603 N 5th Street | Mixed-Use Investment Opportunity
Downtown Leavenworth, Kansas
$229,000 Asking Price | 5,926 SF | 4 Residential Units | 14 Planned Bedrooms | 2 Commercial Units
603 N 5th Street is a value-add mixed-use property in downtown Leavenworth, near Fort Leavenworth, the VA, major employers and local housing and service organizations.
The building offers something hard to find at this price:
Several possible business plans under one roof.
Renovate it for traditional apartments, furnished workforce housing, co-living, recovery housing, veteran housing, transitional housing, master leases—or use a mix of strategies.
The property is being sold as-is, giving the next owner control over the final design and business plan.
Property Layout
The building has about 3,000 SF on each floor.
Main Floor
2 commercial storefronts facing N 5th Street
1-bedroom apartment behind the south commercial space
3-bedroom apartment behind the north commercial space
Second Floor
The proposed plan creates:
6-bedroom / 2-bath south apartment
4-bedroom / 2-bath north apartment
Total Residential Plan
4 apartments | 14 bedrooms | 6+ bathrooms
The four separate apartments allow an owner to serve different tenant groups without mixing everyone into one housing model.
Multiple Tenant Pools
This is more than a PadSplit or traditional apartment play.
Military & Workforce Housing
Fort Leavenworth is just up the road. Furnished rooms could serve military personnel, civilian employees, contractors and other local workers.
Recovery Housing
The 6BR/2BA apartment may work well for an Oxford House-style recovery home or other master-lease operator.
Veterans
Leavenworth has a large veteran community and VA presence. Housing could serve private-pay veterans, voucher holders or residents referred by local veteran organizations.
Transitional & Supportive Housing
Local organizations serve people moving from homelessness, treatment, re-entry and other transitional situations. An owner could provide the housing while established organizations provide referrals and support services.
Traditional Rentals
The 1BR and 3BR can remain normal apartments, while the larger units can also be rented traditionally if desired.
Co-Living / Furnished Rooms
The 4BR and 6BR apartments can be operated as furnished room rentals for workers, military tenants or other qualified residents.
The owner does not have to choose one model for the entire building.
Example Tenant Mix
6BR/2BA: Recovery housing, master lease or co-living
4BR/2BA: Military, workforce, veterans or furnished rooms
3BR: Traditional family, voucher or transitional housing
1BR: Traditional, veteran or voucher tenant
2 Commercial Units: Retail, office, service business or other commercial tenants
This gives the property several separate sources of demand.
Income & Value Potential
Our conservative stabilized target is approximately:
$75,000 Annual NOI
Using an income approach:
9% Cap → $833,000
8.5% Cap → $882,000
8% Cap → $938,000
Actual income and value will depend on renovation costs, rents, expenses, financing and the buyer’s operating plan.
Renovation
A substantial renovation is estimated at approximately:
$220,000–$250,000
The final cost will depend on layout, finishes, mechanical work, code requirements and the buyer’s intended use.
A buyer can also choose a different scope and business plan.
Grants, Tax Credits & Local Incentives
603 N 5th may qualify for several programs that could lower renovation or ownership costs. Eligibility should be confirmed before starting work.
Neighborhood Revitalization Area (NRA) — The City offers a 95% rebate of the increase in property taxes caused by qualifying improvements, for up to 10 years. The application must be submitted before work begins.
Leavenworth Neighborhood Revitalization & Economic Development Programs
City Small Business Matching Grant — Qualifying commercial improvements may receive a 50% matching grant, up to $5,000 for a single business or $15,000 for a multi-tenant property.
Leavenworth Small Business Grant Program
Kansas Historic Rehabilitation Tax Credit — A qualifying historic rehabilitation in a Kansas community of 50,000 or less may receive a state income-tax credit equal to 40% of qualified rehabilitation expenses.
Kansas Historic Rehabilitation Tax Credits
Federal Historic Rehabilitation Tax Credit — Qualifying income-producing historic buildings may receive a 20% federal income-tax credit on qualified rehabilitation expenses.
Federal Historic Rehabilitation Tax Credit Program
Heritage Trust Fund — Register-listed historic properties may compete for Kansas preservation grants for qualifying rehabilitation work.
Kansas Heritage Trust Fund
City Economic Development Incentives — Leavenworth can consider incentives including tax abatements, forgivable loans, fee waivers and other redevelopment tools for qualifying projects.
City of Leavenworth Economic Development Incentives
Programs are subject to eligibility, funding and approval. Buyers should verify all incentives before relying on them.
Why 603 N 5th?
Low entry price.
Large mixed-use building.
14-bedroom residential plan.
Two commercial income streams.
Several tenant pools.
Multiple ways to operate the property.
Strong value-add potential.
An investor can build around the demand that makes the most sense instead of betting the whole property on one tenant type.
Property Details
603 N 5th St, Leavenworth, KS 66048
Asking Price: $229,000
Building: Approx. 5,926 SF
Lot: Approx. 9,148 SF
Year Built: 1885
Residential: 4 units / 14 planned bedrooms
Commercial: 2 storefronts
Parking: Off-street parking
Basement: Partial unfinished basement
Property is offered as-is.
Request More Information
For photos, renovation information, financial assumptions or to schedule a walkthrough:
Ben Walls
Turnkey Property USA
816-406-0044
ben@turnkeypropertyusa.com
Serious investor inquiries welcome.
All income, NOI, renovation and value figures are estimates only. Buyers should independently verify zoning, permitted occupancy, rents, expenses, renovation costs, incentives and all other information before purchasing.