4001 Richard Joseph Blvd Joplin, MO 64804
- Office buildings
- 74,128 SF
- 9.24 lot acres
Current Use by Public Records
- Office buildings
Property Details for 4001 Richard Joseph Blvd
- Year built
- 2008
- Lot size
- 9.24 lot acres
- Property size
- 74,128 SF
- Property type
- Office buildings
- APN
- 05-6.0-24-000-000-006.005
- APU
- 56024000000006005
Description
This single-story, 75,728-square-foot office building in Joplin, Missouri, presents a compelling value-add investment opportunity. Currently 68% occupied by AT&T, a credit-rated tenant, under a lease expiring December 31, 2027, the property offers significant upside potential. The existing lease with AT&T provides a stable income stream for the next 3.1 years, with annual rent bumps of 2%. The remaining 32% (approximately 24,308 SF) of vacant space provides an opportunity to lease up in a market with less than 6% vacancy. Built in 2007 on a 9.24-acre lot, the building features ample parking (4.25 spaces per 1,000 sq ft) and is zoned C-2 PD, allowing for flexibility in future use. The property boasts high-quality finishes, including web-based training rooms, conference rooms, offices, and large open work areas. The asking price is $4,500,000, representing a pro-forma cap rate of 8.71% and a pro-forma NOI of $391,782. The building's institutional ownership and maintenance history since its construction further enhance its appeal. This property is ideal for owner-users seeking a substantial space or value-add investors looking for a strong return on investment. The current AT&T lease cash flow will cover operating expenses on the vacant space for three years, providing ample time to lease up the newly vacated space.
Value Estimation
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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
- Newton
- State
- Missouri
- Longitude
- -94.4895
- Latitude
- 37.0446
- CBSA code
- 27900
- CBSA name
- JOPLIN, MO METROPOLITAN STATISTICAL AREA
