Building Details

Year built 1996

Floors in Building 1

Roof type Metal

Listing Agency: KW One Legacy Partners, LLC · Keller Williams Realty k***@kw.com Show Phone

Listed By: Sandra Haines · License #SP00233997 Show Phone

Added: Jun 24 Changed: Aug 4 Last Checked: Aug 11 at 6:06PM

Report an Issue

MLS# 245227

Copyright © 2026 Sunflower Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Investment Insights

Based on property information with market context.

This 5,984-square-foot storefront building previously operated as a fully functional grocery store. According to the seller, essential equipment remains on-site, including coolers, which can support a faster restart. The space is designed for day-to-day retail operations and can be repurposed for other commercial concepts, subject to applicable requirements.

Located at 315 S Union ST in McLouth, Kansas, the property is described as being available on Main St. The listing is offered for sale and zoned C-1 Commercial, supporting a broad range of retail uses.

For buyers or operators looking for an existing retail footprint, the remaining grocery equipment may reduce near-term buildout needs compared to starting from scratch. The layout and history as a grocery storefront can also fit users such as a gym or an antique store, depending on how the space is configured and permitted. This is a practical option for those who want a turnkey starting point within a C-1 Commercial zoning district.

Key Highlights

• 5,984 SF building previously operated as a fully functional grocery store
• Year built 1996 with metal roof
• Essential grocery equipment remains on‑site, including coolers

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

$34,683

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

7.71%

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%

$693,660 $693.7K

Cap Rate 7%

$495,471 $495.5K

Cap Rate 9%

$385,367 $385.4K

Market Conditions

NOI Build-Up for 5,984 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

$53.9K $9.00/SF

− Vacancy

−$4.3K −$0.72/SF

EGI

$49.5K $8.28/SF

− OpEx

−$14.9K −$2.48/SF

NOI

$34.7K $5.80/SF

Area

Jefferson County, KS

Vacancy

8.00%

Lease Rate

$9.00 /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%

$693,660

Cap Rate 7%

$495,471

Cap Rate 9%

$385,367

Alternative Uses

Best Use

Specialty Retail

$614.7K

$537.9K – $717.2K (±1% cap)

NOI $43,031 @ 7.0% cap · market cap 9.56%

Second Best

Retail

$495.5K

$433.5K – $578.1K (±1% cap)

NOI $34,683 @ 7.0% cap · market cap 7.71%

Theoretical Best

Self Storage

$675.0K

$590.6K – $787.5K (±1% cap)

NOI $47,250 @ 7.0% cap · market cap 10.50%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Country Harvest Apple ... Grocery & Convenience Store

Suggested Use

Top Pick Auto Repair Shop (Bike/Boat/Book/etc) Store Dental Office Hair Salon Barber Shop Daycare 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

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

79

Businesses Nearby

6k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

McLouth Shops & Services

4,764 visits/mo 0.2 miles

Union State Bank Shops & Services

970 visits/mo 0.1 miles

Conoco Shops & Services

419 visits/mo 0.2 miles

Demographics for 66054, KS

2,774

Population

1,226

Households

2.3

Avg Household Size

42

Median Age

28%

College-Educated

96%

High-School Grad

77.6 sq mi

ZIP Area

36

Density / Sq Mi

$103,333

Median Household Income

$50,637

Median Earnings

$1,071

Median Rent

$240,500

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

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this grocery and convenience stores located? What is the asking price? Find similar properties ... What are key features of this property?

Ask Rey about this property ...

Frequently Asked Questions

What type of property is this?

Grocery and convenience store - C-1 commercial building with existing grocery equipment, suitable for retail or fitness use in McLouth.

Where is this grocery and convenience store located?

The property is located at 315 S Union ST Mc Louth, KS.

What is the asking price?

The asking price for this property is $450,000.

What are key features of this property?

This property features: 5,984 SF building previously operated as a fully functional grocery store; Year built 1996 with metal roof; Essential grocery equipment remains on‑site, including coolers