510 Florence Ave Lee's Summit, MO 64063

Listing details for 510 Florence Ave, Lee's Summit, MO 64063 : Lutz Sales + Investments is pleased to present this exclusive Lee’s Summit multifamily package, on the market for the first time in over 25 years. Priced at $4.85M, this rare opportunity consists of 15 contiguous duplexes (30 units total) in one of Kansas City’s strongest suburban markets. Great location + coveted contiguous duplexes = winning investment! This offering has tremendous upside potential. Investors can pursue multiple exit strategies including holding long term to capture steady cash flow and natural appreciation, renovating slowly over time to push rents to their highest levels, or repositioning and exiting as either a full package or by selling off individual duplexes to owner-occupants or single-investor buyers. The potential here is truly unlimited with many strategic options. All 15 duplexes are contiguous, identical, and feature spacious three-bedroom, 1.5-bathroom floor plans, maximizing economies of scale on insurance and operating expenses. Ownership also allows investors to capitalize on 100% bonus depreciation in 2026 and the sig tax advantages that come with real estate investing. This package qualifies for 1031 exchanges and is eligible for both local and agency debt, offering flexibility in financing. No HOA! Approximately 10 of the 30 units have been refreshed with new paint, flooring and upgraded finishes. Mechanicals are mixed and have been replaced as needed. Solid property management in place and would like to stay on if new ownership desires. Unrenovated “classic” finish units are renting between $1395 and $1425. Refreshed units have reached $1595 per month but the upper end of lease rates have not been tested. Lee’s Summit itself is one of the most desirable submarkets in the KC metro. Known for its high household incomes, top-rated schools, and family-friendly reputation, the city consistently draws strong tenant demand. The property sits just mins from Downtown Lee’s Summit with tons of new development all around!