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    223 W 3Rd St Joplin, MO 64801

    Sponsored
    For Sale
    $3,900,000

    MULTI_FAMILY - Joplin, MO

    Type:Apartment
    Property size:
    23,470 SF
    Lot size:
    0.75 Acres
    Days on Market:
    13
    Last Refresh:
    Jan 20 at 7:06 pm

    Property Features for 223 W 3Rd St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Apartment
    Standard status
    Active
    Zoning
    C-2
    Rooms
    Bathroom 15, Bathroom 25, Bedroom 11, Bedroom 14, Bedroom 22, Bedroom 21, Bathroom 2, Bathroom 5, Bathroom 24, Bedroom 7, Bedroom 5, Bathroom 18, Bedroom 18, Bathroom 26, Bedroom 15, Bedroom 13, Bathroom 4, Bathroom 9, Bathroom 13, Bathroom 16, Bedroom 8, Bedroom 20, Bedroom 9, Bathroom 8, Bedroom 6, Bathroom 11, Bathroom 27, Bedroom 1, Bedroom 4, Bathroom 28, Bathroom 20, Bathroom 23, Bedroom 3, Bathroom 14, Bedroom 17, Bathroom 22, Bedroom 12, Bathroom 6, Bedroom 19, Bathroom 17, Bathroom 21, Bathroom 19, Bedroom 23, Bathroom 12, Bedroom 10, Bedroom 25, Bathroom 1, Bathroom 29, Bedroom 24, Bedroom 16, Bathroom 3, Bathroom 7, Bedroom 2, Bathroom 30, Bathroom 10
    Bedrooms
    25
    Bathrooms
    30
    Fencing
    Partial
    Size
    23,470 SF
    Lot size
    0.75 Acres

    Utilities

    Heating system
    Central
    Cooling system
    Central Air

    Building Details

    Year built
    1910
    Floors in Building
    2
    Number of units
    20
    Flooring type
    Wood, Vinyl, Ceramic
    Roof type
    Built-Up

    We can help!

    Listing Contact
    Robert Dodson
    Robert Dodson

    Charles Burt Inc. (417) 437-3185 [email protected]

    Listing agent Robert Dodson (417) 782-1234 License #MO-2013040065 KS-00250837

    Listing date Jan 8, 2026

    MLS# 256726 Listing URL

    Copyright © 2026 Ozark Gateway Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Restored Historic Joplin Multifamily Property

    This property presents an opportunity to own a restored building in Joplin. The renovated building blends architectural character with modern comfort. The property features 18 residential units, each designed to offer updated finishes, contemporary layouts, and natural light. Details include exposed brick, restored hardwood floors, new kitchens and baths, and updated mechanical systems. The property also includes 3 street-level commercial units, suitable for retail, office, boutique, or service businesses. The location benefits from high visibility, foot traffic, a large parking area, and the surrounding energy of Downtown Joplin. The lot size is 0.75 acres and the property size is 23470 square feet. The zoning is C-2.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Joplin
    County
    Jasper
    State
    Missouri
    Longitude
    -94.515162
    Latitude
    37.088952

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    FAQs

    What type of property is this?
    Apartment building - Renovated 18-unit residential and 3-unit commercial property in Joplin.
    Where is this apartment building located?
    The property is located at 223 W 3Rd St Joplin, MO.
    What is the asking price?
    The asking price for this property is $3,900,000.
    What are key features of this property?
    This property features: - 18 Stylish Residential Units: Each uniquely designed with updated finishes and abundant natural light.; - 3 Street-Level Commercial Units: Ideal for a variety of businesses.; - Fully Restored Historic Landmark: Blends architectural character with modern comfort.
    (918) 533-4488
    Request Owner's contact information
    223 W 3Rd St Joplin, MO 64801
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    Joplin, MO 64801
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    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
    223 W 3Rd St Joplin, MO 64801
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    We can help!
    Listing Contact
    Robert Dodson
    Robert Dodson
    Real Estate License ID: MO-2013040065 KS-00250837
    (918) 533-4488
    Learn more
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