Remodeled Duplex with
For Sale
Under Contract
$389,000
2308 NW 53rd Terrace, Kansas City, MO 64151
MULTI_FAMILY - Kansas City, MO
Property Size2,102 SF
Lot Size1.53 Acres
Price / SF$185.06
Days on Market160
Property Features for 2308 NW 53rd Terrace
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Res
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 2, Bathroom 1
Parking features
Garage
Patio and Porch features
Deck
Exterior features
Private Entrance
Appliances
Dishwasher, Microwave
Subdivision
Breen Acres
Elementary school
Line Creek
Middle school
Lakeview
High school
Park Hill South
Elementary school district
Park Hill
Middle school district
Park Hill
High school district
Park Hill
Directions
From I-29N, Right on Waukomis exit, North on Waukomis Road, Left on NW 53rd Terrace.
Standard status
Active Under Contract
APN
19-80-33-100-004-015-000
Lot size
1.53 Acres
Taxes and HOA fees
Tax Description
LOT:25-26 DIST:8 CITY/MUNI/TWP:KANSAS CITY SEC/TWN/RNG/MER:SEC 33 TWN 51 RNG 33 BREEN ACRES LOTS 25 AND 26
Tax Annual Amount
2872
Legal Description
LOT:25-26 DIST:8 CITY/MUNI/TWP:KANSAS CITY SEC/TWN/RNG/MER:SEC 33 TWN 51 RNG 33 BREEN ACRES LOTS 25 AND 26
Utilities
Sewer type
Septic Tank
Heating system
Forced Air, Natural Gas
Cooling system
Attic Fan, Electric
Water source
Public
Building Details
Year built
1956
Floors in Building
1
Number of units
2
Building materials
Board & Batten Siding, Stone & Frame
Roof type
Composition
Listing Agency:
ReeceNichols - Lees Summit · Reece & Nichols
(816) 524-7272
Listed By:
Tiffany Kelsey · License #2019013929
(816) 729-3118
Added: Mar 17
Changed: Aug 4
Last Checked: Aug 23 at 5:06PM
MLS# 2607622
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 remodeled duplex includes two separate homes on a 1.53-acre property, offering a flexible setup for owner-occupancy and rental use. The two-bedroom, two-bath home (2308) is currently rented; its lease ends January, 2027. The true ranch home features 3 bedrooms and 1 full bath and includes an attached garage. The bungalow-style ranch home offers 2 bedrooms and 2 full baths with an open kitchen, dining, and living area. Updates across both homes include new flooring, fresh interior paint, new kitchen cabinets with granite countertops, updated bath vanities, updated showers, and modern lighting.
Both homes are heated with forced air natural gas and cooled with electric service plus an attic fan. The exterior includes board & batten siding along with stone & frame construction, and the roof is composition. The property has public water and uses a septic tank, with private entrance access and a deck.
The location provides convenient access to the city just off I-29, with approximately 20 minutes to KCI Airport and about 10 minutes to Downtown Kansas City, and proximity to Zona Rosa shopping and dining.
Both homes are heated with forced air natural gas and cooled with electric service plus an attic fan. The exterior includes board & batten siding along with stone & frame construction, and the roof is composition. The property has public water and uses a septic tank, with private entrance access and a deck.
The location provides convenient access to the city just off I-29, with approximately 20 minutes to KCI Airport and about 10 minutes to Downtown Kansas City, and proximity to Zona Rosa shopping and dining.
Key Highlights
- Two homes on a 1.53‑acre lot with private entrance access
- Home (2308) is a two‑bedroom, two‑bath; lease ends January, 2027
- Ranch home: 1,200 SF with 3 bedrooms and 1 full bath plus attached garage
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
$24,520
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
6.30%
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%
$490,400
$490.4K
Cap Rate 7%
$350,286
$350.3K
Cap Rate 9%
$272,444
$272.4K
Market Conditions
NOI Build-Up for 2,102 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
$37.3K $17.76/SF
− Vacancy
−$2.3K −$1.10/SF
EGI
$35.0K $16.66/SF
− OpEx
−$10.5K −$5.00/SF
NOI
$24.5K $11.66/SF
Area
Kansas City, MO
Vacancy
6.17%
Lease Rate
$17.76 /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%
$490,400
Cap Rate 7%
$350,286
Cap Rate 9%
$272,444
Alternative Uses
Best Use
Multifamily LT 5
$350.3K
$306.5K – $408.7K
NOI $24,520 @ 7.0% cap · market cap 6.30%
Second Best
Apartment 5plus
$322.4K
$282.1K – $376.2K
NOI $22,570 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$500.7K
$438.1K – $584.1K
NOI $35,047 @ 7.0% cap · market cap 9.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
240
Businesses Nearby
Explore this area
Business Placement
Demographics for 64151, MO
28,779
Population
12,452
Households
2.3
Avg Household Size
38
Median Age
42%
College-Educated
97%
High-School Grad
13.1 sq mi
ZIP Area
2,197
Density / Sq Mi
$91,348
Median Household Income
$50,069
Median Earnings
$1,333
Median Rent
$292,500
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 - Duplex with remodeled interiors, deck, and private entrances on a residential lot with public water and septic.
Where is this duplex located?
The property is located at 2308 NW 53rd Terrace Kansas City, MO.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Two homes on a 1.53‑acre lot with private entrance access; Home (2308) is a two‑bedroom, two‑bath; lease ends January, 2027; Ranch home: 1,200 SF with 3 bedrooms and 1 full bath plus attached garage
