Nine-Unit Apartment
For Sale
$549,900
239 N Middle Street, Cape Girardeau, MO 63701
Residential Income, Cape Girardeau, MO
Property Size5,943 SF
Lot Size0.20 Acres
Price / SF$92.53
Days on Market50
Property Features for 239 N Middle Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 5, Bedroom 10, Bedroom 1, Bedroom 9, Bathroom 3, Bathroom 4, Bedroom 8, Bathroom 1, Bathroom 7, Bedroom 4, Bedroom 7, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 6, Bathroom 6, Bathroom 5
Parking features
Parking Lot
Appliances
Electric Water Heater
Subdivision
Range E
Lot features
Near Park
Elementary school
Jefferson 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
Directions
Broadway, north on Middle.
Standard status
Active
APN
21-107-00-07-00100-0000
Size
5,943 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1022
Utilities
Utilities
Cable Available
Heating system
Baseboard, Electric (Heating)
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:
Century 21 Ashland Realty · Century 21 Real Estate
(573) 334-2121
Listed By:
Jane Clark
(573) 620-1794
Added: Aug 7
Changed: Sep 12
Last Checked: Sep 25 at 7:06AM
MLS# 26050825
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.
This 5,943-square-foot apartment building contains nine units within a brick structure built in 1904. The unit mix includes four one-bedroom, one-bath units, a studio, a two-bedroom, one-bath unit, a three-bedroom, 1.5-bath unit, and a two-bedroom, two-bath unit with a bonus room. The property includes a parking lot on a 0.2-acre parcel.
Located at 239 N Middle Street in Cape Girardeau, the property is described as being only minutes from SEMO State University. Building systems include electric baseboard and electric heating, window-unit cooling, an electric water heater, public water, and cable availability.
Located at 239 N Middle Street in Cape Girardeau, the property is described as being only minutes from SEMO State University. Building systems include electric baseboard and electric heating, window-unit cooling, an electric water heater, public water, and cable availability.
Key Highlights
- Nine apartment units with varied layouts
- 5,943 square feet on a 0.2‑acre parcel
- Brick construction completed in 1904
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
7.96%
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 7.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.87M
$1.64M – $2.19M
NOI $131,243 @ 7.0% cap · market cap 23.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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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 multifamily property with varied unit layouts and off-street parking near SEMO State University.
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 $549,900.
What are key features of this property?
This property features: Nine apartment units with varied layouts; 5,943 square feet on a 0.2‑acre parcel; Brick construction completed in 1904
