Single-Tenant Walgreens Drug
For Sale
Contact for pricing
2001 South Main Street, Joplin, MO 64804
Walgreens has operated at this site for over 25 years with approximately 3.5 years remaining on the primary term.
Property Size13,500 SF
Price / SF$140.74
Days on Market71
Property Features for 2001 South Main Street
General Information
Standard status
Active
Size
13,500 SF
Property subtype
Retail
Lease Type
NN
Net Operating Income
$165,000
Building Details
Year Built
2011
Tenancy
Single
Listing Agency:
Pharma Property Group
Listed By:
Jason Pongsrikul · License #CA 01918332
(619) 297-0055
Source:
Crexi
Added: Jun 29
Changed: Aug 24
Last Checked: Sep 7 at 12:49AM
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 Pharma Property Group
Investment Insights
Based on property information with market context.
A for-sale single-tenant Walgreens property located at 2001 South Main Street in Joplin, Missouri. Walgreens has operated at the location for over 25 years and currently has approximately 3.5 years remaining on the primary lease term. The lease was extended with a 10-year extension signed in 2019, reflecting long-term commitment to the site.
According to Placer.AI, the subject property ranks 1st in most visited Walgreens in a 30-mile radius among seven other Walgreens locations. The area is supported by major healthcare employment, with Freeman Health Systems described as the largest employer in Joplin with over 3,600 employees. Freeman Hospital West and Freeman Hospital East combine for over 410 beds and provide a substantial customer base for the pharmacy segment. Additionally, Prospect Village Development, located about 2 miles east, is described as a new $375 million mixed-use project incorporating retail, multi-family, hospitality, and sports complexes.
According to Placer.AI, the subject property ranks 1st in most visited Walgreens in a 30-mile radius among seven other Walgreens locations. The area is supported by major healthcare employment, with Freeman Health Systems described as the largest employer in Joplin with over 3,600 employees. Freeman Hospital West and Freeman Hospital East combine for over 410 beds and provide a substantial customer base for the pharmacy segment. Additionally, Prospect Village Development, located about 2 miles east, is described as a new $375 million mixed-use project incorporating retail, multi-family, hospitality, and sports complexes.
Key Highlights
- Walgreens property at 2001 South Main Street, Joplin, MO; operating for over 25 years
- Approximately 3.5 years remaining on the primary lease term
- 10‑year lease extension signed in 2019
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
$136,469
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
7.18%
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%
$2,729,380
$2.7M
Cap Rate 7%
$1,949,557
$1.9M
Cap Rate 9%
$1,516,322
$1.5M
Market Conditions
NOI Build-Up for 13,500 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
$189.5K $14.04/SF
− Vacancy
−$7.6K −$0.56/SF
EGI
$182.0K $13.48/SF
− OpEx
−$45.5K −$3.37/SF
NOI
$136.5K $10.11/SF
Area
Jasper County, MO
Vacancy
4.00%
Lease Rate
$14.04 /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%
$2,729,380
Cap Rate 7%
$1,949,557
Cap Rate 9%
$1,516,322
Alternative Uses
Best Use
Specialty Retail
$1.95M
$1.71M – $2.27M
NOI $136,469 @ 7.0% cap · market cap 7.18%
Second Best
Retail
$1.82M
$1.59M – $2.12M
NOI $127,371 @ 7.0% cap · market cap 6.70%
Theoretical Best
Office A
$4.07M
$3.56M – $4.75M
NOI $285,120 @ 7.0% cap · market cap 15.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
634
Businesses Nearby
76k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 77%
Shops & Services 11%
Electronics 7%
Beauty & Spa 4%
McDonald's
Dining
20,396 visits/mo
0.5 miles
SONIC Drive In
Dining
19,572 visits/mo
0.1 miles
Vintage Stock
Electronics
5,676 visits/mo
0.2 miles
U.S. Bank
Shops & Services
5,344 visits/mo
0.1 miles
Schlotzsky's
Dining
5,264 visits/mo
0.2 miles
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 Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Brad A. Cosens, RPh — 3415 McIntosh Cir Dr, Joplin, MO 64804
- Ralph B. Hamilton, RPH — Joplin, MO 64804
- QuickMeds Pharmacy - Joplin — 1102 West 32nd Street Freeman Hospital West, 2nd floor, Joplin, MO 64804
- Walgreens Pharmacy — 3222 S Main St, Joplin, MO 64804
- COVID-19 Drive-Thru Testing at Walgreens — 3222 S Main St, Joplin, MO 64804
Frequently Asked Questions
What type of property is this?
Drug store - Walgreens has operated at this site for over 25 years with approximately 3.5 years remaining on the primary term.
Where is this drug store located?
The property is located at 2001 South Main Street Joplin, MO.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Walgreens property at 2001 South Main Street, Joplin, MO; operating for over 25 years; Approximately 3.5 years remaining on the primary lease term; 10‑year lease extension signed in 2019
