Sign Up Successful!
You now have access to more from Realmo!
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

    1696 Chipman Rd Lees Summit, MO 64081-3934

    • Turn key restaurants
    • 5,048 SF
    • 1.92 lot acres
    OFF-MARKET
    Value Estimations
    $340,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US48-0364587
    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

    • LongHorn Steakhouse / Steak House / Bar & Grill

    Property Details for 1696 Chipman Rd

    Year built
    2001
    Construction
    WOOD
    Lot size
    1.92 lot acres
    Property size
    5,048 SF
    Property type
    Turn key restaurants
    APN
    51-700-03-17
    APU
    517000317

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $340,000

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $520,000
      RETAIL STORES
      $500,000
      APARTMENT HOUSE (5+ UNITS)
      $485,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Lees Summit
    County
    Jackson
    State
    Missouri
    Longitude
    -94.4085
    Latitude
    38.9269
    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
    $53,352
    $432,800
    $187,200
    $620,000
    -
    $0.00
    $0.00
    $1,937,500

    Comparable in this City

    • Value Estimation
      $420,000
      5,865 SF

      625 Murray Rd

      RESTAURANT • 5,865 SF
      625 Murray Rd, Lees Summit, MO 64081-1203
      View Details
    • Value Estimation
      $390,000
      4,408 SF

      904 Pryor Rd

      RESTAURANT • 4,408 SF
      904 Pryor Rd, Lees Summit, MO 64081-1118
      View Details
    • Value Estimation
      $315,000
      5,676 SF

      1688 Chipman Rd

      RESTAURANT • 5,676 SF
      1688 Chipman Rd, Lees Summit, MO 64081-3934
      View Details
    • Value Estimation
      $315,000
      6,101 SF

      1001 Hamblen Rd

      RESTAURANT • 6,101 SF
      1001 Hamblen Rd, Lees Summit, MO 64081-2937
      View Details
    • Value Estimation
      $435,000
      2,268 SF

      3225 3rd St

      RESTAURANT • 2,268 SF
      3225 3rd St, Lees Summit, MO 64081-4022
      View Details
    • Value Estimation
      $385,000
      6,336 SF

      1672 Chipman Rd

      RESTAURANT • 6,336 SF
      1672 Chipman Rd, Lees Summit, MO 64081-3934
      View Details

    Similar Nearby for Sale

    • $1,825,000
      4,925 SF

      Modern Mixed-Use NNN Leased Building

      Mixed-use building in New Longview Commercial District with two long-term leases.
      Lees Summit, MO 64081
      View Details
    • Contact for pricing
      14.18 Acres

      Lee's Summit Commercial Land

      Retail, Office, Medical Opportunity
      0 O'brien Rd, Lee's Summit, MO 64081
      View Details
    • $1,800,000
      0.59 Acres

      Lee's Summit Retail Investment

      Prime retail building on 0.59 acres, ideal for investors.
      959 SE Oldham Pkwy, Lees Summit, MO 64081
      View Details
    • $4,000,000
      3.52 Acres

      Lee's Summit Commercial Automotive Property

      Two buildings designed for high-volume automotive operations in Lee's Summit.
      1500-1502 SW Market St, Lees Summit, MO 64081
      View Details
    • $1,825,000
      4,925 SF

      Retail Investment Opportunity

      Retail property with two tenants and long-term leases.
      420 SW Longview Blvd, Lees Summit, MO 64081
      View Details
    • $1,300,000
      1.60 Acres

      Versatile Commercial Property in Lee's Summit

      Remodeled commercial property with offices, warehouse, showroom, and expansion potential.
      1600 SW Market St, Lees Summit, MO 64081
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
      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
    • 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
    • $35 SF/Yr
      5,000 SF

      Lee's Summit Retail Space For Lease

      Prime retail space, multiple units available.
      1690-1694 Chipman Rd, Lee's Summit, MO 64081
      View Details
    • Contact for pricing
      1,200 SF

      Grocery-Anchored Shopping Center Space

      Retail spaces available in high-traffic shopping center.
      400 SW Ward Rd, Lees Summit, MO 64081
      View Details
    • $17 SF/Yr
      2,590 SF

      Retail Space Available For Rent

      Retail space available for lease in Lee's Summit, Missouri.
      403-447 SW Ward Rd, Lees Summit, MO 64081
      View Details
    • $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
    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.
    1696 Chipman Rd
    Lees Summit, MO 64081-3934
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.