Multifamily Property with Walk-Out
New
For Sale
$220,000
1203 NW Scenic Dr, Grain Valley, MO 64029
Updated interior surfaces, retained appliances, and a fenced backyard support flexible residential use.
Property Size1,206 SF
Price / SF$182.42
Days on Market2
Property Features for 1203 NW Scenic Dr
General Information
Standard status
Active
Size
1,206 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
Flooring could use updating
Additional Details
Multifamily Units
1
Amenities
fenced backyard
Building Details
Year Built
2006
Listing Agency:
Keller Williams Southland
(816) 718-6236
Listed By:
Ask Cathy
(816) 268-4033
Source:
Askcathy
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 16 at 3:31PM
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 Keller Williams Southland
Investment Insights
Based on property information with market context.
This multifamily property, built in 2006, offers 1,206 square feet with several recent maintenance improvements. The interior has been professionally cleaned and freshly painted, while the carpeting has also received professional cleaning. Existing appliances remain, including the washer and dryer. Flooring may benefit from future updating.
A walk-out basement adds functional space below grade and includes a full bathroom. The basement is unfinished, allowing use for storage, recreation, or future living space. Outside, the property includes a fenced backyard. The home is located at 1203 NW Scenic Dr in Grain Valley, Missouri.
A walk-out basement adds functional space below grade and includes a full bathroom. The basement is unfinished, allowing use for storage, recreation, or future living space. Outside, the property includes a fenced backyard. The home is located at 1203 NW Scenic Dr in Grain Valley, Missouri.
Key Highlights
- 1,206‑square‑foot multifamily property built in 2006
- Walk‑out basement with existing full bathroom
- Professionally cleaned and freshly painted interior
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
$11,118
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
5.05%
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%
$222,360
$222.4K
Cap Rate 7%
$158,829
$158.8K
Cap Rate 9%
$123,533
$123.5K
Market Conditions
NOI Build-Up for 1,206 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
$21.9K $18.12/SF
− Vacancy
−$1.6K −$1.36/SF
EGI
$20.2K $16.76/SF
− OpEx
−$9.1K −$7.54/SF
NOI
$11.1K $9.22/SF
Area
Jackson County, MO
Vacancy
7.50%
Lease Rate
$18.12 /SF/Yr
Expense Ratio
45.00%
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%
$222,360
Cap Rate 7%
$158,829
Cap Rate 9%
$123,533
Alternative Uses
Best Use
Apartment 5plus
$158.8K
$139.0K – $185.3K
NOI $11,118 @ 7.0% cap · market cap 5.05%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$317.2K
$277.5K – $370.1K
NOI $22,203 @ 7.0% cap · market cap 10.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
171
Businesses Nearby
Explore this area
Business Placement
Demographics for 64029, MO
20,054
Population
8,185
Households
2.5
Avg Household Size
36
Median Age
30%
College-Educated
95%
High-School Grad
31.8 sq mi
ZIP Area
631
Density / Sq Mi
$89,074
Median Household Income
$50,332
Median Earnings
$1,369
Median Rent
$284,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Updated interior surfaces, retained appliances, and a fenced backyard support flexible residential use.
Where is this multifamily property located?
The property is located at 1203 NW Scenic Dr Grain Valley, MO.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: 1,206‑square‑foot multifamily property built in 2006; Walk‑out basement with existing full bathroom; Professionally cleaned and freshly painted interior
