Remodeled Office
For Sale
$995,000
10923 State Highway 176, Walnut Shade, MO 65771
Fifteen private offices, updated restrooms, and shared meeting areas support varied professional operations.
Property Size6,415 SF
Price / SF$155.11
Days on Market381
Property Features for 10923 State Highway 176
General Information
Standard status
Active
Size
6,415 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Amenities
kitchen
conference room
lounge areas
workout space
Building Details
Year Built
2004
Buildings
1
Listing Agency:
EXP Realty, LLC.
Listed By:
Kelly Worley
(417) 231-6291
Source:
Trilakeshomesearch
Added: Aug 18, 2025
Changed: Sep 2
Last Checked: Sep 1 at 8:02PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of EXP Realty, LLC.
Investment Insights
Based on property information with market context.
This 6,415 SF office building, constructed in 2004, has undergone extensive interior and exterior renovation. Improvements include HVAC systems installed in 2024, new flooring and doors, refreshed paint, updated stair railing, and loft access that expands usable space. The floor plan contains 15 private offices, four bathrooms, lounge and meeting areas, and a modernized kitchen equipped with a commercial range and grease trap.
Two garage areas provide additional flexibility. One includes a 10' overhead door and is currently configured as a workout room, while the other has been converted into a 17'9' x 24'4' conference room. Paved parking and a range of updated building systems complete the property’s functional office configuration.
Two garage areas provide additional flexibility. One includes a 10' overhead door and is currently configured as a workout room, while the other has been converted into a 17'9' x 24'4' conference room. Paved parking and a range of updated building systems complete the property’s functional office configuration.
Key Highlights
- 6,415 SF office building constructed in 2004
- 15 private offices and four bathrooms
- HVAC systems installed in 2024
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
$66,395
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
6.67%
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%
$1,327,900
$1.3M
Cap Rate 7%
$948,500
$948.5K
Cap Rate 9%
$737,722
$737.7K
Market Conditions
NOI Build-Up for 6,415 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
$96.2K $15.00/SF
− Vacancy
−$7.7K −$1.20/SF
EGI
$88.5K $13.80/SF
− OpEx
−$22.1K −$3.45/SF
NOI
$66.4K $10.35/SF
Area
Taney County, MO
Vacancy
8.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,327,900
Cap Rate 7%
$948,500
Cap Rate 9%
$737,722
Alternative Uses
Best Use
Office B
$948.5K
$829.9K – $1.11M
NOI $66,395 @ 7.0% cap · market cap 6.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,757 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
20
Businesses Nearby
Explore this area
Business Placement
Demographics for 65771, MO
1,375
Population
551
Households
2.5
Avg Household Size
44
Median Age
45%
College-Educated
96%
High-School Grad
36.0 sq mi
ZIP Area
38
Density / Sq Mi
$112,250
Median Household Income
$44,743
Median Earnings
$313,200
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?
Office building - Fifteen private offices, updated restrooms, and shared meeting areas support varied professional operations.
Where is this office building located?
The property is located at 10923 State Highway 176 Walnut Shade, MO.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 6,415 SF office building constructed in 2004; 15 private offices and four bathrooms; HVAC systems installed in 2024
