Renovated Multi-Story Office
For Sale
Contact for pricing
201 E PARTRIDGE AVE, Independence, MO 64055
Renovated office property combines leased occupancy with shell space and a Class A floor ready for occupancy.
Property Size15,626 SF
Lot Size1.26 Acres
Price / SF$166.39
Days on Market66
Property Features for 201 E PARTRIDGE AVE
General Information
Standard status
Active
Size
15,626 SF
Total Parking Spaces
60
Lot size
1.26 Acres
Property subtype
Office
Occupancy
50%
Lease Type
NNN
Building Details
Year Built
1986
Year Renovated
2021
Buildings
1
Stories
3
Units
4
Tenancy
Multi
Parking Ratio
4 per 1,000 SF
Listing Agency:
Haith & Company Realtors
Listed By:
Josh Haith · License #2011012354
(913) 888-3456
Source:
Crexi
Added: Jul 24
Changed: Sep 7
Last Checked: Sep 26 at 6:44AM
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 Haith & Company Realtors
Investment Insights
Based on property information with market context.
This four-floor office building was constructed in 1986 and underwent extensive renovations completed in 2021. Each floor contains 7,575 SF, including common areas. The third floor is available for lease as shell space, while the fourth floor is finished to Class A office standards and ready for occupancy.
The property occupies a 1.26 +/- acre lot at 201 E Partridge Avenue in Independence, Missouri, with a parking ratio of 4.0 / 1,000. The building is 50% leased through January 31, 2027, providing an existing occupancy component alongside available office space.
The property occupies a 1.26 +/- acre lot at 201 E Partridge Avenue in Independence, Missouri, with a parking ratio of 4.0 / 1,000. The building is 50% leased through January 31, 2027, providing an existing occupancy component alongside available office space.
Key Highlights
- Four‑floor office building with 7,575 SF per floor, including common areas
- 1.26 +/- acre lot at 201 E Partridge Avenue, Independence, MO
- Extensive renovations completed in 2021; original construction dates to 1986
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
$239,078
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
9.20%
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%
$4,781,560
$4.8M
Cap Rate 7%
$3,415,400
$3.4M
Cap Rate 9%
$2,656,422
$2.7M
Market Conditions
NOI Build-Up for 15,626 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
$375.0K $24.00/SF
− Vacancy
−$56.3K −$3.60/SF
EGI
$318.8K $20.40/SF
− OpEx
−$79.7K −$5.10/SF
NOI
$239.1K $15.30/SF
Area
Independence, MO
Vacancy
15.00%
Lease Rate
$24.00 /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%
$4,781,560
Cap Rate 7%
$3,415,400
Cap Rate 9%
$2,656,422
Alternative Uses
Best Use
Office B
$3.42M
$2.99M – $3.98M
NOI $239,078 @ 7.0% cap · market cap 9.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.62M
$4.04M – $5.39M
NOI $323,271 @ 7.0% cap · market cap 12.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
278
Businesses Nearby
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Business Placement
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Renovated office property combines leased occupancy with shell space and a Class A floor ready for occupancy.
Where is this office building located?
The property is located at 201 E PARTRIDGE AVE Independence, MO.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Four‑floor office building with 7,575 SF per floor, including common areas; 1.26 +/- acre lot at 201 E Partridge Avenue, Independence, MO; Extensive renovations completed in 2021; original construction dates to 1986
