St. Joseph Office Building For
For Sale
Contact for pricing
2402 N Woodbine Rd, Saint Joseph, MO 64506
Two-story office building in St. Joseph, MO, fully leased.
Property Size10,000 SF
Price / SF$155
Days on Market973
Property Features for 2402 N Woodbine Rd
General Information
Standard status
Active
Size
10,000 SF
Class
B
Property subtype
Office
Zoning
CITY
Building Details
Year Built
1992
Listing Agency:
Evans Realty LLC
(816) 233-1119
Listed By:
Don Evans · License #MO/KS 20011008628
Source:
Crexi
Added: Dec 13, 2023
Changed: Aug 8
Last Checked: Aug 8 at 11:58AM
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 Evans Realty LLC
Investment Insights
Based on property information with market context.
A two-story office building in St. Joseph, Missouri, is available for purchase. The building is located on the corner of Woodbine and Beck Road and has two addresses: 3915 Beck Road and 2402 N. Woodbine Road. The property is fully leased with stable tenants, offering a favorable rate of return. The building has walk-out level parking on both sides. The property size is 10000 square feet. Cosmetic repairs have been completed.
Key Highlights
- Entirely leased with stable tenants, providing a favorable rate of return.
- Great location on the corner of Woodbine and Beck Road.
- Two‑story building with walk‑out level parking on both sides.
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
$138,240
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
8.92%
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%
$2,764,800
$2.8M
Cap Rate 7%
$1,974,857
$2.0M
Cap Rate 9%
$1,536,000
$1.5M
Market Conditions
NOI Build-Up for 10,000 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
$230.4K $23.04/SF
− Vacancy
−$46.1K −$4.61/SF
EGI
$184.3K $18.43/SF
− OpEx
−$46.1K −$4.61/SF
NOI
$138.2K $13.82/SF
Area
Buchanan County, MO
Vacancy
20.00%
Lease Rate
$23.04 /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%
$2,764,800
Cap Rate 7%
$1,974,857
Cap Rate 9%
$1,536,000
Alternative Uses
Best Use
Office B
$1.97M
$1.73M – $2.30M
NOI $138,240 @ 7.0% cap · market cap 8.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.02M
$2.64M – $3.52M
NOI $211,200 @ 7.0% cap · market cap 13.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
941
Businesses Nearby
Explore this area
Business Placement
Demographics for 64506, MO
22,828
Population
9,820
Households
2.3
Avg Household Size
42
Median Age
33%
College-Educated
91%
High-School Grad
10.0 sq mi
ZIP Area
2,283
Density / Sq Mi
$61,713
Median Household Income
$38,832
Median Earnings
$908
Median Rent
$220,500
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?
Office building - Two-story office building in St. Joseph, MO, fully leased.
Where is this office building located?
The property is located at 2402 N Woodbine Rd Saint Joseph, MO.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Entirely leased with stable tenants, providing a favorable rate of return.; Great location on the corner of Woodbine and Beck Road.; Two‑story building with walk‑out level parking on both sides.
