Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1403 3rd St, Unit B1 Lees Summit, MO 64081-2410

    • Garden apartment buildings
    • 7,252 SF
    • 3.59 lot acres
    OFF-MARKET
    Value Estimations
    $1,040,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US48-0654198
    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

    • The Oaks Apartments / Real Estate Agency

    Property Details for 1403 3rd St

    Year built
    1968
    Construction
    WOOD
    Lot size
    3.59 lot acres
    Property size
    7,252 SF
    Property type
    Garden apartment buildings
    APN
    62-610-03-21-01
    APU
    62610032101

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,155,000
      6.5%
      $1,070,000
      7%
      $990,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,007,000
      Market price range: $238k - $1.01M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $695,000
      Current use
      COMMERCIAL (GENERAL)
      $1,285,000
      Change: +86% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $965,000
      Change: +39% Conversion: Difficult
      OFFICE BUILDING
      $865,000
      Change: +25% Conversion: Moderate
      WAREHOUSE, STORAGE
      $855,000
      Change: +24% Conversion: Difficult
      RESTAURANT
      $830,000
      Change: +20% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $750,000
      Change: +8% Conversion: Difficult
      RETAIL STORES
      $720,000
      Change: +4% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lees Summit
    County
    Jackson
    State
    Missouri
    Longitude
    -94.4018
    Latitude
    38.9103
    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
    $97,040
    $71,041
    $1,282,709
    $1,353,750
    -
    $0.00
    $0.00
    $7,125,000

    Comparable in this City

    • Value Estimation
      $1,105,000
      7,708 SF

      510 Tower Park Dr

      GARDEN APT, COURT APT (5+ UNITS) • 7,708 SF
      510 Tower Park Dr, Lees Summit, MO 64081
      View Details
    • Value Estimation by Request
      13,080 SF

      512 Murray Rd, Unit B101

      GARDEN APT, COURT APT (5+ UNITS) • 13,080 SF
      512 Murray Rd, Lees Summit, MO 64081-1430
      View Details
    • Value Estimation
      $1,085,000
      41,785 SF

      615 Jacob Dr, Unit 101

      GARDEN APT, COURT APT (5+ UNITS) • 41,785 SF
      615 Jacob Dr, Lees Summit, MO 64081-1214
      View Details
    • Value Estimation
      $1,355,000
      10,290 SF

      1708 Obrien Rd

      GARDEN APT, COURT APT (5+ UNITS) • 10,290 SF
      1708 Obrien Rd, Lees Summit, MO 64081
      View Details
    • Value Estimation by Request
      2,136 SF

      1419 3rd St, Unit A1

      GARDEN APT, COURT APT (5+ UNITS) • 2,136 SF
      1419 3rd St, Lees Summit, MO 64081-2418
      View Details
    • Value Estimation by Request
      2,136 SF

      1423 3rd St, Unit A1

      GARDEN APT, COURT APT (5+ UNITS) • 2,136 SF
      1423 3rd St, Lees Summit, MO 64081-2420
      View Details

    Similar Nearby for Sale

    • $350,000

      Lee's Summit Estate Lot - Half Acre+

      Prime residential land, build your dream home!
      1240 Corinthian Ln, Lee's Summit, MO 64081
      View Details
    • $335,000

      Lee's Summit Lakefront Land

      Prime lakefront lot, custom build opportunity.
      1209 Corinthian Ln, Lee's Summit, MO 64081
      View Details
    • $429,990
      7.25 Acres

      7.25 Acres Raymore Land

      Spacious Missouri acreage with barn & living quarters.
      304 Hubach Hl Rd, Lee's Summit, MO 64081
      View Details
    • $275,000

      Lee's Summit Commercial Land Opportunity

      Large Missouri lot, ideal mixed-use development.
      0 N/A, Lee's Summit, MO 64081
      View Details
    • $105,000

      Lee's Summit Residential Lot

      Build Your Dream Home in Longview!
      1109 Corinthian Ln, Lee's Summit, MO 64081
      View Details
    • $155,000

      Lee's Summit Residential Lot

      Build Your Dream Home on Lakefront Lot
      3262 Pergola Park Dr, Lee's Summit, MO 64081
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr
      32,006 SF

      Lee's Summit Office Space for Lease

      Class A Office, Mixed-Use, 10,383 SF Vacant
      400 Longview Rd, Lee's Summit, MO 64081
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space in Lee's Summit

      Retail space available for lease in Lee's Summit, MO.
      310 W Ward Rd, Lees Summit, MO 64081
      View Details
    • Contact for pricing
      3,184 SF

      Lee's Summit Retail/Office Space

      Retail and office spaces available in Lee's Summit, Missouri.
      450 SW Ward Rd, Lees Summit, MO 64081
      View Details
    • $12 SF/Yr
      8,100 SF

      Lees Summit Office Space Available

      8,100 RSF office space with private and executive offices.
      1009 SE Browning Ave, Lees Summit, MO 64081
      View Details
    • Contact for pricing
      1,997 SF

      Lee's Summit Office Space

      Office space for rent with high traffic and income.
      450-510 NE Highway Ln, Lees Summit, MO 64081
      View Details
    • $18 SF/Yr
      2,070 SF

      Move-in Ready Office Suites

      Move-in ready office suites for lease in central location.
      600 NW Murray Rd, Lees Summit, MO 64081
      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.
    1403 3rd St, Unit B1
    Lees Summit, MO 64081-2410
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!