Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Paola Square Restaurant and Building Title is generated by Realmo AI

    16 W Peoria Street, Paola, KS 66071

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $355,000

    Restaurant and real estate for sale in downtown Paola.

    Type:Commercial/Industrial
    Property size:
    4,577 SF
    Lot size:
    0.07 Acres
    Price / SF:
    $77/SF
    Added:
    Mar 12, 2026
    Days on Market:
    72
    Last Refresh:
    Apr 6 at 12:49 am

    Property Features for 16 W Peoria Street

    General Information

    Standard status
    Active
    Size
    4,577 SF
    Lot size
    0.07 Acres
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1880

    We can help!

    Listing Contact
    Joe Fester
    Joe Fester

    Listing agent Joe Fester License #SP00237023

    Listing office Crown Realty

    Listing date Mar 12, 2026

    Source Exitrealty

    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 Crown Realty

    HighLights

    • Own both the established Milo's Steakhouse business and the real estate.
    • Fully operational restaurant with seating for 75 guests.
    • Prime location on the Paola Square.
    • Includes all kitchen equipment and fixtures for a seamless transition.
    • Upper level offers renovation or expansion potential (formerly apartments).
    • Historic, character‑rich building built in 1880.

    Overview

    Located on the Paola Square, this property features a fully operational restaurant, Milo’s Steakhouse, housed in a character-rich building. The sale includes both the business and the real estate. The main level includes a bar and dining area with seating for approximately 75 guests. The upper level, previously configured as two apartments, is currently used for storage and offers renovation or expansion potential. A rear-accessible basement provides additional storage space. The sale includes the building, all kitchen equipment, and fixtures, allowing for a transition of ownership. The property is zoned commercial and is being sold AS-IS. The building size is 4577 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Midwest Gun & Supply Gun Shop Milo's Steakhouse Restaurant Paola GPS General Contractor

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Similar Places Nearby

    • Chen's Buffet — 901 N Pearl St, Paola, KS 66071

    Location Insight

    • Map
    • Local Demand
    City
    Paola
    County
    Miami
    State
    Kansas
    Longitude
    -94.8783
    Latitude
    38.573

    Nearby Similar for Sale

    • $160,000
      2,667 SF

      Historic Paola Square Redevelopment Opportunity

      Redevelopment opportunity in historic Paola Square with retail/office/residential potential.
      9 W Wea Street, Paola, KS 66071
      View Details
    • $1,150,000

      Medical Plaza with Long-Term Tenants

      Spacious medical plaza with long-term tenants, investment opportunity.
      705 Baptiste Drive, Paola, KS 66071
      View Details
    • $1,000,000

      Freestanding Office Building Investment

      Turn-key office building with long-term tenants in Paola, Kansas.
      401 N East Street, Paola, KS 66071
      View Details
    • $315,000
      2,500 SF

      Spacious Paola Home with Fenced Yard

      4-bedroom, 4-bath home with open floor plan and fenced yard.
      508 W Shawnee Street, Paola, KS 66071
      View Details
    • $269,500

      Commercial Property in Paola, Kansas

      Commercial property for sale in Paola, Kansas, great location.
      302 N Silver Street, Paola, KS 66071
      View Details
    • $189,000

      Paola Duplex Near City Square

      Two-unit duplex or single-family home near Paola Square.
      102 E Peoria Street, Paola, KS 66071
      View Details
    • $965,000
      17,000 SF

      Industrial Warehouse South of Spring

      17,000 sq ft warehouse/industrial space near Hillsdale Lake.
      25605 Old KC Road, Paola, KS 66071
      View Details
    • $135,000
      1,200 SF

      Finished Commercial Building in Paola

      Commercial building suitable for office, retail, or residential conversion.
      125 W Peoria Street, Paola, KS 66071
      View Details
    • $1,540,875
      3,642 SF

      Freestanding Restaurant on Large Lot

      Freestanding restaurant near Walmart and schools with high traffic.
      1301 Kansas Dr, Paola, KS
      View Details
    • $398,000
      8,000 SF

      Brick Building in Paola, Kansas

      All brick building near historic town square with parking.
      120 W Peoria Street, Paola, KS 66071
      View Details
    • $2,325,000

      Block Road Property for Sale

      Property located on Block Road, Paola, Kansas available for purchase.
      32846 Block Road, Paola, KS 66071
      View Details
    • $499,950

      Remodeled Commercial Building with Apartments

      Remodeled commercial building with two office spaces and two apartments.
      10 S Silver Street, Paola, KS 66071
      View Details

    FAQs

    What type of property is this?
    Conventional restaurant - Restaurant and real estate for sale in downtown Paola.
    Where is this conventional restaurant located?
    The property is located at 16 W Peoria Street Paola, KS.
    What is the asking price?
    The asking price for this property is $355,000.
    What are key features of this property?
    This property features: Own both the established Milo's Steakhouse business and the real estate.; Fully operational restaurant with seating for 75 guests.; Prime location on the Paola Square.
    (913) 557-4333
    We can help!
    Listing Contact
    Joe Fester
    Joe Fester
    Real Estate License ID: SP00237023
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    16 W Peoria Street, Paola, KS 66071
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!