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    123 S First Street, Pleasant Hill, MO 64080

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    Historic building with storefront and tenant potential in downtown.

    Type:Retail
    Property size:
    1,800 SF
    Price / SF:
    $130/SF
    Added:
    Oct 13, 2023
    Days on Market:
    953
    Last Refresh:
    May 12 at 8:35 pm

    Property Features for 123 S First Street

    General Information

    Standard status
    Active
    Size
    1,800 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1914

    We can help!

    Listing Contact
    Heather Thompson

    Listing agent Heather Thompson

    Listing office Platinum Realty

    Listing date Oct 13, 2023

    Source Crexi

    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

    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.
    • Historic charm with original features like exposed brick and refurbished oak door.
    • Back unit equipped for workshop use with 200‑amp service and new bathroom.
    • Separate electric meters for each unit allow for independent utility management.

    Overview

    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.

    Financial Insights

    Value Estimation Calculated for Retail

    Conservative
    $194.7K
    NOI $17,527 @ 9.00% cap · cautious / downside scenario
    Moderate
    $250.4K
    NOI $17,527 @ 7.00% cap · market / base-case scenario
    Aggressive
    $350.5K
    NOI $17,527 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Retail

    Component $ $/SF
    Gross rent $25.9k $14.40
    − Vacancy −$881 −$0.49
    EGI $25.0k $13.91
    − OpEx −$7.5k −$4.17
    NOI $17.5k $9.74
    1,800 SF · lease $14.40/SF/yr · vacancy 3.40% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Retail
    $250.4K
    $219.1K – $292.1K (±1% cap)
    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 (±1% cap)
    NOI $28,408 @ 7.0% cap · market cap 12.14%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Hemlines Boutique & Home Clothing & Fashion Store American Dwelling General Contractor P.H Gutter Care ... Hardware & Home Improvement

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Fleming Floral Station — 801 Cedar St, Pleasant Hill, MO 64080

    Location Insight

    • Map
    • Local Demand
    City
    Pleasant Hill
    County
    Cass
    State
    Missouri
    Longitude
    -94.27399
    Latitude
    38.785038

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    FAQs

    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.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Heather Thompson
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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