16912 23Rd StIndependence, MO 64057

Property Details for 16912 23Rd St

Year built

1957

Construction

WOOD

Lot size

0.93 AC

Property size (Sq ft)

1,232 SF

Property type

Retail space

APN

25-420-02-48

APU

254200248

Description

This exceptional investment opportunity presents a 1,415 square-foot, single-tenant Take 5 Oil Change property located at 16912 East 23rd St S, Independence, MO 64057, within the Kansas City MSA. The property, built in 2024 and boasting 100% occupancy, sits on a 0.73-acre lot at a signalized intersection with over 65,000 vehicles passing daily. This absolute NNN lease offers a 15-year term with five 5-year renewal options and attractive 10% rent bumps every five years, ensuring consistent income growth. The property's strong financial performance is reflected in its 7.00% cap rate and $110,000 annual net operating income (NOI). The asking price is $1,571,429, translating to $1,110.55 per square foot. The tenant, Take 5 Oil Change, is a subsidiary of Driven Brands (NASDAQ: DRVN), a leading automotive services company with over 1,000 locations nationwide and significant expansion plans. The surrounding area features a robust mix of national retailers, including Price Chopper, Tractor Supply Company, Hy-Vee, ALDI, and many others, indicating a strong retail environment. Furthermore, the property benefits from a dense population base, with over 148,000 people residing within a five-mile radius and an average household income exceeding $81,764. This e-commerce resistant business model, coupled with the long-term lease and strategic location, makes this a compelling investment opportunity with significant potential for long-term returns. The operator, Driven Assets, has exclusive rights to operate in the Kansas City metro area and plans to open 16 additional locations.

• CAP approach

  CAP return

  Valuation

  6%

  $339,476

  6.5%

  $313,362

  7%

  $290,979

• Comparable approach

  Method

  Valuation

  Relative Method

  $222,075

  Geo Method

  $222,075

• Alternative Use

  Use

  Valuation

  Residential

  $264,333

  Hospitality

  $242,127

  Educational

  $201,447

  Medical

  $208,375

  Retail

  $313,362

Location Insight

City

Independence

County

Jackson

State

Missouri

Latitude

39.0784

Longitude

-94.3786

CBSA code

28140

CBSA name

KANSAS CITY, MO-KS METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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