Restaurant Pad Site with Split
For Sale
Contact for pricing
3945 Bolger Rd, Independence, MO 64055
Renovated restaurant pad site at a major retail center with abundant parking and visibility to 291 and I-70.
Property Size6,700 SF
Price / SF$194.03
Days on Market1323
Property Features for 3945 Bolger Rd
General Information
Standard status
Active
Size
6,700 SF
Property subtype
RETAIL
Site & Location
Anchor Co-Tenants
Walmart, Sam's Club, Petsmart, McDonald's, Perkins Restaurant, NTB
Highway Access
Yes
Road Access
Yes
Listing Agency:
Block & Company, Inc.
(816) 753-6000
Listed By:
Coltin Diehl · License #00249262
(816) 412-7339
Source:
Moodyscre
Added: Jan 30, 2023
Changed: Aug 14
Last Checked: Sep 14 at 5:51AM
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 Block & Company, Inc.
Investment Insights
Based on property information with market context.
This property is a restaurant pad site positioned within a busy shopping center environment. The building has been just renovated with an upscale restaurant build-out, and the space can be split to accommodate different sizes, with 1,800 square feet up to 6,700 square feet available. Ample parking supports day-to-day customer traffic.
The site is directly across the street from Independence Center Mall and is part of a regional retail draw anchored by Walmart, Sam’s Club, and Petsmart. The property also benefits from adjacency to other well-known operators, including McDonald’s, Petsmart, Perkins Restaurant, and NTB. Visibility is strong to Highway 291 and I-70, supporting retail and restaurant visibility to major routes. Other nearby area tenants include Bass Pro Shop, Target, Macy’s, Sears, Costco, Lowe’s, Dillards, Chick-fil-A, Starbucks, and AMC, among others.
The site is directly across the street from Independence Center Mall and is part of a regional retail draw anchored by Walmart, Sam’s Club, and Petsmart. The property also benefits from adjacency to other well-known operators, including McDonald’s, Petsmart, Perkins Restaurant, and NTB. Visibility is strong to Highway 291 and I-70, supporting retail and restaurant visibility to major routes. Other nearby area tenants include Bass Pro Shop, Target, Macy’s, Sears, Costco, Lowe’s, Dillards, Chick-fil-A, Starbucks, and AMC, among others.
Key Highlights
- Pad site for a restaurant at a retail center anchored by Walmart, Sam’s Club, and Petsmart
- Building space can be split: 1,800 SF up to 6,700 SF available
- Just renovated upscale restaurant build‑out
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
$92,621
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
7.12%
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%
$1,852,420
$1.9M
Cap Rate 7%
$1,323,157
$1.3M
Cap Rate 9%
$1,029,122
$1.0M
Market Conditions
NOI Build-Up for 6,700 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
$128.6K $19.20/SF
− Vacancy
−$5.1K −$0.77/SF
EGI
$123.5K $18.43/SF
− OpEx
−$30.9K −$4.61/SF
NOI
$92.6K $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%
$1,852,420
Cap Rate 7%
$1,323,157
Cap Rate 9%
$1,029,122
Alternative Uses
Best Use
Specialty Retail
$1.32M
$1.16M – $1.54M
NOI $92,621 @ 7.0% cap · market cap 7.12%
Second Best
Retail
$1.16M
$1.01M – $1.35M
NOI $81,043 @ 7.0% cap · market cap 6.23%
Theoretical Best
Office A
$1.98M
$1.73M – $2.31M
NOI $138,610 @ 7.0% cap · market cap 10.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
645
Businesses Nearby
758k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 46%
Apparel 20%
Shops & Services 17%
Dining 14%
Walmart
Superstores
136,816 visits/mo
0.2 miles
Sam's Club
Superstores
122,492 visits/mo
0.2 miles
Target
Superstores
88,515 visits/mo
0.4 miles
Marshalls
Apparel
45,588 visits/mo
0.5 miles
Kohl's
Apparel
41,774 visits/mo
0.3 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Renovated restaurant pad site at a major retail center with abundant parking and visibility to 291 and I-70.
Where is this conventional restaurant located?
The property is located at 3945 Bolger Rd Independence, MO.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Pad site for a restaurant at a retail center anchored by Walmart, Sam’s Club, and Petsmart; Building space can be split: 1,800 SF up to 6,700 SF available; Just renovated upscale restaurant build‑out
