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

    694 3rd St Lees Summit, MO 64063-2813

    • Office buildings
    • 2,580 SF
    • 0.34 lot acres
    OFF-MARKET
    Value Estimations
    $345,000
    Show details
    Cap Rate Potential
    9%
    Office buildings
    Location Intelligence
    Property ID
    US48-0886202
    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

    • Shelter Insurance - Wesley Veasman / Auto Insurance Agency / Home Insurance Agency

    Property Details for 694 3rd St

    Year built
    1998
    Construction
    WOOD
    Lot size
    0.34 lot acres
    Property size
    2,580 SF
    Property type
    Office buildings
    APN
    61-240-05-06
    APU
    612400506

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $325,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $485,000
      6.5%
      $450,000
      7%
      $415,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $281,000
      Market price range: $188k - $542k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $365,000
      Current use
      RETAIL STORES
      $475,000
      Change: +29% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $460,000
      Change: +25% Conversion: Easy
      AUTO REPAIR, GARAGE
      $335,000
      Change: -9% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lees Summit
    County
    Jackson
    State
    Missouri
    Longitude
    -94.3667
    Latitude
    38.9149
    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
    $8,228
    $61,216
    $34,400
    $95,616
    -
    $0.00
    $0.00
    $298,800

    Comparable in this City

    • Value Estimation
      $370,000
      2,018 SF

      200 3rd St

      OFFICE BUILDING • 2,018 SF
      200 3rd St, Lees Summit, MO 64063-2310
      View Details
    • Value Estimation
      $340,000
      3,504 SF

      211 Noel St

      OFFICE BUILDING • 3,504 SF
      211 Noel St, Lees Summit, MO 64063-2241
      View Details
    • Value Estimation
      $370,000
      4,836 SF

      521 2nd St

      OFFICE BUILDING • 4,836 SF
      521 2nd St, Lees Summit, MO 64063-2671
      View Details
    • Value Estimation
      $330,000
      1,920 SF

      208 3rd St

      OFFICE BUILDING • 1,920 SF
      208 3rd St, Lees Summit, MO 64063-2762
      View Details
    • Value Estimation
      $290,000
      1,408 SF

      400 State Rte 291

      OFFICE BUILDING • 1,408 SF
      400 State Rte 291, Lees Summit, MO 64063-2914
      View Details
    • Value Estimation
      $460,000
      4,974 SF

      219 Executive Way

      OFFICE BUILDING • 4,974 SF
      219 Executive Way, Lees Summit, MO 64063-1842
      View Details

    Similar Nearby for Sale

    • $395,000

      Lee's Summit Office Building

      Prime Downtown Location, Redevelopment Potential
      200 Market St, 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
    • $1,600,000
      4,000 SF

      Dental Office with Five Operatories

      4,000 SF dental office with five operatories for sale.
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      View Details
    • $650,000

      Lee's Summit Land for Sale

      2.88 acres of land in Lee's Summit, Missouri.
      830 NE Douglas St, Lees Summit, MO 64063
      View Details
    • $975,000

      4.20 AC Commercial Land

      4.20 AC commercial land for sale, planned office zoning.
      807 NW Main St, Lees Summit, MO 64063
      View Details
    • $700,000
      0.28 Acres

      Twin Villa Near Downtown

      Two-story twin villa near downtown Lee's Summit.
      205-207 NW Orchard Ct, Lees Summit, MO 64063
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      70,300 SF

      Lee's Summit Office Space Available

      Office space for lease in Lee's Summit, Missouri.
      800-850 NW Chipman Rd, Lees Summit, MO 64063
      View Details
    • $16 SF/Yr
      5,370 SF

      Lee's Summit Office Space for Lease

      Prime Office Suites, 9 Available, Missouri
      660 Bayberry Ln, Lee's Summit, MO 64063
      View Details
    • $18 SF/Yr
      3,750 SF

      Lees Summit Office Space

      Office space available for lease in Lees Summit, Missouri.
      401 SE Douglas St, Lees Summit, MO 64063
      View Details
    • $16 SF/Yr
      730 SF

      Lees Summit Office Space Available

      730 SF office space for rent in Lees Summit.
      601 SE Melody Ln, Lees Summit, MO 64063
      View Details
    • $16 SF/Yr
      1,588 SF

      Lees Summit Office Space Available

      Office space available for lease in Lees Summit, Missouri.
      1160 NE Douglas St, Lees Summit, MO 64063
      View Details
    • $23 SF/Yr
      1,082 SF

      Medical Office Space For Rent

      Class A medical office space adjacent to Lee’s Summit Medical Center.
      2100 SE Shenandoah Dr, Lees Summit, MO 64063
      View Details
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    694 3rd St
    Lees Summit, MO 64063-2813
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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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