Joplin Medical Office For
For Sale
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620 W 32nd St, Joplin, MO 64804
15,428 SF surgery center and medical office for sale.
Property Size15,428 SF
Price / SF$379.18
Days on Market109
Property Features for 620 W 32nd St
General Information
Standard status
Active
Size
15,428 SF
Class
A
Property subtype
Office
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$419,912
Building Details
Year Built
2007
Year Renovated
2020
Buildings
1
Tenancy
Multi
Listing Agency:
Zeustra Healthcare Real Estate Advisors
Listed By:
Ryan Lupo · License #NJ 2189708
Source:
Crexi
Added: May 11
Changed: Aug 8
Last Checked: Aug 26 at 7:34AM
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 Zeustra Healthcare Real Estate Advisors
Investment Insights
Based on property information with market context.
This 15,428 SF surgery center and medical office is located at 620 W. 32nd Street in Joplin, Missouri. The property is positioned steps from Freeman Health System and adjacent to Kansas City University - Joplin, placing it in one of Joplin’s most established healthcare corridors. The property is anchored by Maningas Cosmetic Surgery, a cosmetic surgery, med spa, and aesthetics platform that recently extended its lease for an additional 10 years. The practice is private equity backed through Courseview Capital and has made approximately $1.6 million of recent tenant improvements, reinforcing its long-term commitment to the location. There is approximately 1,638 SF of vacant space with a separate entrance.
Key Highlights
- Anchored by Maningas Cosmetic Surgery, a high‑volume practice with a recently extended 10‑year lease.
- Located steps from Freeman Health System and adjacent to Kansas City University - Joplin in an established healthcare corridor.
- Durable NNN income with 3% annual rent increases.
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
$203,279
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
3.47%
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%
$4,065,580
$4.1M
Cap Rate 7%
$2,903,986
$2.9M
Cap Rate 9%
$2,258,656
$2.3M
Market Conditions
NOI Build-Up for 15,428 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
$338.8K $21.96/SF
− Vacancy
−$67.8K −$4.39/SF
EGI
$271.0K $17.57/SF
− OpEx
−$67.8K −$4.39/SF
NOI
$203.3K $13.18/SF
Area
Jasper County, MO
Vacancy
20.00%
Lease Rate
$21.96 /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%
$4,065,580
Cap Rate 7%
$2,903,986
Cap Rate 9%
$2,258,656
Alternative Uses
Best Use
Office B
$2.90M
$2.54M – $3.39M
NOI $203,279 @ 7.0% cap · market cap 3.47%
Second Best
Healthcare Medical
$2.20M
$1.93M – $2.57M
NOI $154,126 @ 7.0% cap · market cap 2.63%
Theoretical Best
Office A
$4.65M
$4.07M – $5.43M
NOI $325,839 @ 7.0% cap · market cap 5.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,057
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
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 Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - 15,428 SF surgery center and medical office for sale.
Where is this medical office space located?
The property is located at 620 W 32nd St Joplin, MO.
What is the asking price?
The asking price for this property is $5,850,000.
What are key features of this property?
This property features: Anchored by Maningas Cosmetic Surgery, a high‑volume practice with a recently extended 10‑year lease.; Located steps from Freeman Health System and adjacent to Kansas City University - Joplin in an established healthcare corridor.; Durable NNN income with 3% annual rent increases.
