3556 S. Lynn Street is a 4-unit, brick exterior building located at the end of a quiet cul-de-sac in Independence, Missouri. Built in 1969, the property dwells in a neighborhood of rental properties and provides tenants 6 off-street parking spaces at the front of the building. The Lynn property stands 2-stories on a slab with a pitched composition shingle roof on nearly a quarter acre lot. The building is separately metered for gas, electric and water (tenants responsible for all utilities + trash) and the building has completed significant renovations over the last year to both the interior and exterior. All units at the property are two-bedroom, one-bathroom units with an approximate unit size of 750 square-feet (+/-). All units have front/rear access and are identical footprints. All units feature central air, washer/dryer hookups, vinyl flooring, carpeted bedroom, ceiling fans, good closet space and individual mechanical rooms Three of the four units have been renovated to present a uniform product consisting of newer paint, countertops (kitchen/bathroom), matching appliances/fixtures, updates to flooring and newer cabinets ($10,000/unit). 3556 Lynn has excellent commuter accessibility to highways/interstates and nearby shops/restaurants. The building has a history of high occupancy (100% currently) with efficient 3rd party management in place. The neighboring property, 3560 S. Lynn Street (2443713) is also available for sale providing opportunity for new ownership to take advantages of the synergies of owning adjacent properties. The asset presents an appeal to both the stabilized and value-add investor. Buyer could continue to manage property as-is with small incremental improvements or look to enhance finishes and provide laundry equipment in units to increase rents. Two of the units (3556A & 3558 A) are being rented out as Airbnb units through a 3rd party leaser, another potential avenue to explore.
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