Historic Mixed-Use
For Sale
$1,999,000
4112 Pennsylvania Avenue, Kansas City, MO 64111
COMMERCIAL - Kansas City, MO
Property Size10,000 SF
Lot Size0.07 Acres
Price / SF$199.90
Days on Market667
Property Features for 4112 Pennsylvania Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
M15
Interior features
In-Law Floorplan, Elevator
Accessibility
Accessible Elevator Installed
Directions
From Southwest trafficway go East to Pennsylvania, turn right (south) and the building is on your right, just past the alley. From Broadway or Main-- go to Westport Rd and turn West. Go to the stoplight at Pennsylvania and turn left (south) the building is on your right hand side.
Subdivision
202 - Kansas City Area (So. of River)
Standard status
Active
APN
999999
Lot size
0.07 Acres
Taxes and HOA fees
Tax Description
Westport CID Lot 8
Tax Annual Amount
20000
Legal Description
Westport CID Lot 8
Utilities
Utilities
Water Available
Building Details
Year built
1843
Floors in Building
3
Listing Agency:
Weichert, Realtors Welch & Co.
(913) 647-5700
Listed By:
Laurie Ingram · License #2017022636
(816) 506-2127
Added: Oct 15, 2024
Changed: Aug 4
Last Checked: Aug 12 at 12:06PM
MLS# 2515454
Copyright © 2026 Heartland Multiple Listing Service. 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.
Built in 1843, this 10,000-square-foot mixed-use building occupies a 0.0669-acre parcel at 4112 Pennsylvania Avenue in Kansas City. The ground floor includes a cigar shop and an upscale restaurant, while the upper levels provide renovation and repositioning opportunities. The second floor contains two offices and one full bath and has been gutted following a fire in September. The third floor is identified for office and/or residential conversion.
The property is located one block south of Westport Road and Pennsylvania in the Westport area. M15 zoning is in place, and water is available. An elevator is installed, with an accessible elevator listed among the property features. Fire restoration crews have removed debris from the affected area, leaving the second floor ready for a new interior plan.
The property is located one block south of Westport Road and Pennsylvania in the Westport area. M15 zoning is in place, and water is available. An elevator is installed, with an accessible elevator listed among the property features. Fire restoration crews have removed debris from the affected area, leaving the second floor ready for a new interior plan.
Key Highlights
- 10,000 square feet of mixed‑use building area
- Built in 1843 on a 0.0669‑acre parcel
- 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
Specialty Retail
$1.66M
$1.45M – $1.94M
NOI $116,109 @ 7.0% cap · market cap 5.81%
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
Location Intelligence
Trade Area within ½ mile
2,421
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 - Upper floors require renovation following a September fire, while the ground level includes retail and restaurant space.
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 feet of mixed‑use building area; Built in 1843 on a 0.0669‑acre parcel; Ground floor includes a cigar shop and upscale restaurant
