Renovated Commercial Space, High-Traffic
For Sale
Contact for pricing
625 West 23rd St S, Independence, MO 64055
Move-in ready, renovated commercial space suitable for various business opportunities.
Property Size480 SF
Price / SF$395.83
Days on Market176
Property Features for 625 West 23rd St S
General Information
Standard status
Active
Size
480 SF
Class
C
Property subtype
Office, Retail
Zoning
C 3
Investment Type
Owner/User
Building Details
Year Built
1900
Buildings
1
Stories
1
Units
1
Listing Agency:
Compass
(816) 225-8553
Listed By:
Rossana Colman · License #2018013450
Source:
Crexi
Added: Feb 25
Changed: Aug 17
Last Checked: Aug 19 at 6:30AM
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 Compass
Investment Insights
Based on property information with market context.
This fully renovated commercial space is move-in ready and situated in a high-traffic location, offering excellent visibility and easy access. The 480-square-foot property has been updated with new flooring, fresh interior paint, new sheetrock, updated electrical systems, a new tankless water heater, a new roof, new windows, and a new front door. The property is currently vacant and suitable for various business opportunities, including a beauty salon, barber shop, flower shop, boutique retail, or office space. It features a private parking lot with space for 7 or more cars.
Key Highlights
- Fully renovated and move‑in ready commercial space.
- High‑traffic location with excellent visibility and easy access.
- Versatile space suitable for a variety of business types.
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
$7,344
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
3.87%
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%
$146,880
$146.9K
Cap Rate 7%
$104,914
$104.9K
Cap Rate 9%
$81,600
$81.6K
Market Conditions
NOI Build-Up for 480 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
$11.5K $24.00/SF
− Vacancy
−$1.7K −$3.60/SF
EGI
$9.8K $20.40/SF
− OpEx
−$2.4K −$5.10/SF
NOI
$7.3K $15.30/SF
Area
Independence, MO
Vacancy
15.00%
Lease Rate
$24.00 /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%
$146,880
Cap Rate 7%
$104,914
Cap Rate 9%
$81,600
Alternative Uses
Best Use
Office B
$104.9K
$91.8K – $122.4K
NOI $7,344 @ 7.0% cap · market cap 3.87%
Second Best
Retail
$82.9K
$72.6K – $96.8K
NOI $5,806 @ 7.0% cap · market cap 3.06%
Theoretical Best
Office A
$141.9K
$124.1K – $165.5K
NOI $9,930 @ 7.0% cap · market cap 5.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
391
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Petal Palace — 1509 S Noland Rd, Independence, MO 64055
Frequently Asked Questions
What type of property is this?
Storefront property - Move-in ready, renovated commercial space suitable for various business opportunities.
Where is this storefront property located?
The property is located at 625 West 23rd St S Independence, MO.
What is the asking price?
The asking price for this property is $190,000.
What are key features of this property?
This property features: Fully renovated and move‑in ready commercial space.; High‑traffic location with excellent visibility and easy access.; Versatile space suitable for a variety of business types.
