728 Jennings Rd Independence, MO 64056

Independence Towers presents a compelling value-add opportunity in the thriving Kansas City, MO suburb of Independence. This 11-story, 123-unit apartment building, built in 1963 and extensively renovated in 2023, sits on a 1.7-acre lot (APN: 16-430-03-48-00-0-00-000) and is zoned C-1. The property offers a mix of studio, one, and two-bedroom apartment homes. Currently operating at approximately 63% occupancy, it significantly underperforms the impressive 95% occupancy rate of the Independence/East KC submarket, presenting a clear path to increased revenue. A stabilized pro-forma NOI of approximately $940,000 per year demonstrates strong earning potential. New ownership can capitalize on this by renovating existing vacant units, bringing online currently unused top-floor units with stunning Kansas City skyline views, and converting underutilized common areas into modern amenities such as a fitness center and resident lounge. The secure underground parking garage offers additional revenue streams through parking fees. The property benefits from a strong demographic profile, with approximately 100,000 people residing within a 5-mile radius, boasting average household incomes exceeding $65,000 annually. This auction sale offers a unique chance to acquire a well-located multifamily asset with significant upside potential in a desirable market. The address is 728 N Jennings Rd, Independence, MO 64056.