Building Details

Building Size 2,836 SF

Year Built 1938

Year Renovated 2023

Buildings 1

Stories 1

Construction masonry

Tenancy Multi

Listing Agency: Flowers Home Realty i***@flowershomerealty.com Show Phone

Listed By: Marletta Flowers · License #2006018112 Show Phone

Source: Flowershomerealty

Added: Jun 5 Changed: Oct 23 Last Checked: Oct 23 at 3:12PM

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

This 2,836-square-foot masonry storefront building contains two commercial spaces. One is configured as a hair salon and beauty parlor; the separate unit facing Lafayette is vacant. The property was built in 1938, underwent a renovation in 2018/19 that modernized most building systems, and received further improvements in 2023.

In downtown Washington, the corner property faces a city park and has a river view. The Washington Riverfront and Farmers Market are two blocks away.

Key Highlights

• Two commercial units, including a vacant space with access off Lafayette
• 2,836 square feet in a masonry building
• Renovated in 2018/19, with most building systems modernized; further work completed in 2023

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$26,702

Cap Rate

3.87%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$534,040 $534.0K

Cap Rate 7%

$381,457 $381.5K

Cap Rate 9%

$296,689 $296.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,836 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $58,445 @ 7.0% cap · market cap 8.47%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

Storefront properties

Suggested Use

Top Pick Pharmacy Electrical Service HVAC Service Big Box & Wholesale Store Storage Facility Garden Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

979

Businesses Nearby

26k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Dining 75% Shops & Services 25%

SONIC Drive In Dining

11,710 visits/mo 0.4 miles

Dollar General Shops & Services

6,452 visits/mo 0.3 miles

Hardee's Dining

5,480 visits/mo 0.2 miles

Domino's Pizza Dining

2,623 visits/mo 0.2 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

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Storefront property - A salon uses one commercial unit, with a separate Lafayette-facing space currently vacant.

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: Two commercial units, including a vacant space with access off Lafayette; 2,836 square feet in a masonry building; Renovated in 2018/19, with most building systems modernized; further work completed in 2023