Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    201 Pennsylvania Ave Independence, KS 67301
    Back to Search
    Property profile & analytics

    201 Pennsylvania Ave Independence, KS 67301

    View on Map
    • Commercial real estate
    • 0.23 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 201 Pennsylvania Ave

    Year built
    1920
    Lot size
    0.23 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional commercial property, located at 201 N Pennsylvania Avenue in Independence, Kansas, presents a unique investment opportunity. Originally constructed in 1920 as the Commercial National Bank, this landmark building boasts a substantial 52,000 square feet of space, including a fully functional basement. The entire structure, from its concrete floors and roof to its robust foundation, showcases exceptional craftsmanship. Significant upgrades have been implemented in recent years, including the installation of modified 30-year roofs approximately four to five years ago by Bateson Roofing and the replacement of windows with Kawneer units in 1997 (approximately $500,000 investment). The building features two elevators, one original and one recently updated (work completed September 2021). The basement offers ample workspace and includes two bathrooms. Accessibility is ensured with an ADA-compliant entrance and bathroom on the first floor. Two walk-in safes remain, one fully operational. Architectural details, such as the ornate ceilings and the impressive former boardroom, add to the building's historical charm. The building's heating system utilizes steam heat, with the boiler (replaced in 1994) annually inspected and certified by the state. Currently, the building is 50% occupied, offering significant potential for lease income. Large office spaces are available, including the former pharmacy and restaurant areas. Detailed financial information is available upon request to qualified buyers.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Independence
    County
    Montgomery, KS
    State
    Kansas
    Longitude
    -95.7071
    Latitude
    37.2246

    Comparable in this City

    • Value Estimation by Request
      0.14 Acres

      808 11th St

      COMMERCIAL (GENERAL) • 0.14 Acres
      808 11th St, Independence, KS 67301
      View Details
    • Value Estimation by Request
      5.80 Acres

      3376 Cr 2200

      COMMERCIAL (GENERAL) • 5.80 Acres
      3376 Cr 2200, Independence, KS 67301
      View Details
    • Value Estimation by Request
      3.31 Acres

      Main St

      COMMERCIAL (GENERAL) • 3.31 Acres
      Main St, Independence, KS 67301
      View Details
    • Value Estimation by Request
      0.40 Acres

      Main St

      COMMERCIAL (GENERAL) • 0.40 Acres
      Main St, Independence, KS 67301
      View Details
    • Value Estimation by Request
      0.19 Acres

      119 Myrtle St

      COMMERCIAL (GENERAL) • 0.19 Acres
      119 Myrtle St, Independence, KS 67301
      View Details
    • Value Estimation by Request
      0.22 Acres

      Myrtle St

      COMMERCIAL (GENERAL) • 0.22 Acres
      Myrtle St, Independence, KS 67301
      View Details

    Similar Nearby for Sale

    • $128,000
      32.12 Acres

      32-Acre Timber and Recreational Land

      Timber and recreational property minutes from town with year-round access.
      00000 Cr 3925, Independence, KS 67301
      View Details
    • Contact for pricing

      Industrial Property with Large Yard

      Manufacturing/industrial property featuring a large yard and highway access.
      4307 Us Highway 160, Independence, KS 67301
      View Details
    • $175,000
      3.07 Acres

      Commercial Land with Highway Frontage

      3+ acre commercial land with highway frontage in Independence, Kansas.
      3222 W Main St, Independence, KS 67301
      View Details
    • $179,000
      Pending

      Retail, Office, or Restaurant Space

      Custom-built retail, office, or restaurant space with great curb appeal.
      801 N Penn Ave N/A, Independence, KS 67301
      View Details
    • $99,999
      4,749 SF

      Turnkey Car Wash on Main

      Operational car wash on a major thoroughfare with great visibility.
      1720 W Main St, Independence, KS 67301
      View Details
    • $436,000
      109.00 Acres

      Independence, KS Vacant Land

      109 acres of cultivable land, meadow, pasture, and ponds.
      2857 County Rd 3700, Independence, KS 67301
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    201 Pennsylvania Ave
    Independence, KS 67301
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    201 Pennsylvania Ave, Independence, KS, 67301
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!