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    Paola Restaurant and Building For Sale Title is generated by Realmo AI

    16 W Peoria Street, Paola, KS 66071

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    For Sale
    $325,000

    SINGLE_FAMILY - Paola, KS

    Type:Retail
    Lot size:
    0.07 Acres
    Added:
    Jul 2, 2024
    Days on Market:
    681
    Last Refresh:
    May 13 at 3:06 am

    Property Features for 16 W Peoria Street

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Zoning
    COM
    Parking features
    On Street
    Exterior features
    Building Sign
    Standard status
    Active
    APN
    135-16-0-20-32-006.00-0
    Lot size
    0.07 Acres

    Taxes and HOA fees

    Tax Description
    PAOLA RE-SURVEY , BLOCK 33 , LOT 8 , E23 W35.5 LT8 BLK33 SECTION 16 TOWNSHIP 17 RANGE 23
    Tax Annual Amount
    5851

    Utilities

    Utilities
    Water Available

    Building Details

    Year built
    1880
    Floors in Building
    2

    We can help!

    Listing Contact
    Joe Fester
    Joe Fester

    Listing agent Joe Fester License #SP00237023

    Listing office Crown Realty 102 S. Silver, Paola, KS

    Listing date Jul 2, 2024

    MLS# 2497339

    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

    • Own both the established restaurant business and the real estate on the Paola Square.
    • Fully operational Milo's Steakhouse with seating for approximately 75 guests.
    • Includes building, all kitchen equipment, and fixtures for a seamless transition.
    • Character‑rich, historic building in a prominent location.
    • Upper level offers renovation or expansion potential (formerly two apartments).
    • Price reduction for a quick sale.

    Overview

    This is an opportunity to own both the business and real estate in the heart of downtown Paola, Kansas. The historic Milo's Steakhouse, a fully operational restaurant, is for sale. It is located in a prominent building with strong visibility. The main level features 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 excellent potential for renovation, expansion, or additional income. A rear-access basement provides added storage. The sale includes the building, kitchen equipment, and fixtures. The property is zoned commercial and is being sold AS-IS. The lot size is 0.0673 acres.
    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
    -94.878301
    Latitude
    38.573017

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    FAQs

    What type of property is this?
    Conventional restaurant - Restaurant and building for sale in the heart of downtown.
    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 $325,000.
    What are key features of this property?
    This property features: Own both the established restaurant business and the real estate on the Paola Square.; Fully operational Milo's Steakhouse with seating for approximately 75 guests.; Includes building, all kitchen equipment, and fixtures for a seamless transition.
    (913) 259-8642
    We can help!
    Listing Contact
    Joe Fester
    Joe Fester
    Real Estate License ID: SP00237023
    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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