Six-Story Brick Self-Storage
For Sale
$3,500,000
2431 Prospect Avenue Kansas City, Kansas City, MO 64127
B3-2 zoning, elevator access, and warehouse configuration support continued storage operations.
Property Size39,600 SF
Price / SF$88.38
Days on Market48
Property Features for 2431 Prospect Avenue Kansas City
General Information
Standard status
Active
Size
39,600 SF
Zoning
B3-2
Amenities
6
Elevator,Storage
6736
3
On Street,Parking Lot,Paved
City Location,Corner Lot
Delivery Door(s)
City Street
2
Building Details
Year Built
1912
Buildings
1
Stories
6
Building Size
39,600 SF
Construction
masonry
Listing Agency:
Berkshire Hathaway HomeServices Stein & Summers Real Estate
(816) 232-2000
Listed By:
Freeman Mahoney
(816) 232-2000
Source:
Bhhsstein
Added: Jul 14
Changed: Aug 29
Last Checked: Aug 29 at 1:03PM
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 Berkshire Hathaway HomeServices Stein & Summers Real Estate
Investment Insights
Based on property information with market context.
Built in 1912, this 39,600-square-foot, six-story masonry building is configured for self-storage and warehouse use. The property includes an elevator, storage areas, tall ceilings, open interior areas, and delivery doors. Brick construction and a paved parking lot are also part of the existing improvements.
The building is located at 2431 Prospect Avenue in Kansas City, Missouri, on a corner lot with access from a city street. The property is zoned B3-2 and includes five additional surrounding lots at 2425 Prospect, 2429 Prospect, 2605 E 24 Ter, 2609 E 24 Ter, and 2612 E 24 Ter. On-street parking and a parking lot are identified among the site features.
The building is located at 2431 Prospect Avenue in Kansas City, Missouri, on a corner lot with access from a city street. The property is zoned B3-2 and includes five additional surrounding lots at 2425 Prospect, 2429 Prospect, 2605 E 24 Ter, 2609 E 24 Ter, and 2612 E 24 Ter. On-street parking and a parking lot are identified among the site features.
Key Highlights
- 39,600‑square‑foot, six‑story brick building constructed in 1912
- Currently configured as a self‑storage and warehouse facility
- B3‑2 zoning with elevator and storage areas
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
$316,815
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
9.05%
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%
$6,336,300
$6.3M
Cap Rate 7%
$4,525,929
$4.5M
Cap Rate 9%
$3,520,167
$3.5M
Market Conditions
NOI Build-Up for 39,600 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
$394.4K $9.96/SF
− Vacancy
−$21.7K −$0.55/SF
EGI
$372.7K $9.41/SF
− OpEx
−$55.9K −$1.41/SF
NOI
$316.8K $8.00/SF
Area
Kansas City, MO
Vacancy
5.50%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
15.00%
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%
$6,336,300
Cap Rate 7%
$4,525,929
Cap Rate 9%
$3,520,167
Alternative Uses
Best Use
Self Storage
$5.58M
$4.89M – $6.51M
NOI $390,852 @ 7.0% cap · market cap 11.17%
Second Best
Warehouse
$4.53M
$3.96M – $5.28M
NOI $316,815 @ 7.0% cap · market cap 9.05%
Theoretical Best
Office A
$9.43M
$8.25M – $11.00M
NOI $660,262 @ 7.0% cap · market cap 18.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
468
Businesses Nearby
Explore this area
Business Placement
Demographics for 64127, MO
17,191
Population
8,884
Households
1.9
Avg Household Size
34
Median Age
7%
College-Educated
72%
High-School Grad
4.2 sq mi
ZIP Area
4,093
Density / Sq Mi
$32,179
Median Household Income
$29,382
Median Earnings
$886
Median Rent
$59,300
Median Home Value
Market
Vacancy Rate% for Industrial in Kansas City, MO
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Self storage facility - B3-2 zoning, elevator access, and warehouse configuration support continued storage operations.
Where is this self storage facility located?
The property is located at 2431 Prospect Avenue Kansas City Kansas City, MO.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 39,600‑square‑foot, six‑story brick building constructed in 1912; Currently configured as a self‑storage and warehouse facility; B3‑2 zoning with elevator and storage areas
