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

    308 Frst Ave Lees Summit, MO 64063-2616

    • Apartment buildings
    • 1,767 SF
    • 0.42 lot acres
    OFF-MARKET
    Last Sale
    Nov 05, 2020
    Value Estimations
    $240,000
    Show details
    Cap Rate Potential
    6.4%
    Apartment buildings
    Location Intelligence
    Property ID
    US48-0417767
    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 308 Frst Ave

    Year built
    1970
    Construction
    WOOD
    Lot size
    0.42 lot acres
    Property size
    1,767 SF
    Property type
    Apartment buildings
    APN
    61-220-11-23
    APU
    612201123

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $265,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $280,000
      6.5%
      $260,000
      7%
      $240,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $174,000
      Market price range: $174k - $311k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $220,000
      Current use
      RETAIL STORES
      $325,000
      Change: +48% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $315,000
      Change: +43% Conversion: Moderate
      OFFICE BUILDING
      $250,000
      Change: +14% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $230,000
      Change: +4% Conversion: Difficult
      WAREHOUSE, STORAGE
      $175,000
      Change: -20% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lees Summit
    County
    Jackson
    State
    Missouri
    Longitude
    -94.3753
    Latitude
    38.9205
    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
    $4,173
    $6,346
    $51,870
    $58,216
    -
    $0.00
    $0.00
    $306,400

    Comparable in this City

    • Value Estimation
      $265,000
      2,040 SF

      303 Claremont St, Unit A

      APARTMENT HOUSE (5+ UNITS) • 2,040 SF
      303 Claremont St, Lees Summit, MO 64063-6232
      View Details
    • Value Estimation
      $290,000
      2,482 SF

      619 Miller St, Unit 1

      APARTMENT HOUSE (5+ UNITS) • 2,482 SF
      619 Miller St, Lees Summit, MO 64063-4251
      View Details
    • Value Estimation
      $285,000
      2,387 SF

      713 Douglas St, Unit 1

      APARTMENT HOUSE (5+ UNITS) • 2,387 SF
      713 Douglas St, Lees Summit, MO 64063-4258
      View Details
    • Value Estimation
      $270,000
      2,028 SF

      220 Grand Ave, Unit 1

      APARTMENT HOUSE (5+ UNITS) • 2,028 SF
      220 Grand Ave, Lees Summit, MO 64063-2865
      View Details
    • Value Estimation
      $320,000
      2,880 SF

      509 Douglas St

      APARTMENT HOUSE (5+ UNITS) • 2,880 SF
      509 Douglas St, Lees Summit, MO 64063-4220
      View Details
    • Value Estimation
      $330,000
      2,990 SF

      210 Grand Ave, Unit 1

      APARTMENT HOUSE (5+ UNITS) • 2,990 SF
      210 Grand Ave, Lees Summit, MO 64063-2864
      View Details

    Similar Nearby for Sale

    • $700,000
      0.28 Acres

      Twin Villa Near Downtown

      Two-story twin villa near downtown Lee's Summit.
      205-207 NW Orchard Ct, Lees Summit, MO 64063
      View Details
    • $700,000
      0.28 Acres

      Twin Villa Near Downtown

      Two-story twin villa with modern amenities and low-maintenance living.
      211-213 NW Orchard Ct, Lees Summit, MO 64063
      View Details
    • $325,000
      Pending

      Lee's Summit Duplex Investment

      Turn-key, fully leased duplex in Lee's Summit, Missouri.
      209-211 NW Monroe St, Lees Summit, MO 64063
      View Details
    • $430,000
      Pending

      Lee's Summit Income-Producing Duplex

      Well-maintained duplex in Lee's Summit, offering steady income.
      314 Melody Ln, Lees Summit, MO 64063
      View Details
    • $325,000
      Pending

      Lee's Summit Duplex Investment

      Spacious duplex with strong rental potential in Lee's Summit.
      205-207 NW Monroe St, Lees Summit, MO 64063
      View Details
    • $650,000
      1,740 SF

      Downtown Lee's Summit Mixed-Use Building

      Mixed-use building in downtown Lee's Summit with income potential.
      8 SW 3Rd St, Lees Summit, MO 64063
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      17,000 SF

      Lee's Summit Retail Center

      Prime Downtown Retail Space Available
      0 3Rd St, Lee's Summit, MO 64063
      View Details
    • $17 SF/Yr
      1,549 SF

      Retail Space on Langsford Road

      Retail space with high traffic and convenient highway access.
      905 E Langsford Rd, Lees Summit, MO 64063
      View Details
    • $16 SF/Yr
      730 SF

      Lees Summit Office Space Available

      730 SF office space for rent in Lees Summit.
      601 SE Melody Ln, Lees Summit, MO 64063
      View Details
    • $15 SF/Yr
      8,508 SF

      Lee's Summit Office Space for Lease

      Prime Office Space, 1,000-2,310 sq ft
      110-120 2Nd St, Lee's Summit, MO 64063
      View Details
    • $10 SF/Yr
      38,034 SF

      Retail Space with Outdoor Patios

      Retail property featuring outdoor seating and high traffic exposure.
      111 SE State Route 291, Lees Summit, MO 64063
      View Details
    • $1,700 /Mo
      1,307 SF

      Renovated Office Space in Lee's Summit

      Newly renovated office space in a convenient business center location.
      676 SE Bayberry Ln, Lees Summit, MO 64063
      View Details
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    308 Frst Ave
    Lees Summit, MO 64063-2616
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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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