each unit is approximately 700 square feet and has new plank flooring along with ceramic tile in the kitchen and bathroom areas. For heating and cooling, both units feature modern mini-split HVAC systems. The layout also includes outdoor space tailored to each unit, with a front porch for one unit and a spacious backyard for the other.
The property is located at 807 S Hardy Avenue in Independence, Missouri, within MF zoning. The lot is approximately 0.1152 acres. Additional operating details provided with the listing include water included with rent.
From a tenant and operator standpoint, the renovation is already in place, and the units are currently occupied. Monthly rents are $775 and $795, and real estate taxes are approximately $1,435 annually. With updated interiors, efficient mini-split comfort systems, and dedicated outdoor space for each unit, the property is positioned for straightforward, low-maintenance residential income use.
The property is located at 807 S Hardy Avenue in Independence, Missouri, within MF zoning. The lot is approximately 0.1152 acres. Additional operating details provided with the listing include water included with rent.
From a tenant and operator standpoint, the renovation is already in place, and the units are currently occupied. Monthly rents are $775 and $795, and real estate taxes are approximately $1,435 annually. With updated interiors, efficient mini-split comfort systems, and dedicated outdoor space for each unit, the property is positioned for straightforward, low-maintenance residential income use.
Key Highlights
- Fully occupied remodeled duplex with 2 units, each with 2 bedrooms and 1 bathroom
- Approx. 700 SF per unit; updated with new plank flooring and ceramic tile in kitchens and bathrooms
- Modern mini‑split HVAC systems in both units for efficient heating and cooling
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
$16,000
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
8.65%
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%
$320,000
$320.0K
Cap Rate 7%
$228,571
$228.6K
Cap Rate 9%
$177,778
$177.8K
Market Conditions
NOI Build-Up for 1,400 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
$24.4K $17.40/SF
− Vacancy
−$1.5K −$1.07/SF
EGI
$22.9K $16.33/SF
− OpEx
−$6.9K −$4.90/SF
NOI
$16.0K $11.43/SF
Area
Independence, MO
Vacancy
6.17%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$320,000
Cap Rate 7%
$228,571
Cap Rate 9%
$177,778
Alternative Uses
Best Use
Multifamily LT 5
$228.6K
$200.0K – $266.7K
NOI $16,000 @ 7.0% cap · market cap 8.65%
Second Best
Apartment 5plus
$209.8K
$183.6K – $244.8K
NOI $14,687 @ 7.0% cap · market cap 7.94%
Theoretical Best
Office A
$413.8K
$362.0K – $482.7K
NOI $28,963 @ 7.0% cap · market cap 15.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
357
Businesses Nearby
Explore this area
Business Placement
Demographics for 64053, MO
5,801
Population
2,751
Households
2.1
Avg Household Size
36
Median Age
12%
College-Educated
77%
High-School Grad
2.7 sq mi
ZIP Area
2,149
Density / Sq Mi
$48,790
Median Household Income
$31,603
Median Earnings
$929
Median Rent
$78,400
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?
Duplex - Fully occupied duplex offers two updated 2-bedroom units with modern mini-split HVAC and low-maintenance finishes.
Where is this duplex located?
The property is located at 807 S Hardy Avenue Independence, MO.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Fully occupied remodeled duplex with 2 units, each with 2 bedrooms and 1 bathroom; Approx. 700 SF per unit; updated with new plank flooring and ceramic tile in kitchens and bathrooms; Modern mini‑split HVAC systems in both units for efficient heating and cooling
