Current Use by Public Records
- Lowe’s XDT Joplin / Warehouse & Storage
Property Details for 3015 Prosperity Ave
- Year built
- 2022
- Lot size
- 5.09 lot acres
- Property type
- Industrial properties
- Property subtype
- Distribution centers
Description
This exceptional investment opportunity presents a 63,000-square-foot, single-tenant net lease industrial distribution center in Joplin, Missouri. The property, built in 2022, is situated on a 5.09-acre lot and boasts a prime location within a dense industrial corridor experiencing significant growth, with a current vacancy rate of only 2.0%. The building is currently 100% occupied by Lowe's, a BBB-rated tenant with a strong credit profile (NYSE: LOW), under a net lease agreement with a remaining term of 5.7 years. The lease commenced December 5, 2022, and expires July 31, 2030, featuring 3% annual rent escalations. The asking price is $8,970,000, representing a compelling cap rate of 5.75% and a price per square foot of $142.38. The property's zoning is C-3, and the Net Operating Income (NOI) is $515,970. The lease includes options for renewal, with a 5-year option and a 3-year option. This build-to-suit last-mile distribution center offers excellent accessibility to Joplin and the Ozark region, making it an ideal investment for those seeking a stable, high-return asset in a thriving market. The property's strategic location within Lowe's supply chain further enhances its long-term value.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Joplin
- County
- Jasper
- State
- Missouri
- Longitude
- -94.4229
- Latitude
- 37.0566
