Multi-Level Office
For Sale
$499,900
1331 S Illinois Avenue, Joplin, MO 64801
Commercial Sale, Joplin, MO
Property Size3,305 SF
Lot Size0.42 Acres
Price / SF$151.26
Days on Market48
Property Features for 1331 S Illinois Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Directions
From 15th and Illinois go north to office on the east side.
Subdivision
04 - Joplin City - SE
Standard status
Active
Size
3,305 SF
Lot size
0.42 Acres
Taxes and HOA fees
Tax Annual Amount
3100
Utilities
Heating system
Central, Natural Gas, Forced Air
Cooling system
Ceiling Fan(s), Heat Pump, Central Air
Building Details
Year built
1985
Flooring type
Carpet, Ceramic, Concrete
Roof type
Shingle
Listing Agency:
CHARLES BURT REALTORS
(417) 782-1234
Listed By:
Higdon Real Estate Group, LLC, Kim Higdon · License #1999079112
(417) 396-9696
Added: Jul 9
Changed: Aug 19
Last Checked: Aug 25 at 11:06AM
MLS# 263777
Copyright © 2026 Ozark Gateway Association of Realtors. 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.
Multi-level office building in pristine condition built in 1985, offering a total of 3,305 square feet. The layout includes five offices on the main floor and three offices upstairs, along with two bathrooms. Flooring includes carpet, concrete, and ceramic finishes. The building is heated with forced air natural gas and cooled with central air, ceiling fans, and a heat pump.
The property sits on a 0.42-acre lot at 1331 S Illinois Avenue in Joplin, Jasper County, Missouri. Parking is provided on-site with a two-car detached garage and a five-car carport. Solar panels are installed on the detached garage, supporting energy-efficient operation.
An easy walk-up entry supports professional office use, and the configuration is suited to a range of office users such as real estate, beauty, insurance, or legal services.
The property sits on a 0.42-acre lot at 1331 S Illinois Avenue in Joplin, Jasper County, Missouri. Parking is provided on-site with a two-car detached garage and a five-car carport. Solar panels are installed on the detached garage, supporting energy-efficient operation.
An easy walk-up entry supports professional office use, and the configuration is suited to a range of office users such as real estate, beauty, insurance, or legal services.
Key Highlights
- 3,305 SF multi‑level office building with five offices on the main floor and three upstairs
- 0.42‑acre lot at 1331 S Illinois Avenue, Joplin, MO 64801 (Jasper County)
- Two bathrooms, with flooring including carpet, concrete, and ceramic
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
$43,547
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
8.71%
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%
$870,940
$870.9K
Cap Rate 7%
$622,100
$622.1K
Cap Rate 9%
$483,856
$483.9K
Market Conditions
NOI Build-Up for 3,305 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
$72.6K $21.96/SF
− Vacancy
−$14.5K −$4.39/SF
EGI
$58.1K $17.57/SF
− OpEx
−$14.5K −$4.39/SF
NOI
$43.5K $13.18/SF
Area
Jasper County, MO
Vacancy
20.00%
Lease Rate
$21.96 /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%
$870,940
Cap Rate 7%
$622,100
Cap Rate 9%
$483,856
Alternative Uses
Best Use
Office B
$622.1K
$544.3K – $725.8K
NOI $43,547 @ 7.0% cap · market cap 8.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$997.2K
$872.5K – $1.16M
NOI $69,802 @ 7.0% cap · market cap 13.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
852
Businesses Nearby
Explore this area
Business Placement
Demographics for 64801, MO
35,234
Population
17,460
Households
2
Avg Household Size
37
Median Age
26%
College-Educated
90%
High-School Grad
57.5 sq mi
ZIP Area
613
Density / Sq Mi
$51,360
Median Household Income
$31,103
Median Earnings
$884
Median Rent
$176,100
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 - Multi-level office building with five offices on the main floor and three upstairs, plus garage, carport, and solar panels.
Where is this office building located?
The property is located at 1331 S Illinois Avenue Joplin, MO.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 3,305 SF multi‑level office building with five offices on the main floor and three upstairs; 0.42‑acre lot at 1331 S Illinois Avenue, Joplin, MO 64801 (Jasper County); Two bathrooms, with flooring including carpet, concrete, and ceramic
