Two-Home Duplex
New
For Sale
$250,000
237 Watson Road 225 Hobart Street, Sullivan, MO 63080
Two residences on one parcel combine owner-occupant flexibility with an existing month-to-month rental arrangement.
Property Size1,818 SF
Days on Market5
Property Features for 237 Watson Road 225 Hobart Street
General Information
Standard status
Active
Size
1,818 SF
Property subtype
2-4 Units
Units
Unit Mix
1 x 2BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,632
Building Details
Building Size
1,818 SF
Year Built
1941
Buildings
2
Listing Agency:
HD Real Estate LLC
Listed By:
Hayden Lock · License #2016024937
(573) 205-1994
Source:
Hdrealestateteam
Added: Sep 18
Changed: Sep 20
Last Checked: Sep 21 at 7:54AM
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 HD Real Estate LLC
Investment Insights
Based on property information with market context.
Built in 1941, this duplex-style property places two separate residences on a single parcel. The primary home includes 2 bedrooms and 2 bathrooms, along with hardwood flooring, a gas fireplace, and a custom kitchen equipped with stainless steel appliances, a center island, butcher block countertops, and a tile backsplash. An office or sitting area extends from the kitchen, while the basement provides storage and additional finished-use space.
The second residence offers 2 bedrooms, 1 bathroom, and a spacious living area. It is currently occupied under a month-to-month rental agreement. The configuration supports continued rental use of both homes or occupancy of one residence alongside income from the other.
The second residence offers 2 bedrooms, 1 bathroom, and a spacious living area. It is currently occupied under a month-to-month rental agreement. The configuration supports continued rental use of both homes or occupancy of one residence alongside income from the other.
Key Highlights
- Two separate homes situated on one parcel
- Primary residence offers 2 bedrooms and 2 bathrooms
- Second residence includes 2 bedrooms and 1 bathroom
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
$18,374
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
7.35%
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%
$367,480
$367.5K
Cap Rate 7%
$262,486
$262.5K
Cap Rate 9%
$204,156
$204.2K
Market Conditions
NOI Build-Up for 1,818 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
$27.9K $15.36/SF
− Vacancy
−$1.7K −$0.92/SF
EGI
$26.2K $14.44/SF
− OpEx
−$7.9K −$4.33/SF
NOI
$18.4K $10.11/SF
Area
Franklin County, MO
Vacancy
6.00%
Lease Rate
$15.36 /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%
$367,480
Cap Rate 7%
$262,486
Cap Rate 9%
$204,156
Alternative Uses
Best Use
Multifamily LT 5
$262.5K
$229.7K – $306.2K
NOI $18,374 @ 7.0% cap · market cap 7.35%
Second Best
Apartment 5plus
$247.8K
$216.9K – $289.1K
NOI $17,348 @ 7.0% cap · market cap 6.94%
Theoretical Best
Office A
$535.2K
$468.3K – $624.4K
NOI $37,466 @ 7.0% cap · market cap 14.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
340
Businesses Nearby
Explore this area
Business Placement
Demographics for 63080, MO
13,554
Population
6,460
Households
2.1
Avg Household Size
42
Median Age
19%
College-Educated
90%
High-School Grad
248.8 sq mi
ZIP Area
54
Density / Sq Mi
$60,862
Median Household Income
$42,679
Median Earnings
$863
Median Rent
$169,000
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?
Duplex - Two residences on one parcel combine owner-occupant flexibility with an existing month-to-month rental arrangement.
Where is this duplex located?
The property is located at 237 Watson Road 225 Hobart Street Sullivan, MO.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Two separate homes situated on one parcel; Primary residence offers 2 bedrooms and 2 bathrooms; Second residence includes 2 bedrooms and 1 bathroom
