Medical Office Space in All-Brick
New
For Sale
$739,900
820 S Illinois Avenue, Republic, MO 65738
Commercial Sale, Republic, MO
Property Size4,500 SF
Lot Size0.64 Acres
Price / SF$164.42
Days on Market3
Property Features for 820 S Illinois Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Commercial
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 2, Bathroom 1
Parking
10
Lot features
Level
Directions
Highway 60 West to Illinois Avenue. Located on the West end of the office complex.
Standard status
Active
APN
1730200149
Lot size
0.64 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Frisco Square Phase One Commercial Sub Lot 2
Tax Annual Amount
9139
Legal Description
Frisco Square Phase One Commercial Sub Lot 2
Utilities
Utilities
Water Available
Heating system
Forced Air, Natural Gas
Cooling system
Electric, Central Air
Building Details
Year built
1997
Roof type
Composition
Listing Agency:
Murney Associates - Primrose
(417) 823-2300
Listed By:
Suelina O Carter · License #2003006493
(417) 818-6751
Added: Oct 2
Changed: Oct 4
Last Checked: Oct 4 at 2:06PM
MLS# 60335364
Copyright © 2026 Southern Missouri Regional MLS, LLC (SOMO). 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 4,500 +/- sq. ft. medical office space occupies an all-brick building constructed in 1997. The interior includes private offices, conference rooms, a reception area, a waiting room and bathrooms. The property previously operated as a Cox Health medical clinic and is zoned Commercial.
The 0.64-acre property is near OTC’s college campus and nearby medical, financial and professional offices, as well as a restaurant, bank, EMS and the City of Republic Police Department. A paved, lit parking lot serves the site.
The 0.64-acre property is near OTC’s college campus and nearby medical, financial and professional offices, as well as a restaurant, bank, EMS and the City of Republic Police Department. A paved, lit parking lot serves the site.
Key Highlights
- 4,500 +/- sq. ft. of medical office space
- 0.64‑acre site with Commercial zoning
- Private offices, conference rooms, reception area and waiting room
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
$43,740
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
5.91%
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%
$874,800
$874.8K
Cap Rate 7%
$624,857
$624.9K
Cap Rate 9%
$486,000
$486.0K
Market Conditions
NOI Build-Up for 4,500 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
$81.0K $18.00/SF
− Vacancy
−$8.1K −$1.80/SF
EGI
$72.9K $16.20/SF
− OpEx
−$29.2K −$6.48/SF
NOI
$43.7K $9.72/SF
Area
Greene County, MO
Vacancy
10.00%
Lease Rate
$18.00 /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%
$874,800
Cap Rate 7%
$624,857
Cap Rate 9%
$486,000
Alternative Uses
Best Use
Office B
$1.06M
$930.2K – $1.24M
NOI $74,416 @ 7.0% cap · market cap 10.06%
Second Best
Healthcare Medical
$624.9K
$546.8K – $729.0K
NOI $43,740 @ 7.0% cap · market cap 5.91%
Theoretical Best
Office A
$1.48M
$1.29M – $1.72M
NOI $103,356 @ 7.0% cap · market cap 13.97%
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
144
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 65738, MO
20,995
Population
8,878
Households
2.4
Avg Household Size
35
Median Age
28%
College-Educated
95%
High-School Grad
53.9 sq mi
ZIP Area
390
Density / Sq Mi
$67,848
Median Household Income
$45,220
Median Earnings
$1,069
Median Rent
$195,400
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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Frequently Asked Questions
What type of property is this?
Medical Office Space - A 1997 professional facility includes private offices, conference rooms, reception and waiting areas.
Where is this medical office space located?
The property is located at 820 S Illinois Avenue Republic, MO.
What is the asking price?
The asking price for this property is $739,900.
What are key features of this property?
This property features: 4,500 +/- sq. ft. of medical office space; 0.64‑acre site with Commercial zoning; Private offices, conference rooms, reception area and waiting room
