Building Details

Year built 2006

Listing Agency: IAC Realty Group

Listed By: Gavin Clark

Added: Aug 21 Changed: Aug 30 Last Checked: Aug 30 at 10:06AM

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MLS# 11958400

Copyright © 2026 My State MLS. 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.

Located at 409 S Jefferson St in Centralia, Missouri, this duplex contains two 2-bedroom, 2-bath units totaling 1,860 square feet. The property includes attached garages, slab foundations, brick fronts, and vinyl siding. Constructed in 2006, it has updated HVAC systems and a roof replaced in 2025.

Both units are leased, with one term extending through 6/27 and the other through 11/26. The unit configuration and existing improvements provide a straightforward residential income property in Boone County.

Key Highlights

• Two 2‑bedroom, 2‑bath units
• 1,860 square feet total
• Attached garages and slab foundations

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

$15,240

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

5.67%

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%

$304,800 $304.8K

Cap Rate 7%

$217,714 $217.7K

Cap Rate 9%

$169,333 $169.3K

Market Conditions

NOI Build-Up for 1,860 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

$22.8K $12.24/SF

− Vacancy

−$995 −$0.53/SF

EGI

$21.8K $11.71/SF

− OpEx

−$6.5K −$3.51/SF

NOI

$15.2K $8.19/SF

Area

Boone County, MO

Vacancy

4.37%

Lease Rate

$12.24 /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%

$304,800

Cap Rate 7%

$217,714

Cap Rate 9%

$169,333

Alternative Uses

Best Use

Multifamily LT 5

$217.7K

$190.5K – $254.0K (±1% cap)

NOI $15,240 @ 7.0% cap · market cap 5.67%

Second Best

Apartment 5plus

$205.5K

$179.8K – $239.8K (±1% cap)

NOI $14,385 @ 7.0% cap · market cap 5.35%

Theoretical Best

Office A

$661.6K

$578.9K – $771.9K (±1% cap)

NOI $46,315 @ 7.0% cap · market cap 17.22%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Dental Office Electrical Service Big Box & Wholesale Store Bakery (Bike/Boat/Book/etc) Store Law Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

269

Businesses Nearby

Explore this area Business Placement

Demographics for 65240, MO

8,292

Population

3,903

Households

2.1

Avg Household Size

39

Median Age

35%

College-Educated

91%

High-School Grad

180.1 sq mi

ZIP Area

46

Density / Sq Mi

$67,687

Median Household Income

$40,680

Median Earnings

$712

Median Rent

$181,300

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two leased units offer updated HVAC, a 2025 roof, and convenient attached garage parking.

Where is this duplex located?

The property is located at 409 S Jefferson St Centralia, MO.

What is the asking price?

The asking price for this property is $269,000.

What are key features of this property?

This property features: Two 2‑bedroom, 2‑bath units; 1,860 square feet total; Attached garages and slab foundations