Crossroads Arts District Restaurant
For Sale
Contact for pricing
2016 Central St, Kansas City, MO
Restaurant and event spaces in vibrant downtown Kansas City.
Property Size15,000 SF
Lot Size0.52 Acres
Price / SF$239.67
Days on Market506
Property Features for 2016 Central St
General Information
Standard status
Active
Size
15,000 SF
Lot size
0.52 Acres
Property subtype
RETAIL
Properties For Sale
at 2016 Central St Contact us- Floor
- 1
- Size
- 10,700 SF
- Type
- RETAIL
- Availability
- AVAILABLE, Now
- Sublease
- No
2016 Central St
- Booths and high-top seating areas
- Bar area
- Two additional event rooms
- Expansive...
show more
Contact us
Listing Agency:
Aron Real Estate
(816) 668-5191
Listed By:
Suzie Aron
(913) 530-6279
Source:
Moodyscre
Added: Apr 23, 2025
Changed: Aug 9
Last Checked: Sep 9 at 3:29PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Aron Real Estate
Investment Insights
Based on property information with market context.
Located in the Crossroads Arts District of Downtown Kansas City, this property offers high visibility and foot traffic. The building is suitable for various commercial uses. The property includes second-generation restaurant and event spaces with existing infrastructure, including a fully equipped kitchen and dining areas with furniture, fixtures, and equipment. The 4,200 square-foot space, currently occupied by Lulu’s Thai Noodle Shop, was fully renovated in 2021.
Key Highlights
- Prime location in the heart of the Crossroads Arts District with high visibility and foot traffic.
- Second‑generation restaurant space with fully equipped kitchen and dining areas.
- Existing furniture, fixtures, and equipment (FF&E) included.
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
$174,164
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
4.84%
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%
$3,483,280
$3.5M
Cap Rate 7%
$2,488,057
$2.5M
Cap Rate 9%
$1,935,156
$1.9M
Market Conditions
NOI Build-Up for 15,000 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
$239.4K $15.96/SF
− Vacancy
−$7.2K −$0.48/SF
EGI
$232.2K $15.48/SF
− OpEx
−$58.1K −$3.87/SF
NOI
$174.2K $11.61/SF
Area
Kansas City, MO
Vacancy
3.00%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
25.00%
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%
$3,483,280
Cap Rate 7%
$2,488,057
Cap Rate 9%
$1,935,156
Alternative Uses
Best Use
Specialty Retail
$2.49M
$2.18M – $2.90M
NOI $174,164 @ 7.0% cap · market cap 4.84%
Second Best
Retail
$2.02M
$1.76M – $2.35M
NOI $141,081 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$3.57M
$3.13M – $4.17M
NOI $250,099 @ 7.0% cap · market cap 6.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,130
Businesses Nearby
29k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 47%
Dining 28%
Hotels & Casinos 26%
Cafe Gratitude
Dining
4,897 visits/mo
0.0 miles
Hotel Indigo Crossroads KC
Hotels & Casinos
3,811 visits/mo
0.3 miles
Home2 Suites Kansas City Downtown
Hotels & Casinos
3,508 visits/mo
0.3 miles
Artist & Craftsman Supply
Shops & Services
3,449 visits/mo
0.1 miles
UMB Bank
Shops & Services
3,295 visits/mo
0.4 miles
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Kansas City, MO
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Restaurant - Restaurant and event spaces in vibrant downtown Kansas City.
Where is this restaurant located?
The property is located at 2016 Central St Kansas City, MO.
What is the asking price?
The asking price for this property is $3,595,000.
What are key features of this property?
This property features: Prime location in the heart of the Crossroads Arts District with **high visibility and foot traffic**.; Second‑generation restaurant space with **fully equipped kitchen and dining areas**.; Existing furniture, fixtures, and equipment (FF&E) included.
