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    621 2nd St Independence, KS 67301-4311

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    621 2nd St Independence, KS 67301-4311

    View on Map
    • Assisted living facilities
    • 18,696 SF
    • 0.89 lot acres
    Off-Market
    Property ID
    US33-0655547
    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.
    Value Estimations
    $540,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Unique Styles & Tanning / Tanning Salon

    Property Details for 621 2nd St

    Year built
    1959
    Lot size
    0.89 lot acres
    Property size
    18,696 SF
    Property type
    Assisted living facilities
    Property subtype
    Retirement homes
    APN
    099-31-0-40-08-011.00-0
    APU
    993104008011000

    Description

    This exceptional 19,292 square foot property, located at 621 S 2nd N/A in Independence, Kansas, presents a unique investment opportunity. Built in 1970, this single-story building sits on a 0.9-acre lot and boasts a classic H-layout, offering the potential for dual independent uses. Previously utilized as a residential assisted living facility, the property features 33 resident rooms and 36 bathrooms, along with a large commercial kitchen, ample living areas, dining space, and administrative offices. Its ADA accessibility ensures broad usability. The City of Independence actively supports business development through various incentives, including tax breaks, grants, and workforce training assistance. While previously used as an assisted living facility, this property is not suitable for long-term care or assisted living facilities going forward. The zoning for this property is R-1 and C-1. Explore the possibilities for this versatile space, ideal for a variety of uses including senior housing, educational or training centers, community centers, or other similar ventures. The property's infrastructure and layout provide significant flexibility for adaptive reuse. This is a remarkable opportunity to acquire a substantial property in a supportive community environment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $540,000

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $740,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Independence
    County
    Montgomery
    State
    Kansas
    Longitude
    -95.7002
    Latitude
    37.2168
    CBSA code
    17700
    CBSA name
    COFFEYVILLE, KS MICROPOLITAN 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
    $18,073
    $1,035
    $85,264
    $86,299
    -
    $9,000
    $741,430
    $750,430

    Comparable in this City

    • Value Estimation by Request
      18,163 SF

      1000 Mulberry St

      HOMES (RETIRED, NURSING) • 18,163 SF
      1000 Mulberry St, Independence, KS 67301-2026
      View Details
    • Value Estimation by Request
      14,868 SF

      2120 13th St

      HOMES (RETIRED, NURSING) • 14,868 SF
      2120 13th St, Independence, KS 67301-2174
      View Details
    • Value Estimation
      $540,000
      17,184 SF

      1354 Taylor Rd

      HOMES (RETIRED, NURSING) • 17,184 SF
      1354 Taylor Rd, Independence, KS 67301-5400
      View Details
    • Value Estimation
      $510,000
      16,062 SF

      614 8th St

      HOMES (RETIRED, NURSING) • 16,062 SF
      614 8th St, Independence, KS 67301-4205
      View Details
    • Value Estimation
      $670,000
      13,320 SF

      800 Laurel St

      MEDICAL BUILDING • 13,320 SF
      800 Laurel St, Independence, KS 67301-3211
      View Details
    • Value Estimation by Request
      7,527 SF

      800 Chestnut St

      MEDICAL BUILDING • 7,527 SF
      800 Chestnut St, Independence, KS 67301-2951
      View Details

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    621 2nd St
    Independence, KS 67301-4311
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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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