Quadplex Property With Two
New
For Sale
$300,000
2230 2236 N Pierce Avenue, Springfield, MO 65803
DUPLEX - Other - Springfield, MO
Property Size1,820 SF
Lot Size0.37 Acres
Price / SF$164.84
Days on Market2
Property Features for 2230 2236 N Pierce Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 4, Bedroom 3, Great Room, Bedroom 2, Bathroom 1, Bathroom 3, Bedroom 1, Bathroom 4
Window features
Double Pane Windows
Interior features
W/D Hookup, Walk-In Closet(s)
Appliances
Electric Cooktop, Dishwasher
Subdivision
Merrillan Place
Lot features
Few Trees
Elementary school
SGF-Boyd
Middle school
SGF-Reed
High school
SGF-Hillcrest
Directions
N on National to W on Turners then turn S on Pierce.
Standard status
Active
APN
1312109023
Size
1,820 SF
Lot size
0.37 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
MERRILLAN PLACE LOTS 3 & 6 (EX S 8 FT) BLK 5
Tax Annual Amount
2635
Legal Description
MERRILLAN PLACE LOTS 3 & 6 (EX S 8 FT) BLK 5
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air, Ceiling Fan(s)
Building Details
Year built
2012
Floors in Building
1
Flooring type
Tile, Vinyl, Carpet
Building materials
Vinyl Siding
Roof type
Composition
Architectural style
Other
Listing Agency:
RE/MAX House of Brokers
(417) 887-5333
Listed By:
Jeanna A Edwards · License #1999127900
(417) 818-2000
Added: Aug 11
Last Checked: Aug 12 at 11:06AM
MLS# 60331193
Copyright © 2026 Southern Missouri Regional MLS, LLC (SOMO). All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This quadplex consists of two duplex buildings on a 0.37-acre parcel, totaling 1,820 square feet. Each of the four units includes two bedrooms, two bathrooms, an open kitchen-and-living arrangement, a primary suite with a walk-in closet, and tub-and-shower bathroom combinations. Stoves and dishwashers are provided, while flooring varies among carpet, tile, and vinyl. Additional features include washer and dryer hookups, vinyl siding, forced-air heating, central air, and ceiling fans.
All four units are currently leased on a month-to-month basis. The property was built in 2012 and is served by public sewer. A gravel parking pad is located on the parcel, and each unit includes its own kitchen appliances and two-bath configuration.
All four units are currently leased on a month-to-month basis. The property was built in 2012 and is served by public sewer. A gravel parking pad is located on the parcel, and each unit includes its own kitchen appliances and two-bath configuration.
Key Highlights
- Two duplex buildings provide four total residential units
- All four units are leased on a month‑to‑month basis
- Each unit offers 2 bedrooms and 2 bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$16,496
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.50%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$329,920
$329.9K
Cap Rate 7%
$235,657
$235.7K
Cap Rate 9%
$183,289
$183.3K
Market Conditions
NOI Build-Up for 1,820 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$25.1K $13.80/SF
− Vacancy
−$1.5K −$0.85/SF
EGI
$23.6K $12.95/SF
− OpEx
−$7.1K −$3.88/SF
NOI
$16.5K $9.06/SF
Area
Springfield, MO
Vacancy
6.17%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$329,920
Cap Rate 7%
$235,657
Cap Rate 9%
$183,289
Alternative Uses
Best Use
Multifamily LT 5
$235.7K
$206.2K – $274.9K
NOI $16,496 @ 7.0% cap · market cap 5.50%
Second Best
Apartment 5plus
$210.2K
$183.9K – $245.2K
NOI $14,713 @ 7.0% cap · market cap 4.90%
Theoretical Best
Office A
$274.7K
$240.4K – $320.5K
NOI $19,229 @ 7.0% cap · market cap 6.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
319
Businesses Nearby
Explore this area
Business Placement
Demographics for 65803, MO
42,007
Population
19,659
Households
2.1
Avg Household Size
38
Median Age
22%
College-Educated
91%
High-School Grad
93.4 sq mi
ZIP Area
450
Density / Sq Mi
$46,539
Median Household Income
$33,537
Median Earnings
$890
Median Rent
$158,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four leased units offer two-bedroom layouts, private primary suites, and month-to-month occupancy.
Where is this quadplex located?
The property is located at 2230 2236 N Pierce Avenue Springfield, MO.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Two duplex buildings provide four total residential units; All four units are leased on a month‑to‑month basis; Each unit offers 2 bedrooms and 2 bathrooms
