Multi-Bay Auto
For Sale
$2,700,000
16400 E 23rd Street, Independence, MO 64055
Commercial Sale, Independence, MO
Property Size15,200 SF
Lot Size1.07 Acres
Price / SF$177.63
Days on Market133
Property Features for 16400 E 23rd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C2
Parking features
Garage, Parking Lot
Directions
highway 291 to 23rds Street, head west, property on south side of street.
Subdivision
206 - Independence Area
Standard status
Active
APN
25-420-03-70-00-0-00-000
Lot size
1.07 Acres
Taxes and HOA fees
Tax Description
FERROS SUBDIVISION - REPLAT---LOT 2A
Tax Annual Amount
54000
Legal Description
FERROS SUBDIVISION - REPLAT---LOT 2A
Utilities
Utilities
Water Available
Amenities
multi-bay service layout
large paved lot
Listing Agency:
Platinum Realty LLC
(888) 220-0988
Listed By:
Tina Davis Davis
(816) 372-4441
Added: Apr 10
Changed: Aug 19
Last Checked: Aug 20 at 3:06AM
MLS# 2613612
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.
Constructed in 2022, this automotive facility occupies a 1.07-acre site and offers a multi-bay service configuration for high-volume operations. The property includes a paved parking area, garage parking features, and water availability. C2 zoning supports automotive service, retail, and other service-oriented commercial uses identified for the property.
The facility is positioned at the intersection of E 23rd Street and Highway 291 in Independence, providing access from two prominent roadways and visibility from the corner setting. Its physical layout and parking improvements provide a functional base for an automotive business or another approved commercial use.
The facility is positioned at the intersection of E 23rd Street and Highway 291 in Independence, providing access from two prominent roadways and visibility from the corner setting. Its physical layout and parking improvements provide a functional base for an automotive business or another approved commercial use.
Key Highlights
- Built in 2022
- 1.07‑acre site
- Multi‑bay service layout
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
$183,859
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
6.81%
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%
$3,677,180
$3.7M
Cap Rate 7%
$2,626,557
$2.6M
Cap Rate 9%
$2,042,878
$2.0M
Market Conditions
NOI Build-Up for 15,200 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
$273.6K $18.00/SF
− Vacancy
−$10.9K −$0.72/SF
EGI
$262.7K $17.28/SF
− OpEx
−$78.8K −$5.18/SF
NOI
$183.9K $12.10/SF
Area
Independence, MO
Vacancy
4.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$3,677,180
Cap Rate 7%
$2,626,557
Cap Rate 9%
$2,042,878
Alternative Uses
Best Use
Retail
$2.63M
$2.30M – $3.06M
NOI $183,859 @ 7.0% cap · market cap 6.81%
Second Best
Industrial
$2.21M
$1.94M – $2.58M
NOI $155,029 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$4.49M
$3.93M – $5.24M
NOI $314,458 @ 7.0% cap · market cap 11.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
518
Businesses Nearby
219k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 50%
Shops & Services 25%
Groceries 12%
Home Improvements & Furnishings 10%
Aldi
Groceries
26,958 visits/mo
0.3 miles
McDonald's
Dining
26,605 visits/mo
0.4 miles
7 Brew Coffee
Dining
19,888 visits/mo
0.2 miles
Tractor Supply Co.
Home Improvements & Furnishings
17,989 visits/mo
0.2 miles
Family Dollar
Shops & Services
12,084 visits/mo
0.3 miles
Demographics for 64055, MO
36,225
Population
16,900
Households
2.1
Avg Household Size
44
Median Age
24%
College-Educated
93%
High-School Grad
12.5 sq mi
ZIP Area
2,898
Density / Sq Mi
$64,646
Median Household Income
$42,121
Median Earnings
$1,098
Median Rent
$173,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Blue Truck Repair Inc - Mobile Mechanic — 16657 East 23rd St S, Independence, MO 64055
- Auto Glass Independence — 2408 Queen Ridge Dr, Independence, MO 64055
- KC Hail Company — 2610 S Hub Dr, Independence, MO 64055
- Maaco Auto Body Shop & Painting — 2605 Hub Dr N, Independence, MO 64055
- Jiffy Lube — 2621 Rte 291, Independence, MO 64057
Frequently Asked Questions
What type of property is this?
Auto shop - Modern commercial facility with C2 zoning, paved parking, and a layout suited to automotive service operations.
Where is this auto shop located?
The property is located at 16400 E 23rd Street Independence, MO.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: Built in 2022; 1.07‑acre site; Multi‑bay service layout
