Freestanding Drive-Through
For Sale
Contact for pricing
1251 Banning Street, Marshfield, MO 65706
KFC facility with an absolute NNN lease and access near Interstate 44.
Property Size6,048 SF
Price / SF$264.55
Days on Market9
Property Features for 1251 Banning Street
General Information
Standard status
Active
Size
6,048 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute NNN
Net Operating Income
$104,874
Site & Location
Drive-Thru
Yes
Highway Access
Yes
Building Details
Year Built
2004
Tenancy
Single
Listing Agency:
Marcus & Millichap - Los Angeles
(310) 909-5500
Listed By:
Jason Fefer · License #CA 02100489
Source:
Crexi
Added: Jul 29
Changed: Aug 5
Last Checked: Aug 6 at 11:59AM
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 Marcus & Millichap - Los Angeles
Investment Insights
Based on property information with market context.
This freestanding KFC restaurant includes a drive-through and contains 6,048 square feet. Completed in 2004, the property is leased under an absolute NNN structure, with approximately 11.5 years of firm term remaining and no landlord responsibilities stated in the lease terms. Contractual rent increases are set at 1% annually.
The property is positioned on Banning Street in Marshfield, near Interstate 44 and within an established retail area. Nearby national retailers and restaurants include Walmart Supercenter, Dollar General, O’Reilly Auto Parts, ACE Hardware, Sonic, Taco Bell, and Walgreens. The site serves a trade area that includes local residents, commuters, and interstate travelers.
Mitra Midwest, LLC is the tenant, with Mitra QSR KNE, LLC identified as guarantor. Mitra Midwest is part of the Mitra QSR platform, which operates more than 170 KFC locations across multiple states.
The property is positioned on Banning Street in Marshfield, near Interstate 44 and within an established retail area. Nearby national retailers and restaurants include Walmart Supercenter, Dollar General, O’Reilly Auto Parts, ACE Hardware, Sonic, Taco Bell, and Walgreens. The site serves a trade area that includes local residents, commuters, and interstate travelers.
Mitra Midwest, LLC is the tenant, with Mitra QSR KNE, LLC identified as guarantor. Mitra Midwest is part of the Mitra QSR platform, which operates more than 170 KFC locations across multiple states.
Key Highlights
- Freestanding KFC restaurant with drive‑through
- 6,048‑square‑foot building completed in 2004
- Absolute NNN lease with ±11.5 years of firm term remaining
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
$48,225
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
3.01%
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%
$964,500
$964.5K
Cap Rate 7%
$688,929
$688.9K
Cap Rate 9%
$535,833
$535.8K
Market Conditions
NOI Build-Up for 6,048 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
$66.8K $11.04/SF
− Vacancy
−$2.5K −$0.41/SF
EGI
$64.3K $10.63/SF
− OpEx
−$16.1K −$2.66/SF
NOI
$48.2K $7.97/SF
Area
Webster County, MO
Vacancy
3.70%
Lease Rate
$11.04 /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%
$964,500
Cap Rate 7%
$688,929
Cap Rate 9%
$535,833
Alternative Uses
Best Use
Specialty Retail
$688.9K
$602.8K – $803.8K
NOI $48,225 @ 7.0% cap · market cap 3.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$912.8K
$798.7K – $1.06M
NOI $63,899 @ 7.0% cap · market cap 3.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
477
Businesses Nearby
165k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 68%
Shops & Services 16%
Home Improvements & Furnishings 13%
Electronics 1%
McDonald's
Dining
32,972 visits/mo
0.2 miles
SONIC Drive In
Dining
18,493 visits/mo
0.2 miles
Bomgaars
Home Improvements & Furnishings
17,247 visits/mo
0.1 miles
Wendy's
Dining
16,734 visits/mo
0.3 miles
Taco Bell
Dining
14,883 visits/mo
0.2 miles
Demographics for 65706, MO
15,784
Population
7,070
Households
2.2
Avg Household Size
40
Median Age
21%
College-Educated
91%
High-School Grad
180.0 sq mi
ZIP Area
88
Density / Sq Mi
$76,304
Median Household Income
$40,264
Median Earnings
$780
Median Rent
$234,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - KFC facility with an absolute NNN lease and access near Interstate 44.
Where is this drive through restaurant located?
The property is located at 1251 Banning Street Marshfield, MO.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Freestanding KFC restaurant with drive‑through; 6,048‑square‑foot building completed in 2004; Absolute NNN lease with ±11.5 years of firm term remaining
