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    Downtown Retail and Warehouse Space Title is generated by Realmo AI

    120 E Main Street, Independence, KS 67301

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    Claim this Listing
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    For Sale
    $160,000

    SINGLE_FAMILY - Independence, KS

    Type:Retail
    Property size:
    5,000 SF
    Lot size:
    0.15 Acres
    Price / SF:
    $32/SF
    Added:
    May 11, 2026
    Days on Market:
    2
    Last Refresh:
    May 12 at 1:06 pm

    Property Features for 120 E Main Street

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Zoning
    comm
    Standard status
    Active
    APN
    063-099-31-0-20-11-013.00-0
    Size
    5,000 SF
    Lot size
    0.15 Acres

    Taxes and HOA fees

    Tax Description
    ORIG PLAT, S31, T32, R16, BLOCK 43, Lot 23 & 24, Lot Width: 046.0 Lot Depth: 140.0 Plat Book/Page 1 /6&7 Deed Book/Page 651 /1280 559 /406 558 /418 558 /417 549 /583 382 /140 380 /013 319 /257
    Tax Annual Amount
    3167

    Utilities

    Utilities
    Natural Gas Available

    Building Details

    Year built
    1900
    Floors in Building
    1

    We can help!

    Listing Contact
    Cynthia White

    Listing agent Cynthia White License #BR00052363

    Listing office Bill White Realty 411 North Penn Ave, Independence, KS

    Listing date May 11, 2026

    MLS# 2615040

    Copyright © 2026 Heartland Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Established antique market with 40+ curated vendor booths and a strong reputation.
    • Steady rental income from vendor booths ($3200 monthly plus 10% of vendor sales).
    • Large retail and warehouse space (almost 5000 square feet) in downtown Independence.
    • Warehouse space includes two garage doors and additional HVAC.
    • Parking available in the back of the building.
    • Roof has been inspected and is in great condition.

    Overview

    Located in downtown Independence, this building offers approximately 5000 square feet of retail and warehouse space. It currently operates as an antique market, featuring over 40 curated vendor booths, generating steady rental income from loyal vendors. The business has established a reputation as a destination for collectors and leisure shoppers. The booth income is $3200 monthly, plus 10% of vendor sales. The warehouse space at the rear of the building includes two garage doors and parking. An additional HVAC system has been installed in the warehouse area. The roof has been inspected and is reported to be in good condition. The lot size is 0.1478 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Independence Fit Body ... Gym & Fitness Center Hager's Market (Bike/Boat/Book/etc) Store Hager's Market East Discount Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Independence
    County
    Montgomery
    State
    Kansas
    Longitude
    -95.705627
    Latitude
    37.223605

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    FAQs

    What type of property is this?
    Retail space - Established antique market with vendor booths and warehouse space.
    Where is this retail space located?
    The property is located at 120 E Main Street Independence, KS.
    What is the asking price?
    The asking price for this property is $160,000.
    What are key features of this property?
    This property features: Established antique market with 40+ curated vendor booths and a strong reputation.; Steady rental income from vendor booths ($3200 monthly plus 10% of vendor sales).; Large retail and warehouse space (almost 5000 square feet) in downtown Independence.
    (620) 331-7060
    We can help!
    Listing Contact
    Cynthia White
    Real Estate License ID: BR00052363
    Learn More
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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.

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