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

    498 State Rte 291m Lees Summit, MO 64063-2914

    • Turn key restaurants
    • 3,627 SF
    • 1.40 lot acres
    OFF-MARKET
    Last Sale
    Jan 08, 2024
    Value Estimations
    $445,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US48-0295176
    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

    • Turn key restaurants

    Property Details for 498 State Rte 291m

    Year built
    1996
    Construction
    WOOD
    Lot size
    1.40 lot acres
    Property size
    3,627 SF
    Property type
    Turn key restaurants
    APN
    61-240-14-36
    APU
    612401436

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $375,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $516,000
      Market price range: $267k - $718k

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $455,000
      Current use
      OFFICE BUILDING
      $515,000
      Change: +13% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $470,000
      Change: +3% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lees Summit
    County
    Jackson
    State
    Missouri
    Longitude
    -94.3634
    Latitude
    38.9106
    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
    $25,816
    $253,440
    $46,560
    $300,000
    -
    $0.00
    $0.00
    $937,500

    Comparable in this City

    • Value Estimation
      $240,000
      2,758 SF

      321 Main St, Unit B

      RESTAURANT • 2,758 SF
      321 Main St, Lees Summit, MO 64063-2333
      View Details
    • Value Estimation
      $440,000
      4,002 SF

      628 State Rte 291

      RESTAURANT • 4,002 SF
      628 State Rte 291, Lees Summit, MO 64063
      View Details
    • Value Estimation
      $525,000
      3,994 SF

      902 Langsford Rd

      RESTAURANT • 3,994 SF
      902 Langsford Rd, Lees Summit, MO 64063-2943
      View Details
    • Value Estimation
      $380,000
      6,394 SF

      219 Main St

      RESTAURANT • 6,394 SF
      219 Main St, Lees Summit, MO 64063-2331
      View Details
    • Value Estimation
      $300,000
      660 SF

      235 Main St

      RESTAURANT • 660 SF
      235 Main St, Lees Summit, MO 64063-2331
      View Details
    • Value Estimation
      $275,000
      1,420 SF

      1901 Langsford Rd

      RESTAURANT • 1,420 SF
      1901 Langsford Rd, Lees Summit, MO 64063-3608
      View Details

    Similar Nearby for Sale

    • $1,645,000
      650 SF

      Swig Drive-Thru QSR Investment

      Lee's Summit, MO: High-Growth QSR Net Lease
      400 Chipman Rd, Lee's Summit, MO 64063
      View Details
    • Contact for pricing
      4,759 SF

      Lee's Summit Restaurant - 4759 SF

      Prime Lee's Summit restaurant, 4759 sq ft, ample parking.
      813 3Rd St, Lee's Summit, MO 64063
      View Details
    • Contact for pricing
      4,759 SF

      Lee's Summit Retail/Restaurant Opportunity

      4,759 SF building suitable for retail or restaurant ventures.
      815 SE 3Rd St, Lees Summit, MO 64063
      View Details
    • $1,750,000
      5,476 SF

      Lee's Summit Auto Shop - $1.75M

      Prime Auto Shop, High Traffic Location
      713 Highway Ln, Lee's Summit, MO 64063
      View Details
    • $869,000

      Lee's Summit Office Building

      Prime Office & Retail Space, $869,000
      200 Douglas St, Lee's 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
      10,500 SF

      Lee's Summit Retail Spaces

      Prime Downtown Mixed-Use Opportunity
      2nd St & Johnson Dr, Lee's Summit, MO 64063
      View Details
    • 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
    • Contact for pricing
      1,427 SF

      Retail Space in Growing Suburb

      Retail spaces available in a fast-growing Kansas City suburb.
      507-579 SE Melody Ln, Lees Summit, MO 64063
      View Details
    • Contact for pricing
      2,846 SF

      Retail Space with Outdoor Patios

      Retail space with high visibility and easy highway access.
      211 SE State Route 291, Lees Summit, MO 64063
      View Details
    • $3,000 /Mo
      1,742 SF

      Lee's Summit Retail Space Available

      Retail space for rent in downtown Lee's Summit, Missouri.
      213 SE Douglas St, Lees Summit, MO 64063
      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.
    498 State Rte 291m
    Lees Summit, MO 64063-2914
    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.