223 Main StGrainfield, KS 67737

Property Details for 223 Main St

Year built

1950

Construction

FRAME

Lot size

0.09 AC

Property size (Sq ft)

1,800 SF

Property type

Retail space

APN

033-07-0-10-26-004.00-0

APU

330701026004000

Description

This exceptional, upscale restaurant in Grainfield, Kansas, presents a compelling investment opportunity. Located on Main Street, near I-70, this 1,800 square foot, single-story building sits on a 4,000 square foot lot. Completely renovated between 2021 and 2022, the property boasts a 100% occupancy rate and a strong NOI of $183,240, yielding a 37.02% cap rate. The asking price is $495,000, or $275 per square foot. The establishment features inside seating for 83 guests, a fully stocked bar, and a lively outdoor patio with additional seating for 24 and turf games. Known for its exceptional pizzas and steaks, this well-patronized restaurant draws customers from a wide radius, benefiting from its proximity to the high-traffic I-70 interstate. All restaurant equipment and inventory are included in the sale, making this a truly turnkey operation. The property is zoned for commercial use and offers significant potential for growth. This is an ideal opportunity for an investor seeking a high-return investment or an aspiring restaurateur looking to acquire a thriving, established business. Financial records are available upon request. The building was originally constructed in 1950.

• CAP approach

  CAP return

  Valuation

  6%

  $407,811

  6.5%

  $376,441

  7%

  $349,552

• Comparable approach

  Method

  Valuation

  Relative Method

  $392,660

  Geo Method

  $374,764

• Alternative Use

  Use

  Valuation

  Residential

  $317,542

  Hospitality

  $290,867

  Educational

  $241,998

  Medical

  $250,320

  Retail

  $376,441

Location Insight

City

Grainfield

County

Gove

State

Kansas

Latitude

39.1126

Longitude

-100.465

Property Tax & Assessments

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