Building Details

Year Built 2024

Listing Agency: Keller Williams k***@kw.com Show Phone

Listed By: Tyler Richardson · License #2014032729 Show Phone

Source: Exprealty

Added: Sep 9 Changed: Sep 21 Last Checked: Sep 21 at 2:30PM

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Investment Insights

Based on property information with market context.

Completed in 2024, this 63-unit apartment community consists of townhomes designed as contemporary rental residences. Individual homes provide approximately 1,200 to 1,500 square feet of living area, creating a consistent residential format across the community.

The property is located at 415 N Public Ave in Clever, Missouri. Its newly completed construction and townhome configuration provide a defined multifamily asset with uniform residential improvements and substantial unit count.

Key Highlights

• 63‑unit townhome community
• Completed in 2024
• Approximately 1,200 to 1,500 square feet per townhome

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

$688,580

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

6.93%

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%

$13,771,600 $13.8M

Cap Rate 7%

$9,836,857 $9.8M

Cap Rate 9%

$7,650,889 $7.7M

Market Conditions

NOI Build-Up for 85,178 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

$1.34M $15.72/SF

− Vacancy

−$87.0K −$1.02/SF

EGI

$1.25M $14.70/SF

− OpEx

−$563.4K −$6.61/SF

NOI

$688.6K $8.08/SF

Area

Christian County, MO

Vacancy

6.50%

Lease Rate

$15.72 /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%

$13,771,600

Cap Rate 7%

$9,836,857

Cap Rate 9%

$7,650,889

Alternative Uses

Best Use

Apartment 5plus

$9.84M

$8.61M – $11.48M (±1% cap)

NOI $688,580 @ 7.0% cap · market cap 6.93%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$12.86M

$11.25M – $15.00M (±1% cap)

NOI $899,929 @ 7.0% cap · market cap 9.06%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Building Supply Dental Office HVAC Service Electrical Service Plumbing Service

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

63

Residential units

Location Intelligence

Trade Area within ½ mile

78

Businesses Nearby

Explore this area Business Placement

Demographics for 65631, MO

5,599

Population

2,413

Households

2.3

Avg Household Size

35

Median Age

26%

College-Educated

93%

High-School Grad

42.1 sq mi

ZIP Area

133

Density / Sq Mi

$91,250

Median Household Income

$44,118

Median Earnings

$1,058

Median Rent

$220,600

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Apartment building - New construction comprises contemporary rental homes in a multi-unit community in Clever, Missouri.

Where is this apartment building located?

The property is located at 415 N Public Ave Clever, MO.

What is the asking price?

The asking price for this property is $9,934,029.

What are key features of this property?

This property features: 63‑unit townhome community; Completed in 2024; Approximately 1,200 to 1,500 square feet per townhome