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    Property profile & analytics

    424 Patriot Ave Derby, KS 67037-8758

    • Outlet malls
    • 135,941 SF
    • 15.11 lot acres
    OFF-MARKET
    Value Estimations
    $11,380,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US33-0327016
    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

    • Lowe's ProServices / Building Supply / Industrial Manufacturer
    • Lowe's Garden Center / Garden Center
    • Installation Services / General Contractor
    • Lowe's Home Improvement / Building Supply / Hardware & Home Improvement
    • Minute Key / Locksmith / (Bike/Boat/Book/etc) Store

    Property Details for 424 Patriot Ave

    Year built
    2004
    Lot size
    15.11 lot acres
    Property size
    135,941 SF
    Property type
    Outlet malls
    Property subtype
    Shopping centers
    APN
    087-217-25-0-33-01-003.01
    APU
    87217250330100301

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $10,773,000
      Market price range: $4.53M - $22.5M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $14,200,000
      Current use
      OFFICE BUILDING
      $18,265,000
      Change: +29% Conversion: Easy
      RESTAURANT
      $16,595,000
      Change: +17% Conversion: Easy
      WAREHOUSE, STORAGE
      $12,555,000
      Change: -12% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $11,940,000
      Change: -16% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $11,710,000
      Change: -18% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Derby
    County
    Sedgwick
    State
    Kansas
    Longitude
    -97.2786
    Latitude
    37.5783
    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
    2023
    $269,978
    $815,925
    $1,087,250
    $1,903,175
    -
    $3,263,700
    $4,349,000
    $7,612,700

    Comparable in this City

    • Value Estimation
      $1,780,000
      17,020 SF

      1247 Rainbow Dr

      WHOLESALE OUTLET, DISCOUNT STORE • 17,020 SF
      1247 Rainbow Dr, Derby, KS 67037-3783
      View Details
    • Value Estimation
      $850,000
      7,526 SF

      955 K 15th Hwy

      WHOLESALE OUTLET, DISCOUNT STORE • 7,526 SF
      955 K 15th Hwy, Derby, KS 67037-1832
      View Details
    • Value Estimation
      $15,505,000
      195,720 SF

      2020 Nelson Dr

      WHOLESALE OUTLET, DISCOUNT STORE • 195,720 SF
      2020 Nelson Dr, Derby, KS 67037-2572
      View Details
    • Value Estimation by Request
      1.02 Acres

      Derby, KS 67037

      WHOLESALE OUTLET, DISCOUNT STORE • 1.02 Acres
      Derby, KS 67037
      View Details
    • Value Estimation by Request
      6,144 SF

      105 Baltimore Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 6,144 SF
      105 Baltimore Ave, Derby, KS 67037-1403
      View Details
    • Value Estimation
      $2,545,000
      70,243 SF

      333 Red Powell Dr

      WHOLESALE OUTLET, DISCOUNT STORE • 70,243 SF
      333 Red Powell Dr, Derby, KS 67037-2629
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Leased Retail Strip Center

      Fully leased retail strip center in a prime Derby location.
      320 N Rock Rd, Derby, KS 67037
      View Details
    • $4,100,000

      Derby Retail Center For Sale

      High-performing retail center in Derby, Kansas, 92% occupied.
      620 North Rock Rd, Derby, KS 67037
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    • $4,100,000

      Derby Retail Investment Opportunity

      Retail investment property in Derby, KS with national and regional tenants.
      620 N Rock Rd, Derby, KS 67037
      View Details
    • $1,450,000

      Retail Center Near Wal-Mart

      Retail center with upside potential near Wal-Mart in Derby, KS.
      1900 Johnson Dr, Derby, KS 67037
      View Details
    • Contact for pricing

      High Volume Retail Center

      Retail center with NNN leases and diverse tenant mix.
      613-619 N Rock Rd, Derby, KS 67037
      View Details
    • $310,000
      2,400 SF

      Derby Retail Investment Opportunity

      KS Retail Building, $310,000
      421 Madison Ave, Derby, KS 67037
      View Details

    Similar Nearby for Lease

    • $25 SF/Yr
      5,317 SF

      Prime Derby Retail Space

      New Class A Retail Center in Derby, KS
      2901 Rock Rd, Derby, KS 67037
      View Details
    • $24 SF/Yr
      14,700 SF

      Derby Retail Center - Rock Road

      High-traffic retail space, 7 suites, ample parking.
      2307 Rock Rd, Derby, KS 67037
      View Details
    • Contact for pricing
      6,600 SF

      Derby Retail Center: Prime Leasing Opportunity

      High-visibility retail space; 5,000 sq ft available.
      818 Meadowlark Rd, Derby, KS 67037
      View Details
    • $18 SF/Yr
      15,200 SF

      Derby Marketplace Retail Space

      High-visibility retail space in prime Derby location.
      1636 Rock Rd, Derby, KS 67037
      View Details
    • Contact for pricing
      4,500 SF

      Retail Space in Derby Marketplace

      Retail space available in established Derby Marketplace shopping center.
      1930-1942 N Rock Rd, Derby, KS 67037
      View Details
    • $12 SF/Yr
      4,500 SF

      Derby Town Center Retail Space

      10,000 SF retail space in Derby Town Center.
      200-260 W Greenway St, Derby, KS 67037
      View Details
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    Derby, KS 67037-8758
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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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