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    Fully Leased 12-Unit Multifamily Investment Title is generated by Realmo AI

    3023 Aspen Drive, Cape Girardeau, MO 63701

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    For Sale
    $1,100,000

    Commercial Sale - Cape Girardeau, MO

    Property size:
    11,832 SF
    Lot size:
    0.64 Acres
    Price / SF:
    $92/SF
    Added:
    Jun 3, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 3 at 7:06 pm

    Property Features for 3023 Aspen Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    15-918-00-08-00300-0000
    Size
    11,832 SF
    Lot size
    0.64 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    4673

    Utilities

    Heating system
    Electric (Heating), Forced Air
    Cooling system
    Central Air, Electric

    Building Details

    Year built
    1985
    Building materials
    Brick, Vinyl Siding
    Architectural style
    Other

    We can help!

    Listing Contact
    Jacob Fish

    Listing agent Jacob Fish License #2010013545

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

    Listing date Jun 3, 2026

    MLS# 26034711 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.

    HighLights

    • 12‑unit multifamily property with spacious 2 bedroom, 1.5 bathroom units
    • Fully occupied with established rental income
    • Each unit includes in‑unit laundry
    • Built in 1985
    • Heating: electric forced air
    • Cooling: central air (electric); exterior features brick and vinyl siding

    Overview

    This fully occupied multifamily investment features 12 units with spacious two-bedroom, 1.5-bathroom floor plans. Each unit includes in-unit laundry, offering a practical amenity that many renters prioritize. The property is described as well maintained, and it is positioned as a cash-flowing asset with established rental income. With strong occupancy in place, the offering also notes potential value-add opportunities for investors looking to pursue increased returns over time.

    Located at 3023 Aspen Drive in Cape Girardeau, Missouri, the property is presented as being in a highly convenient central location. That positioning is meant to support ongoing tenant demand and provides investors with a straightforward way to add a stabilized multifamily asset in the area. The building sits on a 0.641-acre lot and totals 11,832 square feet.

    For buyers or portfolio investors, this type of stabilized, fully leased multifamily can fit well for those seeking immediate income while still having room to refine performance through value-add initiatives. The combination of strong occupancy, unit-level laundry convenience, and an established rental base makes the property well suited for an investor looking for a turn-key income stream with upside potential.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $170.4k $14.40
    − Vacancy −$11.9k −$1.01
    EGI $158.5k $13.39
    − OpEx −$71.3k −$6.03
    NOI $87.1k $7.37
    11,832 SF · lease $14.40/SF/yr · vacancy 7.00% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $1.24M
    $1.09M – $1.45M (±1% cap)
    NOI $87,150 @ 7.0% cap · market cap 7.92%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $3.73M
    $3.27M – $4.35M (±1% cap)
    NOI $261,293 @ 7.0% cap · market cap 23.75%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

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

    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
    -89.569491
    Latitude
    37.312742

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    FAQs

    What type of property is this?
    Apartment building - A well-maintained, fully occupied 12-unit property with in-unit laundry and spacious 2-bedroom layouts built for steady income.
    Where is this apartment building located?
    The property is located at 3023 Aspen Drive Cape Girardeau, MO.
    What is the asking price?
    The asking price for this property is $1,100,000.
    What are key features of this property?
    This property features: 12‑unit multifamily property with spacious 2 bedroom, 1.5 bathroom units; Fully occupied with established rental income; Each unit includes in‑unit laundry
    (573) 450-3791
    We can help!
    Listing Contact
    Jacob Fish
    Real Estate License ID: 2010013545
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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
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