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620 W 32nd St 15,428 SF 90% Leased Office Building Joplin, MO 64804 $5,850,000 ($379.18/SF) 7.18% Cap Rate
Investment Highlights
- Recently Extended 10-Year Anchor Lease
- Private Equity Backed Healthcare Tenant
- Strong Specialty Practice Growth Story
- Significant Tenant Investment Reinforces Stickiness
- Located in an Established Healthcare Corridor
Executive Summary
Zeustra is pleased to present the opportunity to acquire a 15,428 SF surgery center and medical office located at 620 W. 32nd Street in Joplin, Missouri. The property is positioned steps from Freeman Health System and adjacent to Kansas City University - Joplin, placing the asset in one of Joplin’s most established healthcare corridors.
The property is anchored by Maningas Cosmetic Surgery, a high-volume cosmetic surgery, med spa, and aesthetics platform that recently extended its lease for an additional 10 years. The practice is private equity backed through Courseview Capital and has made approximately $1.6 million of recent tenant improvements, reinforcing its long-term commitment to the location.
The offering provides durable NNN income, 3% annual rent increases, an 8-year weighted average lease term, and additional upside through approximately 1,638 SF of vacant space with a separate entrance.
The property is anchored by Maningas Cosmetic Surgery, a high-volume cosmetic surgery, med spa, and aesthetics platform that recently extended its lease for an additional 10 years. The practice is private equity backed through Courseview Capital and has made approximately $1.6 million of recent tenant improvements, reinforcing its long-term commitment to the location.
The offering provides durable NNN income, 3% annual rent increases, an 8-year weighted average lease term, and additional upside through approximately 1,638 SF of vacant space with a separate entrance.
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Property Facts
Sale Type
Investment NNN
Property Type
Office
Property Subtype
Medical
Building Size
15,428 SF
Building Class
A
Year Built/Renovated
2007/2020
Price
$5,850,000
Price Per SF
$379.18
Cap Rate
7.18%
NOI
$419,912
Percent Leased
90%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
7,714 SF
Building FAR
0.25
Lot Size
1.43 AC
Zoning
COPD - Planned development district is designed to provide specific, flexible, and integrated land use, rather than relying on strict, traditional zoning
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Fairly walkable
50/100
Very drivable
80/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 05-5.0-22-001-007-006.000 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $487,960 |
Property Taxes
Parcel Number
05-5.0-22-001-007-006.000
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$487,960
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620 W 32nd St
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