Medical Office
For Sale
$1,450,000
20994 State Route K, St Joseph, MO 64505
Commercial Sale, St Joseph, MO
Property Size10,288 SF
Lot Size3.27 Acres
Price / SF$140.94
Days on Market96
Property Features for 20994 State Route K
General Information
Property type
Commercial Sale
Property subtype
Office
Parking features
Parking Lot
Interior features
Private Restroom
Directions
From Karnes Road, take Saint Joseph Avenue to State Route K.
Subdivision
120 - Andrew Co Mo
Standard status
Active
APN
17-4.0-20-0-00-42.010000
Lot size
3.27 Acres
Taxes and HOA fees
Tax Description
20-58-35 E2 SW4 SE4 S OF HWY
Tax Annual Amount
11239
Legal Description
20-58-35 E2 SW4 SE4 S OF HWY
Utilities
Utilities
Water Available
Building Details
Floors in Building
1
Listing Agency:
BHHS Stein & Summers Real Estate · Berkshire Hathaway HomeServices
(816) 232-2000
Listed By:
Adam Stein · License #BR00233131
(816) 248-6821
Added: Jul 2
Changed: Sep 5
Last Checked: Oct 5 at 2:06AM
MLS# 2629511
Copyright © 2026 Heartland Multiple Listing Service. 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.
This 10,288-square-foot medical office property is currently arranged as a full-service veterinary clinic. The building includes two primary entrances, a lobby and reception area, numerous offices, support and utility rooms, storage throughout, and a private restroom. A rear suite adds a large multipurpose office with an attached additional office, creating a flexible administrative area within the existing layout.
The property occupies an approximate 3.20-acre lot at 20994 State Route K in St Joseph, Missouri. A large paved parking lot serves the building, and water is available at the property. The existing configuration supports veterinary operations and offers a range of enclosed office and service areas for other business applications.
The property occupies an approximate 3.20-acre lot at 20994 State Route K in St Joseph, Missouri. A large paved parking lot serves the building, and water is available at the property. The existing configuration supports veterinary operations and offers a range of enclosed office and service areas for other business applications.
Key Highlights
- 10,288‑square‑foot medical office building
- Currently configured for a full‑service veterinary clinic
- Two main entrances with lobby and reception area
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
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
53
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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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 - Configured veterinary clinic with multiple offices, support rooms, a reception area, and paved on-site parking.
Where is this medical office space located?
The property is located at 20994 State Route K 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 medical office building; Currently configured for a full‑service veterinary clinic; Two main entrances with lobby and reception area
