12-Unit Apartment
3023 Aspen Drive Cape Girardeau, MO 63701
For Sale
Contact for pricing
Fully occupied 12-unit multifamily property with in-unit laundry in each spacious two-bedroom unit.
Property Size11,832 SF
Price / SF$92.97
Days on Market58
Property Features for 3023 Aspen Drive
General Information
Standard status
Active
Size
11,832 SF
Property subtype
Multifamily
Building Details
Year Built
1985
Listing Agency:
Edge Realty
(573) 450-3791
Listed By:
Jacob Fish · License #2010013545
Source:
Crexi
Added: Jun 3
Changed: Jul 10
Last Checked: Jul 29 at 5:21PM
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 Edge Realty
Investment Insights
Based on property information with market context.
This for-sale multifamily property offers 12 apartment units. The units are described as spacious two-bedroom layouts with 1.5 bathrooms and in-unit laundry, providing a practical amenity package for today’s renters. The property is presented as well maintained.
The complex is positioned in a central, convenient location in Cape Girardeau, Missouri. The listing states the property is fully occupied, with established rental income.
For investors and buyers seeking a turn-key residential income asset, the fully occupied status and in-unit laundry feature may support tenant appeal and day-to-day operational simplicity. The property also presents an avenue for additional improvement opportunities as referenced in the marketing remarks, allowing an owner to consider value-oriented management after acquisition.
The complex is positioned in a central, convenient location in Cape Girardeau, Missouri. The listing states the property is fully occupied, with established rental income.
For investors and buyers seeking a turn-key residential income asset, the fully occupied status and in-unit laundry feature may support tenant appeal and day-to-day operational simplicity. The property also presents an avenue for additional improvement opportunities as referenced in the marketing remarks, allowing an owner to consider value-oriented management after acquisition.
Key Highlights
- 12‑unit multifamily property built in 1985
- Fully occupied with established rental income
- Units are spacious 2‑bedroom, 1.5‑bath layouts
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $170.4k | $14.40 |
| − Vacancy | −$11.9k | −$1.01 |
| EGI | $158.5k | $13.39 |
| − OpEx | −$71.3k | −$6.03 |
| NOI | $87.1k | $7.37 |
11,832 SF · lease $14.40/SF/yr · vacancy 7.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.24M
$1.09M – $1.45M
NOI $87,150 @ 7.0% cap · market cap 7.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.73M
$3.27M – $4.35M
NOI $261,293 @ 7.0% cap · market cap 23.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied 12-unit multifamily property with in-unit laundry in each spacious two-bedroom unit.
Where is this apartment building located?
The property is located at 3023 Aspen Drive Cape Girardeau, MO.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 12‑unit multifamily property built in 1985; Fully occupied with established rental income; Units are spacious 2‑bedroom, 1.5‑bath layouts
