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

    728 Jennings Rd Independence, MO 64056-1869

    • High-rise multifamily apartments
    • 2,835 SF
    • 1.71 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US48-0891069
    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 Towers Apartments / Apartment Rental Agency / Apartment Building
    • Ministerio Evangelista Internacional La Niña de Tus Ojos MEILNDTOUSA / Religious Institution
    • Trendix / E-Commerce Service
    • Krispy Cleaning Professionals / Cleaners
    • The Respite House Project / Lodging

    Property Details for 728 Jennings Rd

    Year built
    1963
    Construction
    CONCRETE
    Lot size
    1.71 lot acres
    Property size
    2,835 SF
    Property type
    High-rise multifamily apartments
    APN
    16-430-03-48
    APU
    164300348

    Description

    Independence Towers presents a compelling value-add opportunity in the thriving Kansas City, MO suburb of Independence. This 11-story, 123-unit apartment building, built in 1963 and extensively renovated in 2023, sits on a 1.7-acre lot (APN: 16-430-03-48-00-0-00-000) and is zoned C-1. The property offers a mix of studio, one, and two-bedroom apartment homes. Currently operating at approximately 63% occupancy, it significantly underperforms the impressive 95% occupancy rate of the Independence/East KC submarket, presenting a clear path to increased revenue. A stabilized pro-forma NOI of approximately $940,000 per year demonstrates strong earning potential. New ownership can capitalize on this by renovating existing vacant units, bringing online currently unused top-floor units with stunning Kansas City skyline views, and converting underutilized common areas into modern amenities such as a fitness center and resident lounge. The secure underground parking garage offers additional revenue streams through parking fees. The property benefits from a strong demographic profile, with approximately 100,000 people residing within a 5-mile radius, boasting average household incomes exceeding $65,000 annually. This auction sale offers a unique chance to acquire a well-located multifamily asset with significant upside potential in a desirable market. The address is 728 N Jennings Rd, Independence, MO 64056.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Independence
    County
    Jackson
    State
    Missouri
    Longitude
    -94.3749
    Latitude
    39.1184
    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
    $90,426
    $33,345
    $1,110,778
    $1,144,123
    -
    $0.00
    $0.00
    $6,021,700

    Comparable in this City

    • Value Estimation
      $830,000
      4,620 SF

      17304 Susquehanna Dr, Unit 1

      GARDEN APT, COURT APT (5+ UNITS) • 4,620 SF
      17304 Susquehanna Dr, Independence, MO 64056-1856
      View Details
    • Value Estimation by Request
      2,002 SF

      601 Peck Ct

      GARDEN APT, COURT APT (5+ UNITS) • 2,002 SF
      601 Peck Ct, Independence, MO 64056-1549
      View Details
    • Value Estimation by Request
      2,002 SF

      17000 5th N St

      GARDEN APT, COURT APT (5+ UNITS) • 2,002 SF
      17000 5th N St, Independence, MO 64056-1509
      View Details
    • Value Estimation by Request
      2,002 SF

      16716 5th N St

      GARDEN APT, COURT APT (5+ UNITS) • 2,002 SF
      16716 5th N St, Independence, MO 64056-1503
      View Details
    • Value Estimation by Request
      2,002 SF

      16700 5th N St

      GARDEN APT, COURT APT (5+ UNITS) • 2,002 SF
      16700 5th N St, Independence, MO 64056-1503
      View Details
    • Value Estimation
      $630,000
      3,094 SF

      101 Concord Cir

      GARDEN APT, COURT APT (5+ UNITS) • 3,094 SF
      101 Concord Cir, Independence, MO 64056-1020
      View Details

    Similar Nearby for Sale

    • New
      $220,000
      Pending

      Independence Duplex: Investment Opportunity

      Cash-flowing duplex with value-add potential in Independence, Missouri.
      405 N Gilbert St, Independence, MO 64056
      View Details
    • New
      $183,000
      1,070 SF

      Independence Duplex with Fenced Yard

      Well-maintained duplex in Independence, MO, featuring a fenced outdoor area.
      18342 E Us Highway 24 Cir, Independence, MO 64056
      View Details
    • $268,000
      Pending

      Updated Duplex with Income Potential

      Updated duplex generating $30k annual gross rents in Independence, MO.
      409 N Gilbert St, Independence, MO 64056
      View Details
    • $896,334
      41.00 Acres

      41 Acres Independence, MO Land

      Prime Development Land, Seller Financing
      0 Tbd Rd, Independence, MO 64056
      View Details
    • $1,514,800
      108.20 Acres

      Prime 108 Acre Missouri Land

      Residential & Agricultural acreage in Independence, MO.
      20912 Us 24 Hwy, Independence, MO 64056
      View Details
    • $195,000
      10.64 Acres

      10.64 Acres Independence Land

      Prime 10.64-acre residential land, city water access.
      1300 Van Maele Rd, Independence, MO 64056
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,900 SF

      Retail Space in Upgraded Center

      Retail spaces available in recently upgraded shopping center.
      17911-18011 E Us Highway 24, Independence, MO 64056
      View Details
    • Contact for pricing
      112,000 SF

      Independence Warehouse Space Available

      112,000 square foot warehouse space for rent in Independence.
      1500 W Geospace Dr, Independence, MO 64056
      View Details
    • Contact for pricing
      24,654 SF

      Retail Space for Lease

      Retail property available for lease in Independence, Missouri.
      17403 E Us Highway 24, Independence, MO 64056
      View Details
    • $12 SF/Yr
      14,810 SF

      Flexible Commercial Space with Overhead Doors

      Adaptable commercial space with open layout and convenient highway access.
      17003 E Us 24 Hwy, Independence, MO 64056
      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.
    728 Jennings Rd
    Independence, MO 64056-1869
    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.