Industrial Warehouse Space For
For Sale
$1,500,000
2300 Mitchell Avenue, St Joseph, MO 64507
34,530 sq ft industrial/warehouse space on 3.72 acres.
Property Size34,530 SF
Lot Size3.72 Acres
Price / SF$43.44
Days on Market723
Property Features for 2300 Mitchell Avenue
General Information
Standard status
Active
Size
34,530 SF
Lot size
3.72 Acres
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$10,484
Building Details
Year Built
1970
Listing Agency:
Realty ONE Group Cornerstone
(816) 804-3764
Listed By:
Michael Hesselmann · License #2024041616
(816) 804-3764
Source:
Exitrealty
Added: Aug 20, 2024
Changed: Aug 8
Last Checked: Aug 11 at 7:58AM
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 Realty ONE Group Cornerstone
Investment Insights
Based on property information with market context.
This industrial/warehouse space, located less than 1 mile from US-36 Hwy, offers 34,530 square feet on a 3.72-acre lot. The building is zoned M-1, while the parking lot is zoned C-1. Formerly operated as a grocery store, the building can be divided into multiple lease units and build to suit. The owner is open to dividing the parcel and selling the front parking lot, with potential for pad site development. The building features 14' ceilings, a loading dock, a drive-through door, 3-phase electrical with 2000 AMP–120/208v, a 2†water service line, a 6†fire service line, and a certified sprinkler system that is up to code. Updates in 2024 include an added overhead door opener, installed high bay lights and additional plugs, and 3 split system units. 2023 updates include demolition and replacement of the concrete dock ramp door, new concrete added to the 12' overhead door, rough water piping and stud walls installed, and a camera and security system installed. In 2022, new exterior paint, electrical work, plumbing work, metal sheeting and insulation were added to the old storefront, the canopy roof and metal caps were replaced, and a 12’ front overhead door was installed. The main roof was replaced in 2020.
Key Highlights
- 34,530 sq ft industrial/warehouse space on 3.72 acres, less than 1 mile from US‑36 Hwy.
- M‑1 zoning for the building, C‑1 zoning for the parking lot, offering flexible usage.
- Divisible parcel with potential for pad site development on the front parking lot.
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
Warehouse
$2.01M
$1.76M – $2.34M
NOI $140,678 @ 7.0% cap · market cap 9.38%
Second Best
Industrial
$1.66M
$1.45M – $1.93M
NOI $115,853 @ 7.0% cap · market cap 7.72%
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
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 - 34,530 sq ft industrial/warehouse space on 3.72 acres.
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 sq ft industrial/warehouse space on 3.72 acres, less than 1 mile from US‑36 Hwy.; M‑1 zoning for the building, C‑1 zoning for the parking lot, offering flexible usage.; Divisible parcel with potential for pad site development on the front parking lot.
