Downtown Commercial Building
For Sale
Contact for pricing
123 S First Street, Pleasant Hill, MO 64080
Historic building with storefront and tenant potential in downtown.
Property Size1,800 SF
Price / SF$130
Days on Market1045
Property Features for 123 S First Street
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Retail
Zoning
C-2
Building Details
Year Built
1914
Listing Agency:
Platinum Realty
Listed By:
Heather Thompson
Source:
Crexi
Added: Oct 13, 2023
Changed: Aug 21
Last Checked: Aug 21 at 9:51AM
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 Platinum Realty
Investment Insights
Based on property information with market context.
This historic building, dating back to 1914, offers a small business opportunity in the downtown square. The 1,800 square-foot property is divided into two units. The storefront unit features large picture windows facing the Pleasant Hill square, new concrete floors, exposed ceiling beams and a brick wall, a refurbished oak main entry door, a new private bathroom, and multiple entry doors from the side lot. Accent wood on the back wall, front windows, and in the bathroom is reclaimed from the building's original wood cooler. The building has updated electric and plumbing, a new HVAC system with four ductless mini splits for individual control, and a tankless water heater. Electric service is provided through two separate meters for the two units. A new roof and roof structure were installed in 2022. All doors and windows are new, including the back unit's garage door. The back unit, previously used as a woodworking shop, includes upgraded 200-amp service, a new private bathroom, and natural light from windows. A new concrete drive provides parking space for a truck or trailer outside the garage door. Two walk-doors offer additional access to unit B.
Key Highlights
- Prime downtown location on the Pleasant Hill square, offering high visibility and customer traffic.
- Two separate units (storefront and back unit) provide income potential.
- Recent updates include a new roof (2022), new HVAC, updated electrical and plumbing, and new windows/doors.
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
$17,527
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
7.49%
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%
$350,540
$350.5K
Cap Rate 7%
$250,386
$250.4K
Cap Rate 9%
$194,744
$194.7K
Market Conditions
NOI Build-Up for 1,800 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
$25.9K $14.40/SF
− Vacancy
−$881 −$0.49/SF
EGI
$25.0K $13.91/SF
− OpEx
−$7.5K −$4.17/SF
NOI
$17.5K $9.74/SF
Area
Cass County, MO
Vacancy
3.40%
Lease Rate
$14.40 /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%
$350,540
Cap Rate 7%
$250,386
Cap Rate 9%
$194,744
Alternative Uses
Best Use
Retail
$250.4K
$219.1K – $292.1K
NOI $17,527 @ 7.0% cap · market cap 7.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$405.8K
$355.1K – $473.5K
NOI $28,408 @ 7.0% cap · market cap 12.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
273
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 64080, MO
14,003
Population
5,669
Households
2.5
Avg Household Size
39
Median Age
28%
College-Educated
95%
High-School Grad
121.6 sq mi
ZIP Area
115
Density / Sq Mi
$109,010
Median Household Income
$53,045
Median Earnings
$1,139
Median Rent
$299,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Historic building with storefront and tenant potential in downtown.
Where is this storefront property located?
The property is located at 123 S First Street Pleasant Hill, MO.
What is the asking price?
The asking price for this property is $234,000.
What are key features of this property?
This property features: Prime downtown location on the Pleasant Hill square, offering high visibility and customer traffic.; Two separate units (storefront and back unit) provide income potential.; Recent updates include a new roof (2022), new HVAC, updated electrical and plumbing, and new windows/doors.
