Multi-Tenant Strip Retail
For Sale
Contact for pricing
17407 E US Hwy 24, Independence, MO 64056
Fully occupied center with triple-net leases and nationally recognized retail and service tenants.
Property Size13,750 SF
Lot Size1.75 Acres
Price / SF$165.89
Days on Market159
Property Features for 17407 E US Hwy 24
General Information
Standard status
Active
Size
13,750 SF
Lot size
1.75 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$171,038
Additional Details
Cap Rate
7.5%
Anchor Co-Tenants
Dollar Tree
Building Details
Year Built
1980
Year Renovated
2016
Buildings
1
Units
3
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Dallas
(972) 755-5225
Listed By:
Philip Levy · License #TX 522087
Source:
Crexi
Added: Mar 25
Changed: Aug 30
Last Checked: Mar 27 at 4:56AM
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 - Dallas
Investment Insights
Based on property information with market context.
This 13,750-square-foot strip retail center contains multiple tenant spaces and is fully occupied under triple-net leases. Dollar Tree anchors the property alongside Domino’s Pizza and Liberty Tax, creating a mix of retail, food service, and tax-preparation uses. The building dates to 1980 and was renovated in 2016. The 1.75-acre parcel also received parking lot repairs in September 2025.
The center fronts U.S. Highway 24 in Independence, Missouri, immediately east of Interstate 291, where traffic counts exceed 22,000 vehicles per day. The surrounding retail area includes a broad collection of national and regional operators, including Walgreens, CVS, Family Dollar, KFC, McDonald’s, AutoZone Auto Parts, and Scooter’s Coffee. The property is also near the Eastgate Commerce Center and Harry S. Truman Presidential Library and Museum.
The center fronts U.S. Highway 24 in Independence, Missouri, immediately east of Interstate 291, where traffic counts exceed 22,000 vehicles per day. The surrounding retail area includes a broad collection of national and regional operators, including Walgreens, CVS, Family Dollar, KFC, McDonald’s, AutoZone Auto Parts, and Scooter’s Coffee. The property is also near the Eastgate Commerce Center and Harry S. Truman Presidential Library and Museum.
Key Highlights
- 13,750‑square‑foot multi‑tenant strip retail center on a 1.75‑acre parcel
- 100 percent occupied with all leases structured as triple‑net
- Dollar Tree anchor with Domino’s Pizza and Liberty Tax as additional tenants
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
$166,320
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
7.29%
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%
$3,326,400
$3.3M
Cap Rate 7%
$2,376,000
$2.4M
Cap Rate 9%
$1,848,000
$1.8M
Market Conditions
NOI Build-Up for 13,750 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
$247.5K $18.00/SF
− Vacancy
−$9.9K −$0.72/SF
EGI
$237.6K $17.28/SF
− OpEx
−$71.3K −$5.18/SF
NOI
$166.3K $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%
$3,326,400
Cap Rate 7%
$2,376,000
Cap Rate 9%
$1,848,000
Alternative Uses
Best Use
Retail
$2.38M
$2.08M – $2.77M
NOI $166,320 @ 7.0% cap · market cap 7.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.06M
$3.56M – $4.74M
NOI $284,460 @ 7.0% cap · market cap 12.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
252
Businesses Nearby
107k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 52%
Shops & Services 44%
Electronics 2%
Beauty & Spa 2%
Taco Bell
Dining
13,792 visits/mo
0.4 miles
Dollar Tree
Shops & Services
12,567 visits/mo
0.1 miles
SONIC Drive In
Dining
8,073 visits/mo
0.4 miles
Hardee's
Dining
7,005 visits/mo
0.2 miles
Burger King
Dining
6,998 visits/mo
0.4 miles
Demographics for 64056, MO
17,373
Population
6,451
Households
2.7
Avg Household Size
34
Median Age
20%
College-Educated
90%
High-School Grad
19.7 sq mi
ZIP Area
882
Density / Sq Mi
$68,696
Median Household Income
$36,529
Median Earnings
$1,290
Median Rent
$176,400
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?
Strip mall - Fully occupied center with triple-net leases and nationally recognized retail and service tenants.
Where is this strip mall located?
The property is located at 17407 E US Hwy 24 Independence, MO.
What is the asking price?
The asking price for this property is $2,281,000.
What are key features of this property?
This property features: 13,750‑square‑foot multi‑tenant strip retail center on a 1.75‑acre parcel; 100 percent occupied with all leases structured as triple‑net; Dollar Tree anchor with Domino’s Pizza and Liberty Tax as additional tenants
