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    Restored Landmark Office Space Title is generated by Realmo AI

    518 S Virginia Avenue, Joplin, MO 64801

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    For Lease
    $4,900/Mo $8 SF/Yr (calc)

    COMMERCIAL - Joplin, MO

    Property size:
    7,350 SF
    Added:
    Nov 5, 2025
    Days on Market:
    190
    Last Refresh:
    May 14 at 8:06 pm

    Property Features for 518 S Virginia Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    C-2
    Bathrooms
    3
    Rooms
    Bathroom 1, Bathroom 3, Bathroom 2
    Standard status
    Active
    APN
    33-011702-0000
    Size
    7,350 SF

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1919
    Flooring type
    Concrete
    Roof type
    Rubber

    We can help!

    Listing Contact
    Luke Gibson
    Luke Gibson

    Listing agent Luke Gibson License #2015033987

    Listing office GLENN GIBSON COMMERCIAL REAL ESTATE 2650 E 32nd Street Ste. 221, JOPLIN, MO

    Listing date Nov 5, 2025

    MLS# 256193

    Copyright © 2026 Ozark Gateway Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 7,350 sq. ft. of versatile commercial space with a flexible layout suitable for various uses.
    • Located in the revitalized Historic Pennington Drug Company Building (built in 1919, restored in 2021) with restored architectural details.
    • Positioned in the vibrant 500 Block Commons, a thriving mixed‑use community.
    • Features a large open workspace with excellent natural light and visibility.
    • Includes two large private offices and an expansive open conference area.
    • Offers a mezzanine level for additional workspace or storage.

    Overview

    This 7,350 sq. ft. commercial space, originally built in 1919 and revitalized in 2021, is located in the heart of the 500 Block Commons. The property is suitable for professional offices, creative firms, collaborative workspaces, or specialty use. It features a flexible layout, two large private offices, two sets of restrooms, an expansive open conference area, and a large open workspace at the front of the building with natural light and visibility. A mezzanine level provides additional workspace, storage, or customizable use options. The property is housed in the Historic Pennington Drug Company Building, showcasing restored architectural details. It is located within a thriving community anchored by 417 Refine medical esthetics, upscale residential apartments, and a coming-soon restaurant and wine bar. The surrounding walkable environment offers an inviting atmosphere for employees, clients, and visitors. The zoning is C-2.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Pennington Station Arcade & Gaming Center Fulcrum Network Technologies Information Services Full Bore Studios Advertising Agency

    Suggested Use

    Real Estate Agency Restaurant Law Firm Dental Office Spa & Massage Center Hair Salon Nail Salon Pharmacy Gym & Fitness Center Building Supply

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Joplin
    County
    Jasper
    State
    Missouri
    Longitude
    -94.512601
    Latitude
    37.086115

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    FAQs

    What type of property is this?
    Office units - Historic 7,350 sq ft commercial space in Joplin, MO.
    Where is this office units located?
    The property is located at 518 S Virginia Avenue Joplin, MO.
    What is the lease rate?
    The lease rate is $4,900 /Mo.
    What are key features of this property?
    This property features: 7,350 sq. ft. of versatile commercial space with a flexible layout suitable for various uses.; Located in the revitalized Historic Pennington Drug Company Building (built in 1919, restored in 2021) with restored architectural details.; Positioned in the vibrant 500 Block Commons, a thriving mixed‑use community.
    (417) 359-6868
    We can help!
    Listing Contact
    Luke Gibson
    Luke Gibson
    Real Estate License ID: 2015033987
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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