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    1400 Michigan St Kirksville, MO 63501

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    1400 Michigan St Kirksville, MO 63501

    View on Map
    • Commercial real estate
    • 5.30 lot acres
    Off-Market
    Property ID
    US48-2516292
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 1400 Michigan St

    Lot size
    5.30 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 5.3-acre commercial property, located at 1400 W Michigan St in Kirksville, Missouri (zip code 63501), presents a remarkable opportunity for various development ventures. Situated within Kirksville city limits, this land offers a blend of wooded areas and open space, attracting abundant wildlife. Previously utilized as a mobile home park, the property boasts ten existing pads with utilities still in place, providing a solid foundation for continued use or redevelopment. The expansive lot size allows for diverse possibilities, including the construction of single-family homes, multi-family dwellings, or commercial buildings. Its strategic location within the city ensures convenient access to essential amenities and infrastructure. The asking price for this exceptional property is $76,900. This is a rare chance to acquire a sizable parcel of land in a thriving Missouri community, ready for your vision to take shape. The property's versatility makes it an attractive investment for both seasoned developers and those seeking a unique opportunity to build their dream project. Don't miss this chance to own a piece of Kirksville's future.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Kirksville
    County
    Adair
    State
    Missouri
    Longitude
    -92.599231
    Latitude
    40.188628

    Comparable in this City

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      Residential Lot in Bowers Addition

      Spacious residential lot in Kirksville's desirable Bowers Addition.
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      Land For Sale

      Land available for sale.
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      Kirksville Land Prime Location

      12 acres near Kirksville suitable for development or residential use.
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    Similar Nearby for Sale

    • $2,326,025
      421.00 Acres

      Secluded Land Near Kirksville

      Secluded 421-acre property with tillable land and hunting potential.
      0000 Buffalo Trl, Kirksville, MO 63501
      View Details
    • $459,000

      Kirksville Industrial Land For Sale

      2.4 acres of industrial land near downtown Kirksville, Missouri.
      Xxx Harrison St, Kirksville, MO 63501
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    • $499,000
      Pending

      Kirksville Commercial Land For Sale

      5.5 acre commercial lot with development potential in Kirksville.
      3006 Baltimore St, Kirksville, MO 63501
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    • $34,500
      0.67 Acres

      Residential Lot in Bowers Addition

      Spacious residential lot in Kirksville's desirable Bowers Addition.
      Meadow Ln, Kirksville, MO 63501
      View Details
    • Contact for pricing

      Land For Sale

      Land available for sale.
      3002 N Baltimore St, Kirksville, MO 63501
      View Details
    • $140,000
      Pending

      Kirksville Land Prime Location

      12 acres near Kirksville suitable for development or residential use.
      000 Canton Way, Kirksville, MO 63501
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Kirksville Commercial Land For Lease

      Commercial land available for lease in Kirksville, Missouri.
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      Versatile Buildings with High Visibility

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    • $5 SF/Yr

      Retail Space For Rent

      Retail space available for lease in Kirksville, Missouri.
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      6,000 SF

      Retail Space Near University Hub

      Retail space in Kirksville, shadowed by Wal Mart.
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      Retail Space Available For Rent

      Retail spaces available, ranging from 1,500 to 6,000 SqFt.
      2104 N Baltimore St, Kirksville, MO 63501
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    • Contact for pricing
      4,500 SF

      Retail Outlots with Drive-Thru

      Retail outlots available near Truman State University.
      2110-2118 S Baltimore St, Kirksville, MO 63501
      View Details
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    Kirksville, MO 63501
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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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