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

    537 Us Hwy 24 Independence, MO 64050-2973

    • Auto shops
    • 5,400 SF
    • 1.59 lot acres
    OFF-MARKET
    Last Sale
    Aug 18, 2022
    Value Estimations
    $415,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US48-0256551
    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

    • Independence Auto Mart / Used Car Dealer / Auto Repair Shop
    • SMOKEY'S BBQ EST. 1971 / Restaurant
    • NSK Kustoms / Wheel Store / Window Tinting Service
    • NGK Kustoms / Auto Repair Shop

    Property Details for 537 Us Hwy 24

    Year built
    1963
    Lot size
    1.59 lot acres
    Property size
    5,400 SF
    Property type
    Auto shops
    APN
    26-210-03-37
    APU
    262100337

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $415,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Independence
    County
    Jackson
    State
    Missouri
    Longitude
    -94.4074
    Latitude
    39.1005
    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
    $51,559
    $128,000
    $116,000
    $244,000
    -
    $0.00
    $0.00
    $762,500

    Comparable in this City

    • Value Estimation
      $265,000
      1,140 SF

      1008 Us Hwy 24

      AUTO REPAIR, GARAGE • 1,140 SF
      1008 Us Hwy 24, Independence, MO 64050-3106
      View Details
    • Value Estimation
      $230,000
      832 SF

      601 Noland Rd

      AUTO REPAIR, GARAGE • 832 SF
      601 Noland Rd, Independence, MO 64050-2946
      View Details
    • Value Estimation
      $300,000
      6,840 SF

      603 Us Hwy 24

      AUTO REPAIR, GARAGE • 6,840 SF
      603 Us Hwy 24, Independence, MO 64050-2909
      View Details
    • Value Estimation
      $215,000
      1,160 SF

      225 Main St

      AUTO REPAIR, GARAGE • 1,160 SF
      225 Main St, Independence, MO 64050-3808
      View Details
    • Value Estimation
      $255,000
      2,000 SF

      108 Spg St

      AUTO REPAIR, GARAGE • 2,000 SF
      108 Spg St, Independence, MO 64050-3624
      View Details
    • Value Estimation
      $275,000
      4,200 SF

      11445 Truman Rd

      AUTO REPAIR, GARAGE • 4,200 SF
      11445 Truman Rd, Independence, MO 64050-2514
      View Details

    Similar Nearby for Sale

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      Independence Warehouse & Auto Shop

      Prime location, renovated warehouse, great potential
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    • $4,896,611
      15,120 SF

      Prime Retail Corridor Property

      Retail property in high-traffic area with strong growth potential.
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    • $295,000
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      Income Producing Retail Property

      Fully occupied retail property with separate utilities in Independence, MO.
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    • $730,857
      2,530 SF

      New 7-Eleven NNN Lease

      New 10-year NNN lease with rental increases.
      201 E Us Highway 24, Independence, MO 64050
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    • $850,000
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      Historic Independence Square Retail Building

      Commercial building in historic Independence Square with investment potential.
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    • $850,000
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      Truman Road Warehouse - $850K

      Prime Independence Warehouse, 2-Story, 2.94 Acres
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    Similar Nearby for Lease

    • Contact for pricing
      12,748 SF

      Prime Independence Industrial Space

      12,748 SF Flex Space - For Lease
      300 Main St, Independence, MO 64050
      View Details
    • $1,500 /Mo
      1,300 SF

      Retail Space on S. Noland

      Retail space with private office available March 1st, 2025.
      1507 S Noland Rd, Independence, MO 64050
      View Details
    • $12 SF/Yr
      3,200 SF

      Retail Space in Major Corridor

      3,200 SF retail space in high-traffic Independence location.
      3503-3545 S Noland Rd, Independence, MO 64050
      View Details
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    537 Us Hwy 24
    Independence, MO 64050-2973
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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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