Four-Building Apartment
For Sale
$1,115,000
Pending
421 W 3rd Street, Joplin, MO 64801
MULTI_FAMILY - Other - Joplin, MO
Property Size10,916 SF
Lot Size0.31 Acres
Days on Market65
Property Features for 421 W 3rd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-3
Bedrooms
19
Bathrooms
19
Full bathrooms
19
Rooms
Bedroom 15, Bathroom 6, Bathroom 18, Bedroom 7, Bedroom 6, Bathroom 16, Bathroom 2, Bathroom 17, Bathroom 10, Bedroom 4, Bedroom 14, Bathroom 11, Bedroom 13, Bedroom 8, Basement, Bedroom 2, Bathroom 5, Bathroom 13, Bedroom 11, Bathroom 7, Bathroom 8, Bathroom 19, Bedroom 10, Bathroom 14, Bedroom 3, Bedroom 16, Bathroom 15, Bedroom 12, Bedroom 5, Bedroom 18, Bedroom 9, Bathroom 1, Bathroom 12, Bathroom 9, Bathroom 3, Bedroom 17, Bedroom 19, Bathroom 4, Bedroom 1
Elementary school
Dover Hill
Middle school
North
Elementary school district
Joplin
Middle school district
Joplin
High school district
Joplin
Directions
From 4th and Main, west on 4th to Byers, north on Byers to property at northeast corner of 3rd St and Byers Ave.
Subdivision
01 - Joplin City - NW
Standard status
Pending
Size
10,916 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Annual Amount
2628
Utilities
Heating system
Hot Water(Heating), Floor Furnace, Radiant
Cooling system
Window Unit(s)
Building Details
Year built
1920
Floors in Building
2
Number of units
19
Flooring type
Carpet, Vinyl, Wood
Roof type
Composition, Rolled Hot Mop
Architectural style
Other
Listing Agency:
GLENN GIBSON COMMERCIAL REAL ESTATE
(417) 825-8213
Listed By:
Luke Gibson · License #2015033987
(417) 359-6868
Added: Jun 3
Changed: Aug 2
Last Checked: Aug 6 at 8:06PM
MLS# 263011
Copyright © 2026 Ozark Gateway Association of Realtors. 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 four-building apartment community includes a total of 19 units, each designed as a one-bedroom, one-bath residence. The property is built for rental living with multiple flooring types including carpet, vinyl, and wood. Heating options include hot water (heating), floor furnaces, and radiant heat, while cooling is provided via window unit(s). The buildings are supported by roof systems including composition and rolled hot mop materials.
The property sits on a 0.31-acre lot in R-3 zoning. Built in 1920, it offers a compact multifamily setup with a basement and multiple bedrooms and bathrooms across the unit count.
This configuration supports a straightforward tenant layout and a consistent unit mix for day-to-day operations across the four buildings.
The property sits on a 0.31-acre lot in R-3 zoning. Built in 1920, it offers a compact multifamily setup with a basement and multiple bedrooms and bathrooms across the unit count.
This configuration supports a straightforward tenant layout and a consistent unit mix for day-to-day operations across the four buildings.
Key Highlights
- Four‑building multifamily property with 19 total units
- All units are one‑bedroom, one‑bath apartments
- 0.31‑acre lot with R‑3 zoning
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
$86,167
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
7.73%
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%
$1,723,340
$1.7M
Cap Rate 7%
$1,230,957
$1.2M
Cap Rate 9%
$957,411
$957.4K
Market Conditions
NOI Build-Up for 10,916 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
$170.3K $15.60/SF
− Vacancy
−$13.6K −$1.25/SF
EGI
$156.7K $14.35/SF
− OpEx
−$70.5K −$6.46/SF
NOI
$86.2K $7.89/SF
Area
Jasper County, MO
Vacancy
8.00%
Lease Rate
$15.60 /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%
$1,723,340
Cap Rate 7%
$1,230,957
Cap Rate 9%
$957,411
Alternative Uses
Best Use
Apartment 5plus
$1.23M
$1.08M – $1.44M
NOI $86,167 @ 7.0% cap · market cap 7.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.29M
$2.88M – $3.84M
NOI $230,546 @ 7.0% cap · market cap 20.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
19
Residential units
Location Intelligence
Trade Area within ½ mile
1,119
Businesses Nearby
Explore this area
Business Placement
Demographics for 64801, MO
35,234
Population
17,460
Households
2
Avg Household Size
37
Median Age
26%
College-Educated
90%
High-School Grad
57.5 sq mi
ZIP Area
613
Density / Sq Mi
$51,360
Median Household Income
$31,103
Median Earnings
$884
Median Rent
$176,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Four well-maintained buildings total 19 one-bedroom, one-bath units in R-3 zoning.
Where is this apartment building located?
The property is located at 421 W 3rd Street Joplin, MO.
What is the asking price?
The asking price for this property is $1,115,000.
What are key features of this property?
This property features: Four‑building multifamily property with 19 total units; All units are one‑bedroom, one‑bath apartments; 0.31‑acre lot with R‑3 zoning
