Under-Construction
For Sale
$347,743
Pending
1204 SE Cronin Street, Lees Summit, MO 64081
Residential, Traditional, Lee's Summit, MO
Property Size1,649 SF
Lot Size0.15 Acres
Days on Market134
Property Features for 1204 SE Cronin Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 3, Bathroom 2, Basement, Bedroom 2, Bedroom 1, Dining Room
Patio and Porch features
Patio
Interior features
Ceiling Fan(s), Kitchen Island, Walk-In Closet(s)
Basement
Unfinished
Appliances
Dishwasher, Disposal, Microwave, Electric Range, Free-Standing Electric Oven
Subdivision
Manor at Bailey Farms
Lot features
City Limits
Elementary school
Sunset Valley
Middle school
East Trails
High school
Lee's Summit
Elementary school district
Lee's Summit
Middle school district
Lee's Summit
High school district
Lee's Summit
Directions
From Highway 50, take I-470 east toward Lee's Summit and remain on I-470 for several miles, then take Exit 2 for SE Blue Parkway. Turn right onto SE Blue Parkway and continue for about a mile before turning left onto SE Ranson Road. Drive a short distance and turn right onto SE Penrose Street, then take your first left onto SE Cronin Street. Continue straight, and 1204 SE Cronin Street will be on your right.
Standard status
Pending
APN
999999
Size
1,649 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
Manor at Bailey Farms, Lot 222-1
HOA Fee
$1,200 Annually
Legal Description
Manor at Bailey Farms, Lot 222-1
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Electric
Water source
Public
Building Details
Year built
2026
Flooring type
Laminate, Carpet, Tile
Building materials
Frame, Stone Veneer
Roof type
Composition
Architectural style
Other
Listing Agency:
Platinum Realty LLC
(888) 220-0988
Listed By:
Lauren Roush
(417) 529-0472
Added: May 3
Changed: Sep 13
Last Checked: Sep 13 at 10:06PM
MLS# 2618305
Copyright © 2026 Heartland Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This under-construction duplex is planned as a 1,649-square-foot residential property on a 0.1509-acre lot. The layout includes three bedrooms, two bathrooms, a dining room, and a basement, with practical interior features such as a kitchen island, walk-in closet, and ceiling fans. Laminate, tile, and carpet flooring are specified throughout the property.
Construction materials include frame construction with stone veneer, complemented by a composition roof, natural gas heating, and electric cooling. The kitchen package includes a dishwasher, disposal, microwave, electric range, and free-standing electric oven. A patio provides exterior amenity space, while public water and public sewer serve the property. The recorded address is 1204 SE Cronin Street in Lee's Summit, Missouri 64081.
Construction materials include frame construction with stone veneer, complemented by a composition roof, natural gas heating, and electric cooling. The kitchen package includes a dishwasher, disposal, microwave, electric range, and free-standing electric oven. A patio provides exterior amenity space, while public water and public sewer serve the property. The recorded address is 1204 SE Cronin Street in Lee's Summit, Missouri 64081.
Key Highlights
- 1649 SF duplex on a 0.1509‑acre lot
- Three bedrooms, two bathrooms, dining room, and basement
- Under construction with a 2026 year built
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$17,671
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.08%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$353,420
$353.4K
Cap Rate 7%
$252,443
$252.4K
Cap Rate 9%
$196,344
$196.3K
Market Conditions
NOI Build-Up for 1,649 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$26.7K $16.20/SF
− Vacancy
−$1.5K −$0.89/SF
EGI
$25.2K $15.31/SF
− OpEx
−$7.6K −$4.59/SF
NOI
$17.7K $10.72/SF
Area
Lees Summit, MO
Vacancy
5.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$353,420
Cap Rate 7%
$252,443
Cap Rate 9%
$196,344
Alternative Uses
Best Use
Multifamily LT 5
$252.4K
$220.9K – $294.5K
NOI $17,671 @ 7.0% cap · market cap 5.08%
Second Best
Apartment 5plus
$225.5K
$197.3K – $263.1K
NOI $15,786 @ 7.0% cap · market cap 4.54%
Theoretical Best
Specialty Retail
$418.5K
$366.2K – $488.3K
NOI $29,296 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
50
Businesses Nearby
Explore this area
Business Placement
Demographics for 64081, MO
24,903
Population
10,778
Households
2.3
Avg Household Size
43
Median Age
51%
College-Educated
98%
High-School Grad
13.0 sq mi
ZIP Area
1,916
Density / Sq Mi
$103,490
Median Household Income
$61,338
Median Earnings
$1,449
Median Rent
$333,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Planned 2026 construction includes public water and sewer service, a patio, and a finished residential layout.
Where is this duplex located?
The property is located at 1204 SE Cronin Street Lees Summit, MO.
What is the asking price?
The asking price for this property is $347,743.
What are key features of this property?
This property features: 1649 SF duplex on a 0.1509‑acre lot; Three bedrooms, two bathrooms, dining room, and basement; Under construction with a 2026 year built
