Six-Story Self-Storage
For Sale
$3,500,000
2431 Prospect Avenue, Kansas City, MO 64127
COMMERCIAL - Kansas City, MO
Property Size39,600 SF
Lot Size0.15 Acres
Price / SF$88.38
Days on Market345
Property Features for 2431 Prospect Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B3-2
Parking features
On Street, Parking Lot
Interior features
Elevator, Storage
Exterior features
Delivery Door(s)
Accessibility
Accessible Elevator Installed
Subdivision
Prospect View
Directions
I-670 / I-70 to Prospect. South to address.
Standard status
Active
APN
28-430-09-16-00-0-000
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
Prospect View E 121' of Lots 18 & 19 Blk 4
Tax Annual Amount
6400
Legal Description
Prospect View E 121' of Lots 18 & 19 Blk 4
Utilities
Utilities
Water Available
Building Details
Year built
1912
Floors in Building
6
Additional Structures
Storage
Listing Agency:
D M F & Associates LLC
(816) 361-0606
Listed By:
Donna Fowler · License #1999015818
(816) 520-1053
Added: Sep 11, 2025
Changed: Aug 19
Last Checked: Aug 21 at 12:06PM
MLS# 2574992
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.
Investment Insights
Based on property information with market context.
Constructed in 1912, this 39,600-square-foot brick building rises six stories and is currently arranged for self-storage and warehouse use. Interior features include an elevator and storage areas, while the property also has a delivery door and an accessible elevator installation. Water is available, with parking provided through both an on-site lot and on-street spaces.
The property is located at 2431 Prospect Avenue in Kansas City, Missouri, and carries B3-2 zoning. The sale includes five additional surrounding lots at 2425 Prospect, 2429 Prospect, 2605 E 24 Ter, 2609 E 24 Ter, and 2612 E 24 Ter. Its existing configuration, masonry construction, vertical layout, and additional land provide a substantial commercial property for continued storage operations or future adaptation consistent with applicable requirements.
The property is located at 2431 Prospect Avenue in Kansas City, Missouri, and carries B3-2 zoning. The sale includes five additional surrounding lots at 2425 Prospect, 2429 Prospect, 2605 E 24 Ter, 2609 E 24 Ter, and 2612 E 24 Ter. Its existing configuration, masonry construction, vertical layout, and additional land provide a substantial commercial property for continued storage operations or future adaptation consistent with applicable requirements.
Key Highlights
- 39,600 square feet across a six‑story brick building
- Currently configured for self‑storage and warehouse use
- B3‑2 zoning and 0.1546 acres identified for the primary property
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$316,815
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.05%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,336,300
$6.3M
Cap Rate 7%
$4,525,929
$4.5M
Cap Rate 9%
$3,520,167
$3.5M
Market Conditions
NOI Build-Up for 39,600 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$394.4K $9.96/SF
− Vacancy
−$21.7K −$0.55/SF
EGI
$372.7K $9.41/SF
− OpEx
−$55.9K −$1.41/SF
NOI
$316.8K $8.00/SF
Area
Kansas City, MO
Vacancy
5.50%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,336,300
Cap Rate 7%
$4,525,929
Cap Rate 9%
$3,520,167
Alternative Uses
Best Use
Self Storage
$5.58M
$4.89M – $6.51M
NOI $390,852 @ 7.0% cap · market cap 11.17%
Second Best
Warehouse
$4.53M
$3.96M – $5.28M
NOI $316,815 @ 7.0% cap · market cap 9.05%
Theoretical Best
Office A
$9.43M
$8.25M – $11.00M
NOI $660,262 @ 7.0% cap · market cap 18.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
468
Businesses Nearby
Explore this area
Business Placement
Demographics for 64127, MO
17,191
Population
8,884
Households
1.9
Avg Household Size
34
Median Age
7%
College-Educated
72%
High-School Grad
4.2 sq mi
ZIP Area
4,093
Density / Sq Mi
$32,179
Median Household Income
$29,382
Median Earnings
$886
Median Rent
$59,300
Median Home Value
Market
Vacancy Rate% for Industrial in Kansas City, MO
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Brick commercial building with elevator access, storage space, delivery door, and included surrounding lots.
Where is this self storage facility located?
The property is located at 2431 Prospect Avenue Kansas City, MO.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 39,600 square feet across a six‑story brick building; Currently configured for self‑storage and warehouse use; B3‑2 zoning and 0.1546 acres identified for the primary property
