Under-Construction Duplex
For Sale
$298,600
Pending
1902 Shellbark Street, Raymore, MO 64083
Residential, Traditional, Raymore, MO
Property Size1,211 SF
Lot Size0.21 Acres
Days on Market38
Property Features for 1902 Shellbark Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 1, Dining Room, Laundry Room, Laundry Room
Parking features
Garage
Patio and Porch features
Patio
Interior features
Ceiling Fan(s), Custom Cabinets, Kitchen Island, Painted Cabinets, Pantry, Stained Cabinets, Walk-In Closet(s)
Appliances
Dishwasher, Disposal, Microwave, Electric Range, Stainless Steel Appliance(s)
Subdivision
Timber Ridge
Lot features
City Lot, Sprinkler- In Ground
Elementary school
Eagle Glen
Middle school
Raymore-Peculiar East
High school
Raymore-Peculiar
Elementary school district
Raymore-Peculiar
Middle school district
Raymore-Peculiar
High school district
Raymore-Peculiar
Directions
Timber Ridge is just East of Dean off Johnston Drive and just a few blocks South of 58 Hwy. Take I-49 to 58 Hwy. from 58 Hwy., take E. Outer Road to Johnston Drive. Take Johnston Drive East, just past Dean to Ironwood Drive. Welcome Home!
Standard status
Pending
APN
999999
Size
1,211 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Description
TIMBER RIDGE LOT 8 A
HOA Fee
$150 Monthly
Legal Description
TIMBER RIDGE LOT 8 A
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Electric
Water source
Public
Amenities
irrigation system
ceiling fan
Building Details
Year built
2026
Flooring type
Vinyl, Carpet, Tile
Building materials
Frame, Lap Siding, Stone Veneer
Roof type
Composition
Architectural style
Other
Listing Agency:
ReeceNichols- Leawood Town Center · Reece & Nichols
(913) 345-0700
Listed By:
Shelly Balthazor
(816) 591-6277
Added: Aug 16
Changed: Sep 15
Last Checked: Sep 22 at 7:06AM
MLS# 2637168
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 villa offers 1,211 square feet of single-level living with two bedrooms, two bathrooms, and an open arrangement connecting the living room, kitchen, and dining area. A one-car garage, patio, pantry, kitchen island, walk-in closet, ceiling fan, and laundry room support everyday functionality. Interior finishes include luxury vinyl plank flooring in the main living area, carpet, tile, black matte plumbing fixtures, custom cabinetry, and stainless steel appliances.
The home is planned for completion in 2026 and uses James Hardie ColorPlus siding, stone veneer, double-wall construction, a 96% AFUE natural-gas furnace, 14 SEER electric air conditioning, and an irrigation system. Public water and public sewer serve the property. Lawn maintenance is provided, offering a lower-maintenance ownership format.
The home is planned for completion in 2026 and uses James Hardie ColorPlus siding, stone veneer, double-wall construction, a 96% AFUE natural-gas furnace, 14 SEER electric air conditioning, and an irrigation system. Public water and public sewer serve the property. Lawn maintenance is provided, offering a lower-maintenance ownership format.
Key Highlights
- Duplex villa with 1,211 square feet of living area
- Two bedrooms and two bathrooms in a single‑level layout
- One‑car garage plus patio
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
$10,409
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
3.49%
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%
$208,180
$208.2K
Cap Rate 7%
$148,700
$148.7K
Cap Rate 9%
$115,656
$115.7K
Market Conditions
NOI Build-Up for 1,211 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
$15.1K $12.48/SF
− Vacancy
−$243 −$0.20/SF
EGI
$14.9K $12.28/SF
− OpEx
−$4.5K −$3.68/SF
NOI
$10.4K $8.60/SF
Area
Cass County, MO
Vacancy
1.61%
Lease Rate
$12.48 /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%
$208,180
Cap Rate 7%
$148,700
Cap Rate 9%
$115,656
Alternative Uses
Best Use
Multifamily LT 5
$148.7K
$130.1K – $173.5K
NOI $10,409 @ 7.0% cap · market cap 3.49%
Second Best
Apartment 5plus
$132.4K
$115.9K – $154.5K
NOI $9,271 @ 7.0% cap · market cap 3.10%
Theoretical Best
Office A
$273.0K
$238.9K – $318.5K
NOI $19,112 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
381
Businesses Nearby
Explore this area
Business Placement
Demographics for 64083, MO
24,945
Population
10,058
Households
2.5
Avg Household Size
40
Median Age
37%
College-Educated
95%
High-School Grad
25.7 sq mi
ZIP Area
971
Density / Sq Mi
$99,575
Median Household Income
$53,042
Median Earnings
$1,262
Median Rent
$316,100
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 - Single-level living includes a two-bedroom, two-bath layout with lawn maintenance provided.
Where is this duplex located?
The property is located at 1902 Shellbark Street Raymore, MO.
What is the asking price?
The asking price for this property is $298,600.
What are key features of this property?
This property features: Duplex villa with 1,211 square feet of living area; Two bedrooms and two bathrooms in a single‑level layout; One‑car garage plus patio
