Flex Space with
For Sale
$1,350,000
1600 SW Market Street, Lees Summit, MO 64081
COMMERCIAL - Lee's Summit, MO
Property Size10,848 SF
Lot Size1.60 Acres
Price / SF$124.45
Days on Market139
Property Features for 1600 SW Market Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
COMM
Parking features
Parking Lot
Directions
50 Highway to 291 South to 1st stop light then right to Market Street to property
Subdivision
204 - Lee's Summit Area
Standard status
Active
APN
61-800-22-10-00-0-00-000
Lot size
1.60 Acres
Taxes and HOA fees
Tax Description
SEC-17 TWP-47 RNG-31 PT OF SW NW 1/4 DAF: BEG SE COR OF SW NW 1/4 TH N 460' TH W 234.14' TO A PT ON SD HWY TH S 161.50' TO TRU POB
Tax Annual Amount
13982
Legal Description
SEC-17 TWP-47 RNG-31 PT OF SW NW 1/4 DAF: BEG SE COR OF SW NW 1/4 TH N 460' TH W 234.14' TO A PT ON SD HWY TH S 161.50' TO TRU POB
Utilities
Utilities
Water Available
Amenities
full kitchen
conference rooms
Building Details
Year built
1950
Floors in Building
2
Listing Agency:
RE/MAX Innovations · RE/MAX International
(816) 454-6540
Listed By:
Robin Clark · License #2003019739
(816) 200-6513
Added: Mar 26
Changed: Aug 4
Last Checked: Aug 11 at 10:06AM
MLS# 2609477
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.
Investment Insights
Based on property information with market context.
Flex space at 1600 SW Market Street offering approximately 10,848 square feet on about 1.6 acres. Built in 1950, the property includes 17 private offices, 6 full bathrooms, multiple conference rooms, a spacious showroom, warehouse space, a full kitchen, and abundant storage. The floor plan also incorporates generous paved parking, supporting a range of operational uses.
The property is positioned in one of Lee’s Summit’s fastest-growing commercial corridors with easy access near the Highway 50 and 291 interchange. Utilities include water available, supporting owner-user or multi-tenant setups.
With a flexible configuration that combines office, showroom, and warehouse areas, the expansive rear portion offers additional opportunities for future expansion, while the lower level presents income-producing potential. The layout is suited for a variety of commercial and professional requirements, including corporate headquarters, medical or professional offices, training or educational use, engineering firms, and financial services.
The property is positioned in one of Lee’s Summit’s fastest-growing commercial corridors with easy access near the Highway 50 and 291 interchange. Utilities include water available, supporting owner-user or multi-tenant setups.
With a flexible configuration that combines office, showroom, and warehouse areas, the expansive rear portion offers additional opportunities for future expansion, while the lower level presents income-producing potential. The layout is suited for a variety of commercial and professional requirements, including corporate headquarters, medical or professional offices, training or educational use, engineering firms, and financial services.
Key Highlights
- Approximately 10,848 square feet of flex space with showroom, warehouse, and office areas
- About 1.6 acres with paved parking lot for tenant and visitor access
- Zoned COMM with water available
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
$114,669
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
8.49%
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%
$2,293,380
$2.3M
Cap Rate 7%
$1,638,129
$1.6M
Cap Rate 9%
$1,274,100
$1.3M
Market Conditions
NOI Build-Up for 10,848 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
$188.8K $17.40/SF
− Vacancy
−$35.9K −$3.31/SF
EGI
$152.9K $14.09/SF
− OpEx
−$38.2K −$3.52/SF
NOI
$114.7K $10.57/SF
Area
Lees Summit, MO
Vacancy
19.00%
Lease Rate
$17.40 /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%
$2,293,380
Cap Rate 7%
$1,638,129
Cap Rate 9%
$1,274,100
Alternative Uses
Best Use
Flex RnD
$1.79M
$1.57M – $2.09M
NOI $125,229 @ 7.0% cap · market cap 9.28%
Second Best
Office B
$1.64M
$1.43M – $1.91M
NOI $114,669 @ 7.0% cap · market cap 8.49%
Theoretical Best
Specialty Retail
$2.75M
$2.41M – $3.21M
NOI $192,726 @ 7.0% cap · market cap 14.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
255
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 64081, MO
24,903
Population
10,778
Households
2.3
Avg Household Size
43
Median Age
51%
College-Educated
98%
High-School Grad
13.0 sq mi
ZIP Area
1,916
Density / Sq Mi
$103,490
Median Household Income
$61,338
Median Earnings
$1,449
Median Rent
$333,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Flex space zoned COMM with water available and paved parking lot near the Highway 50 and 291 interchange.
Where is this flex space located?
The property is located at 1600 SW Market Street Lees Summit, MO.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Approximately 10,848 square feet of flex space with showroom, warehouse, and office areas; About 1.6 acres with paved parking lot for tenant and visitor access; Zoned COMM with water available
