Warehouse with Loading
For Sale
$1,500,000
2300 Mitchell Avenue, St Joseph, MO 64507
COMMERCIAL - St Joseph, MO
Property Size34,530 SF
Lot Size3.72 Acres
Price / SF$43.44
Days on Market723
Property Features for 2300 Mitchell Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
M1/C1
Parking
75
Parking features
Parking Lot
Interior features
Storage, Private Restroom
Exterior features
Delivery Door(s)
Subdivision
Halls
Directions
Intersection of 22nd St and Mitchell Ave. One block East, 2300 Mitchell Avenue.
Standard status
Active
APN
06-5.0-16-004-002-141.000
Lot size
3.72 Acres
Taxes and HOA fees
Tax Description
SUB:HALL'S ADDITION LOT: BLK:7 LGL DESC:ADJ LOTS 11A & 20A LLA BK4 PG25
Tax Annual Amount
10484
Legal Description
SUB:HALL'S ADDITION LOT: BLK:7 LGL DESC:ADJ LOTS 11A & 20A LLA BK4 PG25
Utilities
Utilities
Water Available
Building Details
Year built
1970
Floors in Building
1
Additional Structures
Storage
Listing Agency:
Realty ONE Group Cornerstone
(816) 232-4506
Listed By:
Michael Hesselmann · License #2024041616
(816) 804-3764
Added: Aug 19, 2024
Changed: Aug 4
Last Checked: Aug 11 at 7:06PM
MLS# 2503178
Copyright © 2026 Heartland Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 34,530-square-foot warehouse occupies a 3.72-acre site and includes 14-foot ceilings, a loading dock, a drive-through door, storage, a private restroom, and a parking lot. The building is zoned M-1, while the parking area carries C-1 zoning. The property also has 3-phase electrical service rated at 2000 AMP-120/208v, a 2-inch water service line, a 6-inch fire service line, and a certified sprinkler system reported up to code.
The facility is less than 1 mile from US-36 Hwy in St Joseph, Missouri. Recent work includes a replaced main roof, new exterior paint, added insulation and metal sheeting, concrete improvements at the dock and overhead door, a new 12-foot front overhead door, high-bay lighting, additional electrical plugs, three split-system units, and installed camera and security systems. The building can be divided into multiple lease units or configured for build-to-suit plans. The owner is also open to separating the parcel and selling the front parking lot.
The facility is less than 1 mile from US-36 Hwy in St Joseph, Missouri. Recent work includes a replaced main roof, new exterior paint, added insulation and metal sheeting, concrete improvements at the dock and overhead door, a new 12-foot front overhead door, high-bay lighting, additional electrical plugs, three split-system units, and installed camera and security systems. The building can be divided into multiple lease units or configured for build-to-suit plans. The owner is also open to separating the parcel and selling the front parking lot.
Key Highlights
- 34,530 square feet on a 3.72‑acre lot
- 14‑foot ceilings with loading dock and drive‑through door
- 3‑phase electrical service with 2000 AMP‑120/208v capacity
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
$115,853
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
7.72%
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%
$2,317,060
$2.3M
Cap Rate 7%
$1,655,043
$1.7M
Cap Rate 9%
$1,287,256
$1.3M
Market Conditions
NOI Build-Up for 34,530 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
$174.0K $5.04/SF
− Vacancy
−$8.5K −$0.25/SF
EGI
$165.5K $4.79/SF
− OpEx
−$49.7K −$1.44/SF
NOI
$115.9K $3.36/SF
Area
Buchanan County, MO
Vacancy
4.90%
Lease Rate
$5.04 /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%
$2,317,060
Cap Rate 7%
$1,655,043
Cap Rate 9%
$1,287,256
Alternative Uses
Best Use
Flex RnD
$2.03M
$1.78M – $2.37M
NOI $142,154 @ 7.0% cap · market cap 9.48%
Second Best
Warehouse
$2.01M
$1.76M – $2.34M
NOI $140,678 @ 7.0% cap · market cap 9.38%
Theoretical Best
Office A
$10.42M
$9.12M – $12.15M
NOI $729,274 @ 7.0% cap · market cap 48.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14 ft
Clear height
1
Dock-high doors
1
Drive-in doors
Yes
Sprinkler system
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
382
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 64507, MO
14,133
Population
6,017
Households
2.3
Avg Household Size
34
Median Age
23%
College-Educated
91%
High-School Grad
55.8 sq mi
ZIP Area
253
Density / Sq Mi
$63,014
Median Household Income
$35,058
Median Earnings
$890
Median Rent
$134,000
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Warehouse - Industrial warehouse with flexible division potential, substantial utility service, and multiple loading features.
Where is this warehouse located?
The property is located at 2300 Mitchell Avenue St Joseph, MO.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 34,530 square feet on a 3.72‑acre lot; 14‑foot ceilings with loading dock and drive‑through door; 3‑phase electrical service with 2000 AMP‑120/208v capacity
