Three-Unit
For Sale
$242,000
1920 S Connor Ave, Joplin, MO 64804
Separate structures provide a two-bedroom home and two additional one-bedroom units.
Property Size2,374 SF
Price / SF$101.94
Days on Market208
Property Features for 1920 S Connor Ave
General Information
Standard status
Active
Size
2,374 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$27,300
Taxes and HOA fees
Annual Taxes
$709
Building Details
Buildings
2
Listing Agency:
KELLER WILLIAMS REALTY ELEVATE
(417) 262-7465
Listed By:
Pink Homes, Brian Pink · License #2018018296
(417) 262-7465
Source:
Exprealty
Added: Feb 3
Changed: Aug 29
Last Checked: Aug 29 at 7:01PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KELLER WILLIAMS REALTY ELEVATE
Investment Insights
Based on property information with market context.
This triplex property contains 2,374 square feet across a two-bedroom, one-bath main residence and a separate building with two one-bedroom, one-bath units. The three-unit configuration provides distinct residential spaces within the property, with an in-place rent roll serving as an existing income component.
Located at 1920 S Connor Ave in Joplin, Missouri, the property offers a straightforward multifamily layout with multiple units in two structures. The unit mix combines one larger residence with two additional one-bedroom apartments.
Located at 1920 S Connor Ave in Joplin, Missouri, the property offers a straightforward multifamily layout with multiple units in two structures. The unit mix combines one larger residence with two additional one-bedroom apartments.
Key Highlights
- Three‑unit property totaling 2,374 square feet
- Main residence includes 2 bedrooms and 1 bath
- Separate building contains two 1‑bedroom, 1‑bath units
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
$20,269
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
8.38%
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%
$405,380
$405.4K
Cap Rate 7%
$289,557
$289.6K
Cap Rate 9%
$225,211
$225.2K
Market Conditions
NOI Build-Up for 2,374 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
$31.3K $13.20/SF
− Vacancy
−$2.4K −$1.00/SF
EGI
$29.0K $12.20/SF
− OpEx
−$8.7K −$3.66/SF
NOI
$20.3K $8.54/SF
Area
Jasper County, MO
Vacancy
7.60%
Lease Rate
$13.20 /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%
$405,380
Cap Rate 7%
$289,557
Cap Rate 9%
$225,211
Alternative Uses
Best Use
Multifamily LT 5
$289.6K
$253.4K – $337.8K
NOI $20,269 @ 7.0% cap · market cap 8.38%
Second Best
Apartment 5plus
$267.7K
$234.2K – $312.3K
NOI $18,739 @ 7.0% cap · market cap 7.74%
Theoretical Best
Office A
$716.3K
$626.7K – $835.7K
NOI $50,139 @ 7.0% cap · market cap 20.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
544
Businesses Nearby
Explore this area
Business Placement
Demographics for 64804, MO
38,078
Population
16,844
Households
2.3
Avg Household Size
39
Median Age
28%
College-Educated
91%
High-School Grad
91.4 sq mi
ZIP Area
417
Density / Sq Mi
$62,081
Median Household Income
$34,780
Median Earnings
$886
Median Rent
$171,500
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?
Triplex - Separate structures provide a two-bedroom home and two additional one-bedroom units.
Where is this triplex located?
The property is located at 1920 S Connor Ave Joplin, MO.
What is the asking price?
The asking price for this property is $242,000.
What are key features of this property?
This property features: Three‑unit property totaling 2,374 square feet; Main residence includes 2 bedrooms and 1 bath; Separate building contains two 1‑bedroom, 1‑bath units
