Restaurant Building with Covered
For Sale
$799,000
20 N Spanish Street, Cape Girardeau, MO 63701
COMMERCIAL - Cape Girardeau, MO
Property Size7,396 SF
Lot Size0.17 Acres
Price / SF$108.03
Days on Market49
Property Features for 20 N Spanish Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Subdivision
Range Csandford Ellis
Standard status
Active
APN
21-107-00-24-01100-0000
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4682
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1966
Floors in Building
1
Flooring type
Concrete, Tile
Building materials
Brick
Listing Agency:
EDGE Realty ERA Powered
(573) 335-8111
Listed By:
Jacob Fish · License #2010013545
(573) 335-8111
Added: Jun 24
Changed: Aug 4
Last Checked: Aug 11 at 4:06AM
MLS# 26005279
Copyright © 2026 Mid America Regional Information Systems, Inc. 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.
20 N Spanish Street in historic downtown Cape Girardeau offers a versatile restaurant building designed around three distinct guest areas: a 60-seat banquet space, a 135-seat main dining area, and a dedicated bar section. A covered outdoor patio provides seating for an additional 25 guests, supporting both casual dining and events.
The kitchen is centrally located with direct access to the main dining room and banquet area, helping streamline service and operations. The layout is already configured to be divided into two separate units if desired. Structural I-beam support also allows flexibility in opening the floor plan to match changing concepts.
The 7,396-square-foot building features brick construction with tile and concrete flooring. Forced air heating and central air conditioning are in place. Built in 1966 on a 0.171-acre lot with public water service, the property is positioned for restaurant operators seeking an established, adaptable footprint in downtown Cape Girardeau.
The kitchen is centrally located with direct access to the main dining room and banquet area, helping streamline service and operations. The layout is already configured to be divided into two separate units if desired. Structural I-beam support also allows flexibility in opening the floor plan to match changing concepts.
The 7,396-square-foot building features brick construction with tile and concrete flooring. Forced air heating and central air conditioning are in place. Built in 1966 on a 0.171-acre lot with public water service, the property is positioned for restaurant operators seeking an established, adaptable footprint in downtown Cape Girardeau.
Key Highlights
- 7,396‑square‑foot brick restaurant building built in 1966
- Configured into three areas: 60‑seat banquet, 135‑seat main dining, dedicated bar section
- Covered outdoor patio adds seating for 25 guests
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
$48,213
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
6.03%
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%
$964,260
$964.3K
Cap Rate 7%
$688,757
$688.8K
Cap Rate 9%
$535,700
$535.7K
Market Conditions
NOI Build-Up for 7,396 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
$73.7K $9.96/SF
− Vacancy
−$4.8K −$0.65/SF
EGI
$68.9K $9.31/SF
− OpEx
−$20.7K −$2.79/SF
NOI
$48.2K $6.52/SF
Area
Cape Girardeau County, MO
Vacancy
6.50%
Lease Rate
$9.96 /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%
$964,260
Cap Rate 7%
$688,757
Cap Rate 9%
$535,700
Alternative Uses
Best Use
Specialty Retail
$1.07M
$934.6K – $1.25M
NOI $74,765 @ 7.0% cap · market cap 9.36%
Second Best
Industrial
$688.8K
$602.7K – $803.6K
NOI $48,213 @ 7.0% cap · market cap 6.03%
Theoretical Best
Office A
$2.33M
$2.04M – $2.72M
NOI $163,330 @ 7.0% cap · market cap 20.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
857
Businesses Nearby
10k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 100%
Courtyard Cape Girardeau Downtown
Hotels & Casinos
10,045 visits/mo
0.4 miles
Demographics for 63701, MO
39,246
Population
17,834
Households
2.2
Avg Household Size
35
Median Age
39%
College-Educated
94%
High-School Grad
132.7 sq mi
ZIP Area
296
Density / Sq Mi
$67,904
Median Household Income
$32,655
Median Earnings
$863
Median Rent
$209,600
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?
Conventional restaurant - Restaurant space configured for main dining, banquet service, and a dedicated bar, with a covered patio seating area.
Where is this conventional restaurant located?
The property is located at 20 N Spanish Street Cape Girardeau, MO.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 7,396‑square‑foot brick restaurant building built in 1966; Configured into three areas: 60‑seat banquet, 135‑seat main dining, dedicated bar section; Covered outdoor patio adds seating for 25 guests
