Flex Space with Wraparound Covered
For Sale
$144,900
4321 S 51st Road, Bolivar, MO 65613
SINGLE_FAMILY - Bolivar, MO
Property Size720 SF
Lot Size0.94 Acres
Price / SF$201.25
Days on Market8
Property Features for 4321 S 51st Road
General Information
Property type
Residential
Property subtype
Office
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Fencing
Barbed Wire
Lot features
Surveyed
Directions
From Bolivar, drive West on Highway 32. Property is on the North side of the road, approximately 5 miles West of Maverik at 32 and 13.
Standard status
Active
APN
1-3817-1
Lot size
0.94 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Utilities
Electricity Available
Heating system
Other (Heating), Electric (Heating)
Cooling system
Wall Unit(s), Electric
Amenities
fireplace
wraparound covered porch
mini-split system
Building Details
Year built
2015
Roof type
Metal
Listing Agency:
Stellar Real Estate Co.
(417) 777-7740
Listed By:
Kyle Seaney
(417) 599-4599
Added: Jul 30
Changed: Aug 1
Last Checked: Aug 6 at 1:06PM
MLS# 60330066
Copyright © 2026 Southern Missouri Regional MLS, LLC (SOMO). 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.
Flex space opportunity featuring a 720-square-foot metal building on 0.94 acres, built in 2015. The interior includes a reception desk and waiting area with soaring ceilings, plus a cozy fireplace. Additional space includes a private office, bathroom, utility room, and a loft above the rear office area for storage or product display. Climate control is provided by a mini-split system, and heating is electric with other heating sources; cooling includes electric and wall units.
Outside, the property offers a freshly graveled parking area, a private well and septic, and a wraparound covered porch that adds outdoor space. The site also benefits from highway exposure with Highway 32 frontage between Bolivar and Fair Play.
The flexible interior layout and dedicated utility and storage areas can support a range of retail, office, and service-based uses, with a reception-focused entry for clients and customers.
Outside, the property offers a freshly graveled parking area, a private well and septic, and a wraparound covered porch that adds outdoor space. The site also benefits from highway exposure with Highway 32 frontage between Bolivar and Fair Play.
The flexible interior layout and dedicated utility and storage areas can support a range of retail, office, and service-based uses, with a reception-focused entry for clients and customers.
Key Highlights
- 720‑square‑foot metal building built in 2015
- Highway 32 frontage between Bolivar and Fair Play
- 0.94‑acre lot with freshly graveled parking area
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
$5,705
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
3.94%
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%
$114,100
$114.1K
Cap Rate 7%
$81,500
$81.5K
Cap Rate 9%
$63,389
$63.4K
Market Conditions
NOI Build-Up for 720 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
$7.9K $11.04/SF
− Vacancy
−$342 −$0.47/SF
EGI
$7.6K $10.57/SF
− OpEx
−$1.9K −$2.64/SF
NOI
$5.7K $7.92/SF
Area
Polk County, MO
Vacancy
4.30%
Lease Rate
$11.04 /SF/Yr
Expense Ratio
25.00%
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%
$114,100
Cap Rate 7%
$81,500
Cap Rate 9%
$63,389
Alternative Uses
Best Use
Office B
$81.5K
$71.3K – $95.1K
NOI $5,705 @ 7.0% cap · market cap 3.94%
Second Best
Retail
$76.5K
$67.0K – $89.3K
NOI $5,358 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$108.7K
$95.1K – $126.8K
NOI $7,607 @ 7.0% cap · market cap 5.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
554
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 65613, MO
17,890
Population
7,327
Households
2.4
Avg Household Size
37
Median Age
26%
College-Educated
90%
High-School Grad
184.9 sq mi
ZIP Area
97
Density / Sq Mi
$56,919
Median Household Income
$31,765
Median Earnings
$828
Median Rent
$197,200
Median Home Value
Market
Vacancy Rate% for Office 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?
Flex space - Flex space in a metal building with a wraparound covered porch and Highway 32 frontage between Bolivar and Fair Play.
Where is this flex space located?
The property is located at 4321 S 51st Road Bolivar, MO.
What is the asking price?
The asking price for this property is $144,900.
What are key features of this property?
This property features: 720‑square‑foot metal building built in 2015; Highway 32 frontage between Bolivar and Fair Play; 0.94‑acre lot with freshly graveled parking area
