Three-Story Medical Office
For Sale
$2,050,000
350 Greenwich Drive SW, Lees Summit, MO 64082
Commercial Sale, Lee's Summit, MO
Property Size8,000 SF
Lot Size0.83 Acres
Price / SF$256.25
Days on Market144
Property Features for 350 Greenwich Drive SW
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
CP2
Parking
40
Parking features
Parking Lot
Interior features
Storage, Elevator, Private Restroom, Public Restroom
Exterior features
Building Sign
Accessibility
Accessible Approach with Ramp, Accessible Elevator Installed
Directions
From 150 Highway head south on Cheddington to Greenwich. Turn East on Greenwich. Property located on the North West Corner.
Subdivision
204 - Lee's Summit Area
Standard status
Active
APN
70-910-20-04-00-0-00-000
Lot size
0.83 Acres
Taxes and HOA fees
Tax Description
CHEDDINGTON COMMONS LOTS 1-10---LOT 6
Tax Annual Amount
29677
Legal Description
CHEDDINGTON COMMONS LOTS 1-10---LOT 6
Utilities
Utilities
Water Available
Building Details
Year built
2008
Floors in Building
3
Additional Structures
Storage
Listing Agency:
Keller Williams Platinum Prtnr · Keller Williams Realty
(816) 525-7000
Listed By:
Mr.D Davidson
(816) 721-1464
Added: Apr 2
Changed: Aug 19
Last Checked: Aug 23 at 6:06AM
MLS# 2612203
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.
Built in 2008, this three-story medical office property contains approximately 8,000 SF arranged around 10 private offices, six multipurpose rooms, and a large conference room. An elevator, accessible ramp, accessible elevator installation, storage, and private and public restrooms support day-to-day operations. The existing configuration serves a chiropractic and wellness facility and can accommodate dental, therapy, or other healthcare applications. A separate adjacent 2,000 SF unit is occupied by a long-term nail salon tenant.
The property encompasses 0.83 acres at 350 Greenwich Drive SW in Lee's Summit, Missouri. CP2 zoning, a building sign, on-site parking, and available water service are among the property features.
The property encompasses 0.83 acres at 350 Greenwich Drive SW in Lee's Summit, Missouri. CP2 zoning, a building sign, on-site parking, and available water service are among the property features.
Key Highlights
- Approximately 8,000 SF medical office building completed in 2008
- Three‑story layout with elevator access, 10 private offices, 6 multipurpose rooms, and a large conference room
- Adjacent 2000 sf unit occupied by a long‑term nail salon tenant
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
$96,307
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
4.70%
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%
$1,926,140
$1.9M
Cap Rate 7%
$1,375,814
$1.4M
Cap Rate 9%
$1,070,078
$1.1M
Market Conditions
NOI Build-Up for 8,000 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
$182.4K $22.80/SF
− Vacancy
−$21.9K −$2.74/SF
EGI
$160.5K $20.06/SF
− OpEx
−$64.2K −$8.03/SF
NOI
$96.3K $12.04/SF
Area
Lees Summit, MO
Vacancy
12.00%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
40.00%
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%
$1,926,140
Cap Rate 7%
$1,375,814
Cap Rate 9%
$1,070,078
Alternative Uses
Best Use
Healthcare Medical
$1.38M
$1.20M – $1.61M
NOI $96,307 @ 7.0% cap · market cap 4.70%
Second Best
Office B
$1.21M
$1.06M – $1.41M
NOI $84,564 @ 7.0% cap · market cap 4.13%
Theoretical Best
Specialty Retail
$2.03M
$1.78M – $2.37M
NOI $142,128 @ 7.0% cap · market cap 6.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
332
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 64082, MO
17,973
Population
6,735
Households
2.7
Avg Household Size
38
Median Age
56%
College-Educated
98%
High-School Grad
20.5 sq mi
ZIP Area
877
Density / Sq Mi
$132,310
Median Household Income
$67,869
Median Earnings
$1,738
Median Rent
$380,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Elevator-served professional space with private offices, multipurpose rooms, and conference facilities.
Where is this medical office space located?
The property is located at 350 Greenwich Drive SW Lees Summit, MO.
What is the asking price?
The asking price for this property is $2,050,000.
What are key features of this property?
This property features: Approximately 8,000 SF medical office building completed in 2008; Three‑story layout with elevator access, 10 private offices, 6 multipurpose rooms, and a large conference room; Adjacent 2000 sf unit occupied by a long‑term nail salon tenant
