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    501 Hospital Dr Paola, KS 66071

    For Sale
    $1,950,000

    High-Income Medical/Executive Office

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    362
    This exceptional 24,500 square foot brick commercial building presents a lucrative investment opportunity in Paola, Kansas. Located at 501 S Hospital Drive, this single-story property sits on a generous 3.43-acre lot. Originally constructed in 1955, the building has been thoughtfully repurposed from its former use as a hospital into three or more rental units, generating a substantial net income of approximately $200,000 annually. The property's classification as both Medical Office and Executive Office space caters to a diverse range of potential tenants, ensuring strong occupancy rates and consistent revenue streams. The asking price is $1,950,000. Situated in Miami County, Kansas, with a 66071 zip code, this prime location offers excellent accessibility and visibility. The building's substantial size and established rental income make it an ideal investment for those seeking a stable and profitable commercial property in a thriving Kansas community. This is a rare opportunity to acquire a well-maintained, income-producing asset with significant potential for future growth and appreciation. The property's history as a hospital provides a solid foundation for continued success in the medical or executive office market.

    Property Features for 501 Hospital Dr

    General Information

    Property type
    Medical offices
    Lot Size
    149,411 SF

    Building Details

    Year Built
    1955
    Stories
    1

    HighLights

    • 24,500 SF brick commercial building on a 3.43‑acre lot in Paola, KS.
    • Generates approximately $200,000 annual net income from three or more rental units.
    • Located at 501 S Hospital Drive, Paola, KS 66071.
    • Asking price: $1,950,000.
    • Suitable for Medical Office and Executive Office uses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Fort Scott Community ... College Dr. Emmett Mcwoods ... Internist Paola VA Clinic Medical Clinic Community Correction Office County Government Office Elizabeth A. Stone, MOT Occupational Therapist

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Paola
    County
    Miami
    State
    Kansas
    Longitude
    -94.8628406
    Latitude
    38.5667317

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    FAQs

    What type of property is this?
    Medical office - High-Income Medical/Executive Office
    Where is this medical office located?
    The property is located at 501 Hospital Dr Paola, KS.
    What is the asking price?
    The asking price for this property is $1,950,000.
    What are key features of this property?
    This property features: 24,500 SF brick commercial building on a 3.43-acre lot in Paola, KS.; Generates approximately $200,000 annual net income from three or more rental units.; Located at 501 S Hospital Drive, Paola, KS 66071.
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    Paola, KS 66071
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    Realmo Value Estimation

    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.

    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.

    Alternative use

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

    More about this property
    501 Hospital Dr Paola, KS 66071
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