204 E Franklin St
Liberty, MO 64068
Franklin House · Multifamily Property For Sale · 20 Units

The Franklin Apartments are located in downtown Liberty, Missouri, adjacent to the Historic Downtown Square several blocks west of William Jewell College. The subject property is a 3-story walk-up apartment complex constructed in 1924 with a brick veneer exterior and 7 off-street parking spaces located at the rear of the buildings. The complex is comprised of 20 units, 19 studios and 1 one-bedroom unit, with an average unit size of 434 sq. ft. (previous appraisal). Each apartment unit is accessed via common entrances on the front or rear of the building. The front (south) entrance provides access to the front 6 units, while the rear (north) entrance provides access to the remaining 14 units. The front and back stairwells are fully enclosed and provide access to the 2nd and 3rd floors. All studio units at Franklin feature a variation of dark hardwood, carpet or vinyl flooring with window air conditioning units, radiator heat, ceiling fans, wood cabinets, stainless steel sinks, electric ranges, refrigerators, and shower/tubs. Each unit is partitioned into a living room/bedroom, kitchen and bathroom. The floor plan of the above-grade units is identical or mirror image, while basement units are slightly different floor plans with similar layouts. All utilities are included with rent, therefore the landlord is responsible for gas, electric, water, sewer and trash. The building has a gas-fired boiler heating system, a common water meter, and the units are not separately metered for gas or electric. The full basement at Franklin includes a studio unit, laundry room, mechanical closet, and several storage rooms, and is accessed via the interior staircase. The basement laundry room contains two coin operated laundry machines. Recently, the current owner and management (3rd Party Management) have implemented a monthly, flat-based utility charge of $50 to select units (6 in total), increasing scheduled rents about 4.5%. In 2016, Confluence, a professional consulting/architecture firm replaced streets, sidewalks and public infrastructure in Liberty Square and the surrounding Historic District. The goal was to better accommodate community festivals and events while maintaining parking, widening sidewalks and enhancing the pedestrian experience for residents in the neighborhood. The neighborhood surrounding Franklin has good occupancy and demand for space, either right on or just off of Liberty Square, making it a stable neighborhood with consistent demand.