Retail
For Sale
Contact for pricing
2321 S Lees Summit Road, Independence, MO 64055
Commercial property offered for sale with retail use identified.
Property Size3,635 SF
Price / SF$220.08
Days on Market9
Property Features for 2321 S Lees Summit Road
General Information
Standard status
Active
Size
3,635 SF
Total Parking Spaces
30
Property subtype
Retail
Lease Type
NNN
Investment Type
Owner/User
Listing Agency:
Block & Company Inc
(816) 753-6000
Listed By:
Ryan Cline · License #2024035784
Source:
Crexi
Added: Aug 12
Changed: Aug 18
Last Checked: Aug 19 at 12:06AM
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 Block & Company Inc
Investment Insights
Based on property information with market context.
This commercial property contains 3,635 square feet of space identified for retail use. The property is located at 2321 S. Lees Summit Road in Independence, Missouri, within ZIP code 64055.
Key Highlights
- 3,635 square feet of retail space
- Located at 2321 S. Lees Summit Road, Independence, MO 64055
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
$43,969
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
5.50%
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%
$879,380
$879.4K
Cap Rate 7%
$628,129
$628.1K
Cap Rate 9%
$488,544
$488.5K
Market Conditions
NOI Build-Up for 3,635 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
$65.4K $18.00/SF
− Vacancy
−$2.6K −$0.72/SF
EGI
$62.8K $17.28/SF
− OpEx
−$18.8K −$5.18/SF
NOI
$44.0K $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%
$879,380
Cap Rate 7%
$628,129
Cap Rate 9%
$488,544
Alternative Uses
Best Use
Retail
$628.1K
$549.6K – $732.8K
NOI $43,969 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.07M
$940.0K – $1.25M
NOI $75,201 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
423
Businesses Nearby
161k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 46%
Shops & Services 33%
Dining 17%
Beauty & Spa 5%
Hy-Vee
Groceries
47,022 visits/mo
0.2 miles
Aldi
Groceries
26,958 visits/mo
0.1 miles
Casey's
Shops & Services
11,511 visits/mo
0.5 miles
Starbucks
Dining
11,274 visits/mo
0.2 miles
SONIC Drive In
Dining
10,829 visits/mo
0.4 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
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Frequently Asked Questions
What type of property is this?
Retail space - Commercial property offered for sale with retail use identified.
Where is this retail space located?
The property is located at 2321 S Lees Summit Road Independence, MO.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 3,635 square feet of retail space; Located at 2321 S. Lees Summit Road, Independence, MO 64055
