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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1123 40Th St Kansas City, MO 64111

    • Apartment buildings
    • 1,512 SF
    • 0.06 lot acres
    For Sale
    View listing
    $700,000
    Last Sale
    Mar 12, 2021
    Value Estimations
    Cap Rate Potential
    5.9%
    Apartment buildings
    Location Intelligence
    Property ID
    US48-0796592
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Apartment buildings

    Property Details for 1123 40Th St

    Year built
    1922
    Construction
    WOOD
    Lot size
    0.06 lot acres
    Property size
    1,512 SF
    Property type
    Apartment buildings
    APN
    30-340-07-06
    APU
    303400706

    Description

    This exceptional six-unit apartment building, located at 1123 W 40th Street in Kansas City, Missouri, presents a compelling investment opportunity. The property, classified as a Class C multifamily building, is currently fully rented and boasts significant value-add potential. Situated in a high-traffic area near the University of Kansas Medical Center, this property benefits from strong demand and a readily available tenant pool. The current rental rates are below market, offering immediate upside for a savvy investor. The address is 1123 W 40th St, Kansas City, MO 64111, within Jackson County. The asking price for this turnkey investment is $700,000. This presents a chance to acquire a stable, income-generating asset with the potential for substantial returns through rental increases. The property's location near a major medical center ensures consistent occupancy and a reliable stream of rental income. The building's six units provide a manageable portfolio size for both seasoned and new investors. This is a rare opportunity to acquire a well-located, fully occupied apartment building in a thriving Kansas City neighborhood with immediate potential for increased profitability. The property is ready for a new owner to step in and capitalize on the existing below-market rents.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $275,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $270,000
      6.5%
      $250,000
      7%
      $230,000

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $200,000
      Current use
      OFFICE BUILDING
      $270,000
      Change: +36% Conversion: Moderate
      RETAIL STORES
      $235,000
      Change: +20% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $205,000
      Change: +4% Conversion: Difficult
      WAREHOUSE, STORAGE
      $205,000
      Change: +3% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Kansas City
    County
    Jackson
    State
    Missouri
    Longitude
    -94.6
    Latitude
    39.055
    CBSA code
    28140
    CBSA name
    KANSAS CITY, MO-KS METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $2,968
    $1,349
    $36,613
    $37,962
    -
    $0.00
    $0.00
    $199,800

    Comparable in this City

    • Value Estimation by Request
      3,370 SF

      3717 Baltimore Ave

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    • Value Estimation
      $270,000
      2,072 SF

      4121 Walnut St, Unit 1N

      APARTMENT HOUSE (5+ UNITS) • 2,072 SF
      4121 Walnut St, Kansas City, MO 64111-1746
      View Details
    • Value Estimation
      $275,000
      1,656 SF

      3726 Washington St

      APARTMENT HOUSE (5+ UNITS) • 1,656 SF
      3726 Washington St, Kansas City, MO 64111-4644
      View Details
    • Value Estimation
      $300,000
      2,400 SF

      3623 Swsw Trfy

      APARTMENT HOUSE (5+ UNITS) • 2,400 SF
      3623 Swsw Trfy, Kansas City, MO 64111-2824
      View Details
    • Value Estimation
      $290,000
      2,144 SF

      4143 Warwick Blvd, Unit 1

      APARTMENT HOUSE (5+ UNITS) • 2,144 SF
      4143 Warwick Blvd, Kansas City, MO 64111-1664
      View Details
    • Value Estimation
      $270,000
      1,524 SF

      1215 41st St

      APARTMENT HOUSE (5+ UNITS) • 1,524 SF
      1215 41st St, Kansas City, MO 64111-4137
      View Details

    Similar Nearby for Sale

    • $700,000

      Kansas City Apartment Building Investment

      Six-unit building, below market rents
      1123 40Th St, Kansas City, MO 64111
      View Details
    • $659,000
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      Historic Volker Neighborhood Apartments

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    • $395,000

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      Kansas City Income-Producing Triplex

      Triplex in desirable Kansas City location, near Westport and Plaza.
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      Broadway Blvd Retail Opportunity

      Prime Kansas City Retail Land, 14,000 SF
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      Prime Kansas City Multifamily Investment

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    Similar Nearby for Lease

    • $17 SF/Yr
      10,000 SF

      Mixed-Use Building in Kansas City

      10,000 SF mixed-use building suitable for retail, office, apartments.
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      View Details
    • $18 SF/Yr
      2,905 SF

      Restaurant Space in 39th Street Corridor

      2,905 SF end cap space with off-street parking.
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    • Contact for pricing
      1,366 SF

      Retail Space in West 39th

      Retail spaces for lease in vibrant West 39th Street district.
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    • $14 SF/Yr
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      Prime Kansas City Lease Opportunity

      Premier renovated space suitable for retail, office, or restaurant.
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    • $19 SF/Yr
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      Midtown KC Medical/Retail Space

      Prime location near St. Luke’s and KU Medical Center.
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    • $14 SF/Yr
      81,280 SF

      Historic Grocers Warehouse: KCMO Office

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    Kansas City, MO 64111
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    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
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