Medical Office Building with
For Sale
$1,450,000
20994 State Route K N/A, St Joseph, MO 64505
Flexible commercial layout includes multiple offices, support rooms, and a dedicated rear suite for administrative or specialized functions.
Property Size10,288 SF
Lot Size3.20 Acres
Price / SF$140.94
Days on Market55
Property Features for 20994 State Route K N/A
General Information
Standard status
Active
Size
10,288 SF
Lot size
3.20 Acres
Building Details
Buildings
1
Building Size
10,288 SF
Listing Agency:
BHHS Stein & Summers Real Estate
(816) 232-2000
Listed By:
Adam Stein · License #BR00233131
Source:
Urbancoolkc
Added: Jul 8
Changed: Aug 31
Last Checked: Aug 25 at 5:47AM
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 BHHS Stein & Summers Real Estate
Investment Insights
Based on property information with market context.
Located at 20994 State Route K in St. Joseph, this 10,288-square-foot commercial building occupies an approximate 3.20-acre lot and is currently configured for use as a full-service veterinary clinic. The interior includes two primary entry points, a lobby and reception area, numerous offices, and a range of support and utility rooms.
A rear office suite adds a sizable multipurpose area with an attached private office, while storage is distributed throughout the building. The property also includes a large paved parking lot, supporting the existing clinic configuration and other business operations requiring customer or staff access.
A rear office suite adds a sizable multipurpose area with an attached private office, while storage is distributed throughout the building. The property also includes a large paved parking lot, supporting the existing clinic configuration and other business operations requiring customer or staff access.
Key Highlights
- ±10,288 square foot commercial building on an approximate 3.20‑acre lot
- Currently configured for a full‑service veterinary clinic
- Large paved parking lot with two main entrances
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
$125,388
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
8.65%
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%
$2,507,760
$2.5M
Cap Rate 7%
$1,791,257
$1.8M
Cap Rate 9%
$1,393,200
$1.4M
Market Conditions
NOI Build-Up for 10,288 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
$225.9K $21.96/SF
− Vacancy
−$16.9K −$1.65/SF
EGI
$209.0K $20.31/SF
− OpEx
−$83.6K −$8.13/SF
NOI
$125.4K $12.19/SF
Area
Buchanan County, MO
Vacancy
7.50%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
40.00%
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%
$2,507,760
Cap Rate 7%
$1,791,257
Cap Rate 9%
$1,393,200
Alternative Uses
Best Use
Office B
$2.03M
$1.78M – $2.37M
NOI $142,221 @ 7.0% cap · market cap 9.81%
Second Best
Healthcare Medical
$1.79M
$1.57M – $2.09M
NOI $125,388 @ 7.0% cap · market cap 8.65%
Theoretical Best
Office A
$3.10M
$2.72M – $3.62M
NOI $217,283 @ 7.0% cap · market cap 14.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
71
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 64505, MO
13,261
Population
5,836
Households
2.3
Avg Household Size
41
Median Age
28%
College-Educated
92%
High-School Grad
45.6 sq mi
ZIP Area
291
Density / Sq Mi
$70,741
Median Household Income
$45,664
Median Earnings
$976
Median Rent
$186,000
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- SERAD Sonia DVM — 20994 State Hwy K, St Joseph, MO 64505
- Twin Pines Veterinary Clinic: Fletcher Amanda DVM — 20994 State Hwy K, St Joseph, MO 64505
- Twin Pines Animal Clinic — 20994 State Hwy K, St Joseph, MO 64505
Frequently Asked Questions
What type of property is this?
Medical Office Space - Flexible commercial layout includes multiple offices, support rooms, and a dedicated rear suite for administrative or specialized functions.
Where is this medical office space located?
The property is located at 20994 State Route K N/A St Joseph, MO.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: ±10,288 square foot commercial building on an approximate 3.20‑acre lot; Currently configured for a full‑service veterinary clinic; Large paved parking lot with two main entrances
