Historic Mixed-Use Property with Renovation
For Sale
$1,999,000
4112 Pennsylvania Avenue, Kansas City, MO 64111
Three-level property combines existing retail and restaurant uses with office and residential conversion possibilities.
Property Size10,000 SF
Price / SF$199.90
Days on Market687
Property Features for 4112 Pennsylvania Avenue
General Information
Standard status
Active
Size
10,000 SF
Property subtype
Commercial/Industrial
Property Condition
Severity
Major Repairs Needed
Evidence
THIS PROPERTY EXPERIENCED A FIRE IN SEPTEMBER.
Additional Details
Floor
2-3
Taxes and HOA fees
Annual Taxes
$20,000
Building Details
Year Built
1843
Buildings
1
Stories
3
Building Size
10,000 SF
Construction
brick
Tenancy
Multi
Listing Agency:
Weichert, Realtors Welch & Co.
(913) 647-5700
Listed By:
Laurie Ingram · License #2017022636
(816) 506-2127
Source:
Exitrealty
Added: Oct 16, 2024
Changed: Sep 2
Last Checked: Aug 31 at 3:36AM
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 Weichert, Realtors Welch & Co.
Investment Insights
Based on property information with market context.
Built in 1843, this three-level mixed-use property contains approximately 10,000 square feet and combines historic construction with substantial renovation needs. The ground floor includes a cigar shop and an upscale restaurant. The second floor has two offices and one full bathroom, while the third floor offers space identified for office and/or residential conversion. Sun-baked brick contributes to the building’s established character.
A fire occurred in September, and restoration crews have removed the debris. The second floor has been gutted, creating a clear starting point for reconstruction and redesign. The property is located at 4112 Pennsylvania Avenue in Kansas City, one block south of Westport Road and Pennsylvania.
A fire occurred in September, and restoration crews have removed the debris. The second floor has been gutted, creating a clear starting point for reconstruction and redesign. The property is located at 4112 Pennsylvania Avenue in Kansas City, one block south of Westport Road and Pennsylvania.
Key Highlights
- 10,000‑square‑foot mixed‑use property built in 1843
- Three‑level building with retail, restaurant, office, and residential conversion potential
- Ground floor includes a cigar shop and upscale restaurant
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
$141,282
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
7.07%
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%
$2,825,640
$2.8M
Cap Rate 7%
$2,018,314
$2.0M
Cap Rate 9%
$1,569,800
$1.6M
Market Conditions
NOI Build-Up for 10,000 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
$225.6K $22.56/SF
− Vacancy
−$37.2K −$3.72/SF
EGI
$188.4K $18.84/SF
− OpEx
−$47.1K −$4.71/SF
NOI
$141.3K $14.13/SF
Area
Kansas City, MO
Vacancy
16.50%
Lease Rate
$22.56 /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%
$2,825,640
Cap Rate 7%
$2,018,314
Cap Rate 9%
$1,569,800
Alternative Uses
Best Use
Office B
$2.02M
$1.77M – $2.35M
NOI $141,282 @ 7.0% cap · market cap 7.07%
Second Best
Mixed Use
$1.57M
$1.38M – $1.83M
NOI $110,025 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$2.38M
$2.08M – $2.78M
NOI $166,733 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,962
Businesses Nearby
Explore this area
Business Placement
Demographics for 64111, MO
17,112
Population
12,430
Households
1.4
Avg Household Size
33
Median Age
64%
College-Educated
96%
High-School Grad
2.7 sq mi
ZIP Area
6,338
Density / Sq Mi
$61,802
Median Household Income
$49,942
Median Earnings
$1,184
Median Rent
$269,500
Median Home Value
Market
Vacancy Rate% for Office in Kansas City, MO
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-level property combines existing retail and restaurant uses with office and residential conversion possibilities.
Where is this mixed-use property located?
The property is located at 4112 Pennsylvania Avenue Kansas City, MO.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: 10,000‑square‑foot mixed‑use property built in 1843; Three‑level building with retail, restaurant, office, and residential conversion potential; Ground floor includes a cigar shop and upscale restaurant
