Restaurant Building with Kitchen
For Sale
Contact for pricing
301 E 23rd St S, Independence, MO 64055
Restaurant-ready building with grease trap, kitchen plumbing, private restroom, and on-site parking.
Property Size595 SF
Price / SF$238.66
Days on Market11
Property Features for 301 E 23rd St S
General Information
Standard status
Active
Size
595 SF
Class
C
Total Parking Spaces
7
Property subtype
Retail, Office, Special Purpose
Restaurant
Hood Type
Type I
Commercial Hood
Yes
Grease Trap
Yes
Additional Details
Furnished
Yes
Asking Price
$199,000
Amenities
private restroom
Building Details
Year Built
1962
Buildings
1
Units
1
Tenancy
Single
Listing Agency:
Haith & Company Realtors
(913) 888-3456
Listed By:
Josh Haith · License #2011012354
Source:
Crexi
Added: Aug 20
Changed: Aug 29
Last Checked: Aug 29 at 1:36PM
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 595-square-foot restaurant property, built in 1962, is configured for food service use with a new grease trap, stubbed kitchen plumbing, and a new water heater. The building also includes a private restroom and space for building signage.
Seven parking spaces support customer and staff access. Located at 301 E 23rd St S in Independence, Missouri, the property provides a compact footprint for a restaurant or other food service operation.
Seven parking spaces support customer and staff access. Located at 301 E 23rd St S in Independence, Missouri, the property provides a compact footprint for a restaurant or other food service operation.
Key Highlights
- 595 SF restaurant building built in 1962
- New grease trap and stubbed kitchen plumbing
- New water heater
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
$8,225
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
5.79%
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%
$164,500
$164.5K
Cap Rate 7%
$117,500
$117.5K
Cap Rate 9%
$91,389
$91.4K
Market Conditions
NOI Build-Up for 595 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
$11.4K $19.20/SF
− Vacancy
−$457 −$0.77/SF
EGI
$11.0K $18.43/SF
− OpEx
−$2.7K −$4.61/SF
NOI
$8.2K $13.82/SF
Area
Independence, MO
Vacancy
4.00%
Lease Rate
$19.20 /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%
$164,500
Cap Rate 7%
$117,500
Cap Rate 9%
$91,389
Alternative Uses
Best Use
Specialty Retail
$117.5K
$102.8K – $137.1K
NOI $8,225 @ 7.0% cap · market cap 5.79%
Second Best
Retail
$102.8K
$90.0K – $120.0K
NOI $7,197 @ 7.0% cap · market cap 5.07%
Theoretical Best
Office A
$175.8K
$153.9K – $205.2K
NOI $12,309 @ 7.0% cap · market cap 8.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Commercial hood
Yes
Grease trap
Location Intelligence
Trade Area within ½ mile
372
Businesses Nearby
103k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 51%
Dining 49%
QuikTrip
Shops & Services
46,846 visits/mo
0.0 miles
McDonald's
Dining
24,449 visits/mo
0.0 miles
Taco Bell
Dining
10,737 visits/mo
0.1 miles
Captain D's
Dining
5,493 visits/mo
0.1 miles
KFC
Dining
5,459 visits/mo
0.2 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?
Conventional restaurant - Restaurant-ready building with grease trap, kitchen plumbing, private restroom, and on-site parking.
Where is this conventional restaurant located?
The property is located at 301 E 23rd St S Independence, MO.
What is the asking price?
The asking price for this property is $142,000.
What are key features of this property?
This property features: 595 SF restaurant building built in 1962; New grease trap and stubbed kitchen plumbing; New water heater
