Industrial-Style Loft Apartment
For Sale
$3,200,000
124 S Joplin Avenue, Joplin, MO 64801
MULTI_FAMILY - Other - Joplin, MO
Property Size36,000 SF
Lot Size0.55 Acres
Price / SF$88.89
Days on Market63
Property Features for 124 S Joplin Avenue
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bathrooms
20
Full bathrooms
20
Rooms
Bathroom 10, Bathroom 4, Bathroom 2, Bathroom 17, Bathroom 11, Bathroom 15, Bathroom 9, Bathroom 19, Bathroom 20, Bathroom 18, Bathroom 16, Bathroom 13, Bathroom 5, Bathroom 3, Bathroom 7, Bathroom 6, Bathroom 14, Bathroom 12, Bathroom 1, Bathroom 8
Elementary school
Dover Hill
Middle school
North
Elementary school district
Joplin
Middle school district
Joplin
High school district
Joplin
Directions
From 7th and Main street, go north to 2nd street, west on 2nd to Joplin Ave. South on Joplin Ave, Building on Right side. Lennons & Brick& Morter lofts.
Subdivision
01 - Joplin City - NW
Standard status
Active
Size
36,000 SF
Lot size
0.55 Acres
Taxes and HOA fees
Tax Annual Amount
10272
Utilities
Heating system
Natural Gas, Central
Cooling system
Ceiling Fan(s), Central Air
Amenities
original hardwood floors
high ceilings
secured entry
security cameras
Building Details
Year built
1906
Floors in Building
2
Number of units
17
Flooring type
Concrete, Wood
Architectural style
Other
Listing Agency:
CHARLES BURT REALTORS
(417) 782-1234
Listed By:
Summer George · License #2010011832
(417) 388-4132
Added: Jun 11
Changed: Aug 3
Last Checked: Aug 12 at 1:06PM
MLS# 263215
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.
Converted from a 1906-era warehouse, this 14-loft industrial-style apartment building includes 6,000 SF of finished retail space and 6,000 SF of unfinished space, plus an open air courtyard/delivery room with roll-up doors connected to the unfinished area. The main level retail at 124 S Joplin Avenue is described as fully finished and includes an overhead garage door with glass, fireplace, two bathrooms, dressing rooms, and a separate office with a private bathroom. The 6,000 SF unfinished space could be leased out.
The loft building and retail are part of a property set that also includes 110 S Joplin Avenue, a separately included 12,000 SF space currently leased. The lofts are described as fully leased and feature individual layouts and finishes, secured entry points, and building-connected indoor secured parking. A total of 16 indoor secured parking spaces are connected to the building, with exterior and parking garage security cameras.
The property is described as fully sprinklered and completed up to code and approved by the city, with central heating (natural gas) and central cooling (central air and ceiling fans).
The loft building and retail are part of a property set that also includes 110 S Joplin Avenue, a separately included 12,000 SF space currently leased. The lofts are described as fully leased and feature individual layouts and finishes, secured entry points, and building-connected indoor secured parking. A total of 16 indoor secured parking spaces are connected to the building, with exterior and parking garage security cameras.
The property is described as fully sprinklered and completed up to code and approved by the city, with central heating (natural gas) and central cooling (central air and ceiling fans).
Key Highlights
- Converted 1906 warehouse into 14 industrial‑style lofts
- 6,000 SF finished retail space plus 6,000 SF unfinished space connected to courtyard/delivery room
- 110 S Joplin Avenue included with 12,000 SF currently leased
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
$284,170
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
8.88%
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%
$5,683,400
$5.7M
Cap Rate 7%
$4,059,571
$4.1M
Cap Rate 9%
$3,157,444
$3.2M
Market Conditions
NOI Build-Up for 36,000 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
$561.6K $15.60/SF
− Vacancy
−$44.9K −$1.25/SF
EGI
$516.7K $14.35/SF
− OpEx
−$232.5K −$6.46/SF
NOI
$284.2K $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%
$5,683,400
Cap Rate 7%
$4,059,571
Cap Rate 9%
$3,157,444
Alternative Uses
Best Use
Retail
$4.85M
$4.25M – $5.66M
NOI $339,656 @ 7.0% cap · market cap 10.61%
Second Best
Apartment 5plus
$4.06M
$3.55M – $4.74M
NOI $284,170 @ 7.0% cap · market cap 8.88%
Theoretical Best
Office A
$10.86M
$9.50M – $12.67M
NOI $760,320 @ 7.0% cap · market cap 23.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14
Residential units
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,160
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 - Converted historic warehouse offers 14 lofts, secured entry, and indoor secured parking connected to the building.
Where is this apartment building located?
The property is located at 124 S Joplin Avenue Joplin, MO.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Converted 1906 warehouse into 14 industrial‑style lofts; 6,000 SF finished retail space plus 6,000 SF unfinished space connected to courtyard/delivery room; 110 S Joplin Avenue included with 12,000 SF currently leased
