Flex Office/Warehouse
For Sale
$875,000
622 Collins Dr, Festus, MO 63028
Two-story flex office/warehouse with dock-high and drive-in bays, 40 paved parking spaces, and CT1 zoning.
Property Size10,000 SF
Lot Size0.74 Acres
Price / SF$87.50
Days on Market48
Property Features for 622 Collins Dr
General Information
Standard status
Active
Size
10,000 SF
Total Parking Spaces
40
Lot size
0.74 Acres
Property subtype
Commercial
Zoning
CT1
Warehouse & Industrial
Clear Height
9 ft
Dock-High Doors
1
Drive-In Doors
1
Heavy Power
Yes
Additional Details
Highway Access
Yes
Building Details
Year Built
1980
Stories
2
Listing Agency:
Manor Real Estate
Listed By:
Ben Cherry () · License #2006018085
(314) 647-6611
Source:
Davisrealtor
Added: Jul 20
Changed: Aug 13
Last Checked: Sep 4 at 7:09AM
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 Manor Real Estate
Investment Insights
Based on property information with market context.
This two-story flex office/warehouse property totals approximately 10,000 square feet on a 0.74-acre parcel and is configured with an estimated 65% office and 35% warehouse split. The warehouse area includes one dock-high bay and one drive-in bay with an overhead door, with 9-foot clear height. The office space provides a reception area, private offices, and a conference room. Climate control is provided throughout.
Operational features include robust 4-phase, 440-amp electrical service and high-speed internet infrastructure. There are 40 paved parking spaces on-site, and exterior lighting is installed for after-hours accessibility. Zoning is CT1 (Warehouse/Commercial).
The building is currently set up as a single or multi-tenant facility, with an existing tenant occupying 3,455 square feet and 6,545 square feet available for an owner-user or additional leasing.
Operational features include robust 4-phase, 440-amp electrical service and high-speed internet infrastructure. There are 40 paved parking spaces on-site, and exterior lighting is installed for after-hours accessibility. Zoning is CT1 (Warehouse/Commercial).
The building is currently set up as a single or multi-tenant facility, with an existing tenant occupying 3,455 square feet and 6,545 square feet available for an owner-user or additional leasing.
Key Highlights
- Approximately 10,000 sq. ft. two‑story flex office/warehouse on 0.74 acres, built in 1980
- 65% office / 35% warehouse layout with reception, private offices, and a conference room
- Warehouse features include one dock‑high bay, one drive‑in bay with an overhead door, and 9‑foot clear height
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
$52,437
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
5.99%
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%
$1,048,740
$1.0M
Cap Rate 7%
$749,100
$749.1K
Cap Rate 9%
$582,633
$582.6K
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
$62.0K $6.20/SF
− Vacancy
−$310 −$0.03/SF
EGI
$61.7K $6.17/SF
− OpEx
−$9.3K −$0.93/SF
NOI
$52.4K $5.24/SF
Area
Jefferson County, MO
Vacancy
0.50%
Lease Rate
$6.20 /SF/Yr
Expense Ratio
15.00%
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%
$1,048,740
Cap Rate 7%
$749,100
Cap Rate 9%
$582,633
Alternative Uses
Best Use
Office B
$1.80M
$1.57M – $2.10M
NOI $125,971 @ 7.0% cap · market cap 14.40%
Second Best
Warehouse
$749.1K
$655.5K – $874.0K
NOI $52,437 @ 7.0% cap · market cap 5.99%
Theoretical Best
Specialty Retail
$29.70M
$25.99M – $34.65M
NOI $2,078,932 @ 7.0% cap · market cap 237.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9 ft
Clear height
1
Dock-high doors
1
Drive-in doors
Yes
Heavy power
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
410
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 63028, MO
27,924
Population
11,390
Households
2.5
Avg Household Size
40
Median Age
24%
College-Educated
91%
High-School Grad
125.8 sq mi
ZIP Area
222
Density / Sq Mi
$76,468
Median Household Income
$46,341
Median Earnings
$937
Median Rent
$221,600
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?
Flex space - Two-story flex office/warehouse with dock-high and drive-in bays, 40 paved parking spaces, and CT1 zoning.
Where is this flex space located?
The property is located at 622 Collins Dr Festus, MO.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Approximately 10,000 sq. ft. two‑story flex office/warehouse on 0.74 acres, built in 1980; 65% office / 35% warehouse layout with reception, private offices, and a conference room; Warehouse features include one dock‑high bay, one drive‑in bay with an overhead door, and 9‑foot clear height
