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    Property profile & analytics

    615 23rd S St Independence, MO 64055-1504

    • Office buildings
    • 3,465 SF
    • 0.23 lot acres
    OFF-MARKET
    Last Sale
    Jan 03, 2022
    Value Estimations
    $330,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US48-0483652
    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

    • Blue Mills Plumbing / Plumber
    • Mark Pearcy Agency Inc American Family Insurance / Insurance Agency / Auto Insurance Agency
    • T & T Contractors / General Contractor

    Property Details for 615 23rd S St

    Year built
    1977
    Construction
    WOOD
    Lot size
    0.23 lot acres
    Property size
    3,465 SF
    Property type
    Office buildings
    APN
    26-540-03-06
    APU
    265400306

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $335,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $308,000
      Market price range: $207k - $624k

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

    Location Insight

    • Map
    • Local Demand
    City
    Independence
    County
    Jackson
    State
    Missouri
    Longitude
    -94.4075
    Latitude
    39.0786
    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
    $8,864
    $20,192
    $87,808
    $108,000
    -
    $0.00
    $0.00
    $337,500

    Comparable in this City

    • Value Estimation
      $295,000
      4,060 SF

      3905 Lynn Ct

      OFFICE BUILDING • 4,060 SF
      3905 Lynn Ct, Independence, MO 64055-3337
      View Details
    • Value Estimation
      $300,000
      1,648 SF

      530 23rd S St

      OFFICE BUILDING • 1,648 SF
      530 23rd S St, Independence, MO 64055-1503
      View Details
    • Value Estimation
      $380,000
      10,000 SF

      15301 23rd S St

      OFFICE BUILDING • 10,000 SF
      15301 23rd S St, Independence, MO 64055-1621
      View Details
    • Value Estimation
      $305,000
      1,396 SF

      16006 23rd S St

      OFFICE BUILDING • 1,396 SF
      16006 23rd S St, Independence, MO 64055-1913
      View Details
    • Value Estimation
      $415,000
      9,198 SF

      4820 Arrowhead Dr

      OFFICE BUILDING • 9,198 SF
      4820 Arrowhead Dr, Independence, MO 64055-6944
      View Details
    • Value Estimation
      $545,000
      12,369 SF

      4801 Clf Ave

      OFFICE BUILDING • 12,369 SF
      4801 Clf Ave, Independence, MO 64055-7015
      View Details

    Similar Nearby for Sale

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      10,500 SF

      Independence Office Building For Sale

      Three-story office building with divisible floors and separate entrances.
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    • $950,000
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      Remodeled Office Building For Sale

      Remodeled office building with highway access in Independence, Missouri.
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    • $1,450,000
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      Office Building Sale Leaseback Opportunity

      Office building with leaseback opportunity and available leasable space.
      3640 S Noland Rd, Independence, MO 64055
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    • $365,000
      0.28 Acres

      Independence Commercial Building For Sale

      3,456 SF commercial building on high-traffic corner lot.
      13717 E 39Th St, Independence, MO 64055
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    • $449,000
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      Prime Office Building, Independence, MO

      High-visibility office, ample parking, owner financing possible.
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    • $500,000

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      Established Vet Practice, Great Opportunity
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    Similar Nearby for Lease

    • Contact for pricing
      2,616 SF

      Office Space Near I-70/I-470

      Centrally located office space with good highway visibility.
      4721-4731 S Cliff Ave, Independence, MO 64055
      View Details
    • $10 SF/Yr
      1,361 SF

      Office Space with Private Restroom

      Office space featuring private offices, restroom, and designated storage.
      14405 E 42Nd St S, Independence, MO 64055
      View Details
    • $25 SF/Yr
      50,010 SF

      Prime Medical Office Space in Independence, MO

      Class A Suites, 1,726 - 3,100 SF Available
      4911 Arrowhead Dr, Independence, MO 64055
      View Details
    • $13 SF/Yr
      1,237 SF

      Office Spaces Available in 2025

      Office spaces for rent with ample parking and updates.
      3675 S Noland Rd, Independence, MO 64055
      View Details
    • Contact for pricing
      28,314 SF

      Marketplace Shopping Center: Independence, MO

      Retail & Office Space Available: High-traffic location.
      14100-14330 Noland Rd, Independence, MO 64055
      View Details
    • $12 SF/Yr
      7,575 SF

      Renovated Office Space Available

      3,000-7,575 SF office space for lease after 2021 renovations.
      201 E Partridge Ave, Independence, MO 64055
      View Details
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    615 23rd S St
    Independence, MO 64055-1504
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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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