Renovated Nursing Home
For Sale
$6,000,000
106 Hospital Drive, Smithville, MO 64089
COMMERCIAL - Smithville, MO
Property Size32,000 SF
Lot Size2.32 Acres
Price / SF$187.50
Days on Market91
Property Features for 106 Hospital Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Parking Lot
Interior features
Storage, In-Law Floorplan, Elevator, Private Restroom, Public Restroom, Refrigerator Facility
Exterior features
Building Sign
Accessibility
Accessible Elevator Installed
Directions
169 N to Smithville, turn right on Hospital Drive, building on the left
Subdivision
110 - N=Clinton Co Ln;S=291;E=I-35;W=Clay Co Ln
Standard status
Active
APN
05-905-00-03-020.00
Lot size
2.32 Acres
Taxes and HOA fees
Tax Description
TBD by Title Company
Legal Description
TBD by Title Company
Utilities
Utilities
Natural Gas Available
Amenities
reception area
commercial kitchen
dining room
hair salon
employee break room
offices
meeting spaces
multipurpose rooms
gathering spaces
nurses stations
storage rooms
mechanical rooms
elevator
chapel/recreational space
terrace
Building Details
Additional Structures
Storage
Listing Agency:
Platinum Realty LLC
(888) 220-0988
Listed By:
Randy Swope · License #2010008386
(816) 550-7879
Added: May 13
Changed: Aug 4
Last Checked: Aug 11 at 4:06PM
MLS# 2619999
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.
Located at 106 Hospital Drive in Smithville, Missouri, this 32,000-square-foot facility formerly operated as a nursing home and sits on 2.32 acres backing to woods. The interior includes a reception area, 55 potential guest rooms with private baths, walk-in closets, and individual climate control, along with offices, meeting areas, multipurpose rooms, nurses stations, restrooms, storage, and mechanical rooms. An elevator and accessible elevator installation support movement throughout the building.
The property includes a commercial kitchen with two walk-in refrigerators, with appliances remaining, plus a dining room featuring a fireplace and abundant windows. Additional improvements include a hair salon, employee break room, gathering areas, and a 40x40 chapel or recreational space. Updates encompass flooring, paint, plumbing, electrical, HVAC, and the roof. The site is adjacent to the hospital and includes a large rear terrace, parking lot, building signage, and natural gas availability.
The property includes a commercial kitchen with two walk-in refrigerators, with appliances remaining, plus a dining room featuring a fireplace and abundant windows. Additional improvements include a hair salon, employee break room, gathering areas, and a 40x40 chapel or recreational space. Updates encompass flooring, paint, plumbing, electrical, HVAC, and the roof. The site is adjacent to the hospital and includes a large rear terrace, parking lot, building signage, and natural gas availability.
Key Highlights
- 32,000‑square‑foot facility on 2.32 acres
- Former nursing home with 55 potential guest rooms
- Guest rooms include private baths, walk‑in closets, and individual climate control
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
$401,207
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
6.69%
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%
$8,024,140
$8.0M
Cap Rate 7%
$5,731,529
$5.7M
Cap Rate 9%
$4,457,856
$4.5M
Market Conditions
NOI Build-Up for 32,000 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
$748.8K $23.40/SF
− Vacancy
−$80.1K −$2.50/SF
EGI
$668.7K $20.90/SF
− OpEx
−$267.5K −$8.36/SF
NOI
$401.2K $12.54/SF
Area
Clay County, MO
Vacancy
10.70%
Lease Rate
$23.40 /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%
$8,024,140
Cap Rate 7%
$5,731,529
Cap Rate 9%
$4,457,856
Alternative Uses
Best Use
Healthcare Medical
$5.73M
$5.02M – $6.69M
NOI $401,207 @ 7.0% cap · market cap 6.69%
Second Best
Apartment 5plus
$3.87M
$3.39M – $4.52M
NOI $271,113 @ 7.0% cap · market cap 4.52%
Theoretical Best
Office A
$9.80M
$8.57M – $11.43M
NOI $685,824 @ 7.0% cap · market cap 11.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
267
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 64089, MO
13,681
Population
5,471
Households
2.5
Avg Household Size
40
Median Age
34%
College-Educated
95%
High-School Grad
60.9 sq mi
ZIP Area
225
Density / Sq Mi
$101,063
Median Household Income
$58,482
Median Earnings
$1,212
Median Rent
$307,200
Median Home Value
Questions? Ask Rey
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Similar Off Market Nearby
- Saint Luke's Home Care & Hospice — 601 US-169, Smithville, MO 64089
- Omega Health Care of NW Missouri — 215 US-169, Smithville, MO 64089
- Baptist Homes of Smithville — 106 Hospital Dr, Smithville, MO 64089
Frequently Asked Questions
What type of property is this?
Nursing home - Renovated healthcare facility adjacent to a hospital with extensive rooms and support spaces.
Where is this nursing home located?
The property is located at 106 Hospital Drive Smithville, MO.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: 32,000‑square‑foot facility on 2.32 acres; Former nursing home with 55 potential guest rooms; Guest rooms include private baths, walk‑in closets, and individual climate control
