Brick Apartment
For Sale
$599,900
Pending
239 N Middle Street, Cape Girardeau, MO 63701
Residential Income, Cape Girardeau, MO
Property Size5,943 SF
Lot Size0.23 Acres
Days on Market331
Property Features for 239 N Middle Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Full bathrooms
5
Rooms
Bedroom 4, Bathroom 4, Bathroom 2, Bathroom 5, Bedroom 5, Bathroom 1, Bedroom 6, Bathroom 3, Bedroom 3, Bedroom 1, Bedroom 2
Parking features
Open, Parking Lot
Appliances
Electric Water Heater
Subdivision
Range E
Elementary school
Blanchard Elem.
Middle school
Central Jr. High
High school
Central High
Elementary school district
Cape Girardeau 63
Middle school district
Cape Girardeau 63
High school district
Cape Girardeau 63
Standard status
Pending
APN
21-107-00-07-00100-0000
Size
5,943 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
E 1/2 Lot 22 Range E
Tax Annual Amount
969
Legal Description
E 1/2 Lot 22 Range E
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1904
Number of units
9
Building materials
Brick
Architectural style
Other
Listing Agency:
Edge Realty
(573) 335-8111
Listed By:
Jacob Fish · License #2010013545
(573) 335-8111
Added: Sep 24, 2025
Changed: Aug 19
Last Checked: Aug 20 at 11:06AM
MLS# 24026409
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.
Investment Insights
Based on property information with market context.
Brick apartment building built in 1904 offering nine existing units with the potential to add a tenth. The current unit mix includes four one-bedroom/one-bath units, one studio, one two-bedroom/one-bath unit, one three-bedroom/1.5-bath unit, and one two-bedroom/two-bath unit with a bonus room. Appliances include an electric water heater.
The property provides a private parking lot with open parking. It is served by public water and public sewer. Heating is baseboard with electric heat, and cooling is provided through window unit(s).
Set on a 0.231-acre lot with a total property size of 5,943 square feet, the complex is described as located between Southeast Missouri State University (SEMO) and downtown Cape Girardeau.
The property provides a private parking lot with open parking. It is served by public water and public sewer. Heating is baseboard with electric heat, and cooling is provided through window unit(s).
Set on a 0.231-acre lot with a total property size of 5,943 square feet, the complex is described as located between Southeast Missouri State University (SEMO) and downtown Cape Girardeau.
Key Highlights
- Nine existing apartment units with potential to add a tenth
- Unit mix includes four one‑bedroom/one‑bath units, one studio, one 2 bed/1 bath, one 3 bed/1.5 bath, and one 2 bed/2 bath with bonus room
- Private parking lot with open parking
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
$43,774
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
7.30%
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%
$875,480
$875.5K
Cap Rate 7%
$625,343
$625.3K
Cap Rate 9%
$486,378
$486.4K
Market Conditions
NOI Build-Up for 5,943 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
$85.6K $14.40/SF
− Vacancy
−$6.0K −$1.01/SF
EGI
$79.6K $13.39/SF
− OpEx
−$35.8K −$6.03/SF
NOI
$43.8K $7.37/SF
Area
Cape Girardeau County, MO
Vacancy
7.00%
Lease Rate
$14.40 /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%
$875,480
Cap Rate 7%
$625,343
Cap Rate 9%
$486,378
Alternative Uses
Best Use
Apartment 5plus
$625.3K
$547.2K – $729.6K
NOI $43,774 @ 7.0% cap · market cap 7.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.87M
$1.64M – $2.19M
NOI $131,243 @ 7.0% cap · market cap 21.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,106
Businesses Nearby
Explore this area
Business Placement
Demographics for 63701, MO
39,246
Population
17,834
Households
2.2
Avg Household Size
35
Median Age
39%
College-Educated
94%
High-School Grad
132.7 sq mi
ZIP Area
296
Density / Sq Mi
$67,904
Median Household Income
$32,655
Median Earnings
$863
Median Rent
$209,600
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 - Brick apartment building with nine existing units, a private parking lot, and public water and sewer service.
Where is this apartment building located?
The property is located at 239 N Middle Street Cape Girardeau, MO.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Nine existing apartment units with potential to add a tenth; Unit mix includes four one‑bedroom/one‑bath units, one studio, one 2 bed/1 bath, one 3 bed/1.5 bath, and one 2 bed/2 bath with bonus room; Private parking lot with open parking
