Renovated Duplex with Finished
New
For Sale
$249,900
7232 N Monroe Avenue, Gladstone, MO 64119
DUPLEX - Gladstone, MO
Property Size2,010 SF
Lot Size0.15 Acres
Price / SF$124.33
Days on Market6
Property Features for 7232 N Monroe Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 3, Bathroom 1, Bathroom 2, Bedroom 1, Basement, Bedroom 3, Bedroom 2
Parking features
Garage
Basement
Finished, Full
Appliances
Dishwasher, Disposal, Electric Range, Stainless Steel Appliance(s)
Subdivision
Meadowbrook Manor North
Elementary school district
North Kansas City
Middle school district
North Kansas City
High school district
North Kansas City
Directions
heading east on ne 72nd terr from n antioch rd turn right on monroe ave the property is on the right
Standard status
Active
APN
14-410-00-02-010.00
Size
2,010 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
MEADOWBROOK MANOR NORTH BEG SW COR LT 42, N71, SE120, S41, W114.73 TO POB
Tax Annual Amount
1627
Legal Description
MEADOWBROOK MANOR NORTH BEG SW COR LT 42, N71, SE120, S41, W114.73 TO POB
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Electric
Water source
Public
Building Details
Year built
1970
Building materials
Frame
Roof type
Composition
Listing Agency:
United Real Estate Kansas City
(816) 629-4494
Listed By:
Carly Estes · License #2019040350
(540) 845-3511
Added: Aug 6
Changed: Aug 7
Last Checked: Aug 11 at 7:06AM
MLS# 2635359
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 renovated duplex property offers 2,010 square feet with 3 bedrooms and 2.5 bathrooms. Improvements include a new roof, windows, flooring, kitchen, and renovated bathrooms. The finished basement adds usable interior area, while the attached 1-car garage provides parking and storage. The property was built in 1970 on a 0.15-acre lot.
Located in Gladstone within the North Kansas City School District, the property offers access to shopping, dining, entertainment, highways, and the broader Kansas City area. Public water and public sewer serve the property, with natural gas heating and electric cooling. Additional features include a composition roof, frame construction, dishwasher, disposal, electric range, and stainless steel appliances.
Located in Gladstone within the North Kansas City School District, the property offers access to shopping, dining, entertainment, highways, and the broader Kansas City area. Public water and public sewer serve the property, with natural gas heating and electric cooling. Additional features include a composition roof, frame construction, dishwasher, disposal, electric range, and stainless steel appliances.
Key Highlights
- Extensive renovations include a new roof, windows, flooring, kitchen, and renovated bathrooms
- 2,010 square feet with 3 bedrooms, 2.5 bathrooms, and a finished basement
- Attached 1‑car garage for parking and storage
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
$22,971
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
9.19%
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%
$459,420
$459.4K
Cap Rate 7%
$328,157
$328.2K
Cap Rate 9%
$255,233
$255.2K
Market Conditions
NOI Build-Up for 2,010 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
$35.0K $17.40/SF
− Vacancy
−$2.2K −$1.07/SF
EGI
$32.8K $16.33/SF
− OpEx
−$9.8K −$4.90/SF
NOI
$23.0K $11.43/SF
Area
ZIP 64119
Vacancy
6.17%
Lease Rate
$17.40 /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%
$459,420
Cap Rate 7%
$328,157
Cap Rate 9%
$255,233
Alternative Uses
Best Use
Multifamily LT 5
$328.2K
$287.1K – $382.9K
NOI $22,971 @ 7.0% cap · market cap 9.19%
Second Best
Apartment 5plus
$301.2K
$263.6K – $351.4K
NOI $21,086 @ 7.0% cap · market cap 8.44%
Theoretical Best
Warehouse
$1.50M
$1.31M – $1.75M
NOI $105,009 @ 7.0% cap · market cap 42.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
91
Businesses Nearby
Explore this area
Business Placement
Demographics for 64119, MO
30,865
Population
13,515
Households
2.3
Avg Household Size
39
Median Age
32%
College-Educated
94%
High-School Grad
14.5 sq mi
ZIP Area
2,129
Density / Sq Mi
$79,871
Median Household Income
$45,801
Median Earnings
$1,259
Median Rent
$216,300
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 - Updated duplex with flexible lower-level space and an attached garage.
Where is this duplex located?
The property is located at 7232 N Monroe Avenue Gladstone, MO.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Extensive renovations include a new roof, windows, flooring, kitchen, and renovated bathrooms; 2,010 square feet with 3 bedrooms, 2.5 bathrooms, and a finished basement; Attached 1‑car garage for parking and storage
