State of Missouri Leased
For Sale
Contact for pricing
1823 W 20th St, Joplin, MO 64804
Mixed-use property leased to the State of Missouri since 1999.
Property Size8,600 SF
Price / SF$151.16
Days on Market175
Property Features for 1823 W 20th St
General Information
Standard status
Active
Size
8,600 SF
Property subtype
Mixed Use, Office
Zoning
C-3 PD
Occupancy
100%
Building Details
Year Built
1999
Buildings
1
Stories
1
Listing Agency:
Bill Beall Co
Listed By:
Joni Mashburn · License #2001029451
Source:
Crexi
Added: Feb 27
Changed: Aug 8
Last Checked: Aug 8 at 2:52PM
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 Bill Beall Co
Investment Insights
Based on property information with market context.
This mixed-use property was developed specifically for the State of Missouri and has been leased to the State since its construction in 1999. The State of Missouri operates multiple agencies within the building, including The Gateway School, a division of Youth Services. The property has a size of 8,600 square feet.
Key Highlights
- Leased to the State of Missouri since construction in 1999
- Built specifically for the State of Missouri
- Year Built: 1999
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
$113,314
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
8.72%
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%
$2,266,280
$2.3M
Cap Rate 7%
$1,618,771
$1.6M
Cap Rate 9%
$1,259,044
$1.3M
Market Conditions
NOI Build-Up for 8,600 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
$188.9K $21.96/SF
− Vacancy
−$37.8K −$4.39/SF
EGI
$151.1K $17.57/SF
− OpEx
−$37.8K −$4.39/SF
NOI
$113.3K $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%
$2,266,280
Cap Rate 7%
$1,618,771
Cap Rate 9%
$1,259,044
Alternative Uses
Best Use
Office B
$1.62M
$1.42M – $1.89M
NOI $113,314 @ 7.0% cap · market cap 8.72%
Second Best
Mixed Use
$1.10M
$964.3K – $1.29M
NOI $77,142 @ 7.0% cap · market cap 5.93%
Theoretical Best
Office A
$2.59M
$2.27M – $3.03M
NOI $181,632 @ 7.0% cap · market cap 13.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
Explore this area
Business Placement
Demographics for 64804, MO
38,078
Population
16,844
Households
2.3
Avg Household Size
39
Median Age
28%
College-Educated
91%
High-School Grad
91.4 sq mi
ZIP Area
417
Density / Sq Mi
$62,081
Median Household Income
$34,780
Median Earnings
$886
Median Rent
$171,500
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?
Mixed-use property - Mixed-use property leased to the State of Missouri since 1999.
Where is this mixed-use property located?
The property is located at 1823 W 20th St Joplin, MO.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Leased to the State of Missouri since construction in 1999; Built specifically for the State of Missouri; Year Built: 1999
