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    Historic Downtown Excelsior Springs Investment Title is generated by Realmo AI

    453-463 S Thompson Avenue, Excelsior Springs, MO 64024

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    For Sale
    $465,000

    SINGLE_FAMILY - Excelsior Springs, MO

    Type:Retail
    Lot size:
    0.37 Acres
    Added:
    May 1, 2025
    Days on Market:
    377
    Last Refresh:
    May 12 at 6:06 pm

    Property Features for 453-463 S Thompson Avenue

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Zoning
    C-2
    Parking features
    On Street
    Exterior features
    Display Window
    Standard status
    Active
    APN
    12-311-00-46-011.01
    Lot size
    0.37 Acres

    Taxes and HOA fees

    Tax Description
    CITY BLOCKS EXCELSIOR SPRINGS PT CB 109 BEG 20'N OF NW COR LT 1 BLK C ELMS ADDITION, N104.8, E141.81, S105, W TO POB (To Be Verified by Closing Title)
    Tax Annual Amount
    4644

    Utilities

    Utilities
    Water Available

    Building Details

    Year built
    1930
    Floors in Building
    1

    We can help!

    Listing Contact
    SimmonsSales Team

    Listing agent SimmonsSales Team

    Listing office RE/MAX Area Real Estate 1350 N Jesse James Rd, Excelsior Springs, MO

    Listing date May 1, 2025

    MLS# 2543422

    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

    • Prime location in historic downtown Excelsior Springs, steps from the Elms Hotel & Spa and walkable to retail, dining, and breweries.
    • Multi‑unit commercial property with five fully leased units (8,129 SF) and potential for a sixth, generating $4,900/month ($58,800/year).
    • Strong income potential with a GRM of 9.43 and flexibility to convert month‑to‑month leases to one‑year terms.
    • Zoned C‑2 (General Commercial) on 0.37 acres with potential for future subdivision per unit.
    • Tax abatement pending through 2030 (projected under $1,000/year).
    • Tenants responsible for their own utilities (except shared water meter for two units, averaging $64/month included in rent).

    Overview

    This multi-unit commercial property is located in historic downtown Excelsior Springs, steps from the Elms Hotel & Spa and walkable retail, dining, and brewery destinations. The property includes five fully leased units totaling 8,129 square feet, with potential for a sixth, situated on 0.37 acres and zoned C-2 (General Commercial). Tenants operate on month-to-month leases with flexibility to convert to one-year terms. Unit 461 is newly leased (May 2025) at $900 per month and generates an additional $200 per month from container storage leased by Dubious Claims Brewery. The property currently generates $4,900 per month ($58,800 per year), with a GRM of 9.43, under a single parcel ID with potential for future subdivision per unit. Tenants are responsible for their own utilities with separate meters for most units, except Units 459 and 461, which share a water meter averaging $64 per month, paid by the landlord and included in rent. The insurance premium is $2,857 per year, and a tax abatement through 2030 is pending final correction with the county and projected to be under $1,000 per year. This property offers flexibility, visibility, and growth potential in Excelsior Springs' thriving downtown district.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Excelsior Springs
    County
    Clay
    State
    Missouri
    Longitude
    -94.22566
    Latitude
    39.33939

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    FAQs

    What type of property is this?
    Retail space - Multi-unit commercial property in thriving downtown Excelsior Springs.
    Where is this retail space located?
    The property is located at 453-463 S Thompson Avenue Excelsior Springs, MO.
    What is the asking price?
    The asking price for this property is $465,000.
    What are key features of this property?
    This property features: Prime location in historic downtown Excelsior Springs, steps from the Elms Hotel & Spa and walkable to retail, dining, and breweries.; Multi‑unit commercial property with five fully leased units (8,129 SF) and potential for a sixth, generating $4,900/month ($58,800/year).; Strong income potential with a GRM of 9.43 and flexibility to convert month‑to‑month leases to one‑year terms.
    (816) 630-4000
    We can help!
    Listing Contact
    SimmonsSales Team
    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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