24-Unit Apartment
For Sale
$1,585,000
815-837 W 4th Street, Joplin, MO 64801
MultiFamily, Joplin, MO
Property Size14,088 SF
Lot Size0.40 Acres
Price / SF$112.51
Days on Market89
Property Features for 815-837 W 4th Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Zoning
R-3
Bedrooms
24
Bathrooms
24
Full bathrooms
24
Rooms
Bedroom 6, Bathroom 16, Bedroom 4, Bathroom 14, Bedroom 2, Bathroom 15, Bedroom 16, Bathroom 18, Bedroom 12, Bedroom 14, Bathroom 17, Bedroom 13, Bathroom 1, Bathroom 9, Bathroom 11, Bathroom 23, Bedroom 21, Bathroom 2, Bathroom 19, Bedroom 3, Bathroom 24, Bedroom 9, Bathroom 20, Bedroom 8, Bedroom 11, Bedroom 15, Bathroom 5, Bedroom 22, Bedroom 19, Bedroom 1, Bedroom 17, Bathroom 21, Bedroom 18, Bathroom 7, Bathroom 8, Bedroom 23, Bathroom 10, Bathroom 3, Bedroom 7, Bathroom 4, Bathroom 12, Bathroom 13, Bathroom 22, Bedroom 24, Bathroom 6, Bedroom 5, Bedroom 10, Bedroom 20
Elementary school
Dover Hill
Middle school
North
Elementary school district
Joplin
Middle school district
Joplin
High school district
Joplin
Directions
From 4th and Main, west on 4th to buildings on north side of street. Property located at the northeast corner of 4th St and Connor Ave.
Subdivision
01 - Joplin City - NW
Standard status
Active
Size
14,088 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Annual Amount
2759
Utilities
Heating system
Forced Air
Cooling system
Central Air, Window Unit(s)
Building Details
Year built
1910
Floors in Building
2
Number of units
24
Flooring type
Vinyl, Wood, Carpet
Roof type
Rolled Hot Mop
Listing Agency:
GLENN GIBSON COMMERCIAL REAL ESTATE
(417) 825-8213
Listed By:
Luke Gibson · License #2015033987
(417) 359-6868
Added: Jun 3
Changed: Aug 20
Last Checked: Aug 30 at 5:06PM
MLS# 263012
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.
Investment Insights
Based on property information with market context.
This apartment property comprises three buildings with 24 one-bedroom, one-bath residences totaling 14,088 square feet on 0.4 acres. The units feature vinyl, wood, and carpet flooring, while property systems include forced-air heating and a combination of central air and window-unit cooling. The buildings were constructed in 1910 and have rolled hot mop roofing.
Located at 815-837 W 4th Street in Joplin, the property is positioned near Downtown Joplin and the surrounding shopping, dining, entertainment, and employment amenities identified in the listing information. R-3 zoning supports the property's multifamily classification.
Located at 815-837 W 4th Street in Joplin, the property is positioned near Downtown Joplin and the surrounding shopping, dining, entertainment, and employment amenities identified in the listing information. R-3 zoning supports the property's multifamily classification.
Key Highlights
- 24 total apartment units, each configured as 1 bedroom and 1 bath
- Three‑building multifamily property totaling 14,088 square feet
- Situated on a 0.4‑acre site at 815‑837 W 4th Street
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
$111,205
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
7.02%
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%
$2,224,100
$2.2M
Cap Rate 7%
$1,588,643
$1.6M
Cap Rate 9%
$1,235,611
$1.2M
Market Conditions
NOI Build-Up for 14,088 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
$219.8K $15.60/SF
− Vacancy
−$17.6K −$1.25/SF
EGI
$202.2K $14.35/SF
− OpEx
−$91.0K −$6.46/SF
NOI
$111.2K $7.89/SF
Area
Jasper County, MO
Vacancy
8.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
45.00%
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%
$2,224,100
Cap Rate 7%
$1,588,643
Cap Rate 9%
$1,235,611
Alternative Uses
Best Use
Apartment 5plus
$1.59M
$1.39M – $1.85M
NOI $111,205 @ 7.0% cap · market cap 7.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.25M
$3.72M – $4.96M
NOI $297,539 @ 7.0% cap · market cap 18.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Location Intelligence
Trade Area within ½ mile
1,209
Businesses Nearby
Explore this area
Business Placement
Demographics for 64801, MO
35,234
Population
17,460
Households
2
Avg Household Size
37
Median Age
26%
College-Educated
90%
High-School Grad
57.5 sq mi
ZIP Area
613
Density / Sq Mi
$51,360
Median Household Income
$31,103
Median Earnings
$884
Median Rent
$176,100
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?
Apartment building - Three-building multifamily property with one-bedroom, one-bath residences near Downtown Joplin.
Where is this apartment building located?
The property is located at 815-837 W 4th Street Joplin, MO.
What is the asking price?
The asking price for this property is $1,585,000.
What are key features of this property?
This property features: 24 total apartment units, each configured as 1 bedroom and 1 bath; Three‑building multifamily property totaling 14,088 square feet; Situated on a 0.4‑acre site at 815‑837 W 4th Street
