Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1606 Independence Street Cape Girardeau, MO 63703

    View on Map
    For Sale
    Under Contract
    $489,900

    Office - Cape Girardeau, MO

    Type:Office
    Property size:
    7,282 SF
    Lot size:
    0.40 Acres
    Added:
    Mar 2, 2026
    Days on Market:
    32
    Last Refresh:
    Apr 3 at 4:06 pm

    Property Features for 1606 Independence Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Appliances
    Range, Refrigerator, Refrigerator - Built-in
    Standard status
    Active Under Contract
    APN
    21-105-00-13-00400-0000
    Size
    7,282 SF
    Lot size
    0.40 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    2431

    Utilities

    Heating system
    Natural Gas
    Cooling system
    Central Air, Gas (Cooling)

    Building Details

    Year built
    1967
    Flooring type
    Carpet, Concrete, Tile, Tile - Ceramic, Vinyl
    Building materials
    Block
    Architectural style
    Other

    We can help!

    Listing Contact
    Amy Johnson

    Listing agent Amy Johnson License #2003011476

    Listing office EDGE Realty ERA Powered 2511 Independence Suite 100, Cape Girardeau, MO

    Listing date Mar 2, 2026

    MLS# 26007791 Listing URL

    Copyright © 2026 Mid America Regional Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Cape Girardeau Mixed-Use Investment

    This mixed-use property in Cape Girardeau, Missouri, offers a combination of leased commercial spaces and a residential unit. The property, situated on 0.399 acres, contains 7,282 square feet of space. All commercial spaces are currently leased. The residential unit is suitable for owner occupancy, long-term rental, or use as an Airbnb. Located centrally, the property benefits from strong local rental demand, which supports future income growth. The property presents an opportunity to increase net operating income through rent growth and residential income. It is ideal for investors seeking stabilization with upside potential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Nationwide Insurance: Christopher ... Insurance Agency Cape Construction & Roofing General Contractor Studio 2 Massage ... Alternative Medicine Practice Selfie Street LLC Arcade & Gaming Center Interquest Information Services Business Service Center

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Cape Girardeau
    County
    Cape Girardeau
    State
    Missouri
    Longitude
    -89.541403
    Latitude
    37.30602

    Nearby Similar for Sale

    • $350,000
      4,000 SF

      Updated Office Building For Sale

      Well-maintained office building with high visibility and ample parking.
      824 Independence Street, Cape Girardeau, MO 63703
      View Details
    • $400,000
      4,400 SF

      Versatile Riverfront Commercial Property

      Prime riverfront property suitable for office, restaurant, warehouse, or mixed-use.
      450 N Main Street, Cape Girardeau, MO 63701
      View Details
    • $825,000

      Versatile Commercial Space in Cape Girardeau

      Well-designed commercial space with banquet, dining, and bar areas.
      20 N Spanish Street, Cape Girardeau, MO 63701
      View Details
    • $475,000
      7,044 SF

      Versatile Riverfront Commercial Property

      Flexible commercial space with riverfront location and development potential.
      308 N Main Street, Cape Girardeau, MO 63701
      View Details
    • $450,000
      4,548 SF

      Renovated 11-Bedroom Income Property

      Versatile, renovated 11-bedroom property in downtown Cape Girardeau.
      224 N Frederick Street, Cape Girardeau, MO 63701
      View Details
    • $585,000
      2,866 SF

      New Duplex in Cape Girardeau

      New duplex with modern finishes in convenient location.
      2935 & 2937 Shadow Wood Lane, Cape Girardeau, MO 63701
      View Details
    • $225,000

      Versatile Commercial Building in Cape

      Adaptable 1800 sq ft commercial building in thriving Cape Girardeau.
      2357 Rust Avenue, Cape Girardeau, MO 63703
      View Details
    • $500,000
      7,140 SF

      Leased Office Building For Sale

      Two-story office building with 21 units and parking.
      2711 Thomas Drive, Cape Girardeau, MO 63701
      View Details
    • $239,900
      2,937 SF

      Renovated Commercial Space in Cape Girardeau

      Renovated commercial space with high potential in a prime location.
      230 N Sprigg Street, Cape Girardeau, MO 63701
      View Details
    • $295,000
      2,920 SF

      Versatile Commercial Property For Sale

      High-visibility commercial property with flexible layout and spacious attached warehouse.
      225 Clark Avenue, Cape Girardeau, MO 63701
      View Details
    • $489,900

      Industrial Warehouse on 3.9 Acres

      Industrial warehouse for sale in Cape Girardeau, Missouri.
      840 S Kingshighway, Cape Girardeau, MO 63703
      View Details
    • $299,900
      5,000 SF

      Cape Girardeau Flex Space Building

      5,000 sq ft building with concrete floors and possibilities.
      3188 Old Route V, Cape Girardeau, MO 63701
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Leased commercial spaces with residential unit for income growth.
    Where is this mixed-use property located?
    The property is located at 1606 Independence Street Cape Girardeau, MO.
    What is the asking price?
    The asking price for this property is $489,900.
    What are key features of this property?
    This property features: All commercial spaces are currently leased, providing immediate income.; Opportunity to increase Net Operating Income (NOI) through rent growth and residential income.; Includes one residential unit suitable for owner occupancy, long‑term rental, or Airbnb.
    (573) 979-5979
    We can help!
    Listing Contact
    Amy Johnson
    Real Estate License ID: 2003011476
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!