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

    400 S Heritage Way Andover, KS

    • High-rise multifamily apartments
    • 199,945 SF
    • 3.40 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US33-1544893
    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

    • High-rise multifamily apartments

    Property Details for 400 S Heritage Way

    Year built
    2023
    Lot size
    3.40 lot acres
    Property size
    199,945 SF
    Property type
    High-rise multifamily apartments
    APN
    008-304-20-0-30-18-001.07-2
    APU
    83042003018001072

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $25,700,000
      6.5%
      $23,725,000
      7%
      $22,030,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $16,703,000
      Market price range: $6.74M - $16.7M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $27,730,000
      COMMERCIAL (GENERAL)
      $23,295,000
      OFFICE BUILDING
      $20,130,000
      MEDICAL BUILDING
      $19,475,000
      AUTO REPAIR, GARAGE
      $18,395,000
      RETAIL STORES
      $13,130,000
      WAREHOUSE, STORAGE
      $12,915,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Andover
    County
    Butler
    State
    Kansas
    Longitude
    -97.1364294
    Latitude
    37.7139041
    CBSA code
    48620
    CBSA name
    WICHITA, 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
    2019
    $0.00
    $111,435
    $1,687,612
    $1,799,047
    -
    $969,000
    $14,674,890
    $15,643,890

    Comparable in this City

    • Value Estimation by Request
      7,924 SF

      711 Cloud Ave

      APARTMENT HOUSE (5+ UNITS) • 7,924 SF
      711 Cloud Ave, Andover, KS 67002-8915
      View Details
    • Value Estimation by Request
      2,403 SF

      328 2nd St

      GARDEN APT, COURT APT (5+ UNITS) • 2,403 SF
      328 2nd St, Andover, KS 67002-9799
      View Details
    • Value Estimation
      $1,250,000
      14,558 SF

      217 3rd St

      GARDEN APT, COURT APT (5+ UNITS) • 14,558 SF
      217 3rd St, Andover, KS 67002-9021
      View Details
    • Value Estimation
      $1,885,000
      21,764 SF

      415 Sunset Dr

      GARDEN APT, COURT APT (5+ UNITS) • 21,764 SF
      415 Sunset Dr, Andover, KS 67002-7826
      View Details
    • Value Estimation by Request
      6,009 SF

      911 Us Hwy 54

      GARDEN APT, COURT APT (5+ UNITS) • 6,009 SF
      911 Us Hwy 54, Andover, KS 67002-7905
      View Details
    • Value Estimation by Request
      11.90 Acres

      14500 120th St

      CAMPGROUND, RV PARK • 11.90 Acres
      14500 120th St, Andover, KS 67002
      View Details

    Similar Nearby for Sale

    • $364,900
      Pending

      Andover Duplex with Modern Amenities

      Five-year-old duplex in Andover with desirable features and convenient location.
      1315 N Azena St, Andover, KS 67002
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    • $2,613,600
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      Andover Commercial Land - Prime Location

      Four-acre commercial lot, high-traffic area.
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      1.50 Acres

      Cornerstone Office Park Development Land

      Land • 1.50 Acres
      2131 Keystone Cir, Andover, KS 67002
      View Details
    • $1,516,300

      Butler County Land for Sale

      118 acres of premier land near Andover, Kansas.
      12550 SW 60Th St, Andover, KS 67002
      View Details
    • Contact for pricing

      Available Land in Andover

      Land for sale in Andover, Kansas, near Wichita.
      2032 N Andover Rd, Andover, KS 67002
      View Details
    • $340,000
      130,128 SF

      Prime Land Near Andover Schools

      Commercial land near schools with utilities and road frontage.
      1846 N Andover Rd, Andover, KS 67002
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    Similar Nearby for Lease

    • Contact for pricing
      17,000 SF

      Retail Space in Andover, Kansas

      Retail space available in a busy Andover shopping center.
      620 N Andover Rd, Andover, KS 67002
      View Details
    • $12 SF/Yr
      11,793 SF

      Prime Retail Salon Space Available

      Turnkey Salon; High-Traffic Location
      338 Andover Rd, Andover, KS 67002
      View Details
    • $12 SF/Yr
      2,000 SF

      Andover Retail/Office/Medical Space Available

      Versatile space suitable for retail, office, or medical tenants.
      338 S Andover Rd, Andover, KS 67002
      View Details
    • $14 SF/Yr
      13,000 SF

      Pergola Place Retail Center Space

      1,080 SF Retail Space Available, High Traffic Area
      229 Andover Rd, Andover, KS 67002
      View Details
    • $18 SF/Yr
      1,295 SF

      Prime Commercial Space For Rent

      Commercial space in a vibrant, growing area with high visibility.
      321 S Andover Rd, Andover, KS 67002
      View Details
    • $2,700 /Mo
      4,940 SF

      Andover Office Space For Lease

      Office space with multiple rooms in prime Andover location.
      215 S Andover Rd, Andover, KS 67002
      View Details
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    400 S Heritage Way
    Andover, KS
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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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