Corner Storefront
For Sale
$690,000
24 W 2nd Street, Washington, MO 63090
Masonry commercial property with a renovated salon area and a second vacant commercial space.
Property Size2,836 SF
Days on Market67
Property Features for 24 W 2nd Street
General Information
Standard status
Active
Size
2,836 SF
Property subtype
Commercial
Additional Details
Corner Location
Yes
Taxes and HOA fees
Annual Taxes
$3,588
Building Details
Building Size
2,836 SF
Year Built
1938
Year Renovated
2023
Buildings
1
Stories
1
Construction
masonry
Tenancy
Multi
Listing Agency:
RE/MAX Results
(636) 239-3003
Listed By:
Janie Schriewer · License #1999117614
(636) 239-3003
Source:
Exit2newbeginningz
Added: Jun 5
Changed: Aug 10
Last Checked: Aug 10 at 10:04AM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
Built in 1938, this full-masonry commercial property occupies a corner position in Downtown Washington. The building includes a renovated hair salon and beauty parlor, while a separate commercial area opening off Lafayette is currently vacant. The operating business is not included in the sale, and a potential long-term lease is associated with the salon space.
Major building systems were modernized during renovations completed in 2018/19, with additional work carried out in 2023. The property is located two blocks from the Washington Riverfront and Farmers Market, across from a city park, and includes a river view. Its downtown setting places the building near pedestrian and vehicle activity within the historic Washington commercial district.
Major building systems were modernized during renovations completed in 2018/19, with additional work carried out in 2023. The property is located two blocks from the Washington Riverfront and Farmers Market, across from a city park, and includes a river view. Its downtown setting places the building near pedestrian and vehicle activity within the historic Washington commercial district.
Key Highlights
- Full‑masonry construction on a corner lot in Downtown Washington
- Renovations completed in 2018/19, with additional improvements in 2023
- Hair salon and beauty parlor space; operating business is not included
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
$26,702
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
3.87%
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%
$534,040
$534.0K
Cap Rate 7%
$381,457
$381.5K
Cap Rate 9%
$296,689
$296.7K
Market Conditions
NOI Build-Up for 2,836 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
$39.8K $14.04/SF
− Vacancy
−$1.7K −$0.59/SF
EGI
$38.1K $13.45/SF
− OpEx
−$11.4K −$4.04/SF
NOI
$26.7K $9.42/SF
Area
Franklin County, MO
Vacancy
4.20%
Lease Rate
$14.04 /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%
$534,040
Cap Rate 7%
$381,457
Cap Rate 9%
$296,689
Alternative Uses
Best Use
Retail
$381.5K
$333.8K – $445.0K
NOI $26,702 @ 7.0% cap · market cap 3.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$834.9K
$730.6K – $974.1K
NOI $58,445 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
822
Businesses Nearby
8k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
Hardee's
Dining
5,480 visits/mo
0.4 miles
Domino's Pizza
Dining
2,623 visits/mo
0.4 miles
Demographics for 63090, MO
22,843
Population
9,745
Households
2.3
Avg Household Size
43
Median Age
33%
College-Educated
94%
High-School Grad
81.5 sq mi
ZIP Area
280
Density / Sq Mi
$83,966
Median Household Income
$46,556
Median Earnings
$873
Median Rent
$260,700
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?
Storefront property - Masonry commercial property with a renovated salon area and a second vacant commercial space.
Where is this storefront property located?
The property is located at 24 W 2nd Street Washington, MO.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: Full‑masonry construction on a corner lot in Downtown Washington; Renovations completed in 2018/19, with additional improvements in 2023; Hair salon and beauty parlor space; operating business is not included
