Duplex with 21 Storage
For Sale
$380,000
473 N Lincoln Dr, Troy, MO 63379
Leased residential units accompany on-site storage, with public water and sewer serving the property.
Property Size1,896 SF
Lot Size2.00 Acres
Price / SF$200.42
Days on Market94
Property Features for 473 N Lincoln Dr
General Information
Standard status
Active
Size
1,896 SF
Lot size
2.00 Acres
Property subtype
Multi-Family
Additional Details
Utilities to Site
Yes
Self-Storage Units
21
Building Details
Year Built
1960
Listing Agency:
Nichols Real Estate
(636) 528-9500
Listed By:
Robert Nichols, Ashley Nichols · License #2002007156
Source:
Nations-network
Added: May 29
Changed: Aug 29
Last Checked: Aug 25 at 5:14AM
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 Nichols Real Estate
Investment Insights
Based on property information with market context.
This 1,896-square-foot duplex, built in 1960, is paired with 21 storage units on a 2-acre property. The residential layout includes one two-bedroom, one-bath unit and one one-bedroom, one-bath unit. Both apartments are leased and include full basements with laundry facilities.
The storage component includes units in varying sizes, and all 21 are described as fully rentable. Public water and sewer serve the property. The site is located near Hwy 61 at 473 N Lincoln Drive in Troy, Missouri.
The storage component includes units in varying sizes, and all 21 are described as fully rentable. Public water and sewer serve the property. The site is located near Hwy 61 at 473 N Lincoln Drive in Troy, Missouri.
Key Highlights
- 2‑acre property with a duplex and 21 storage units
- 1,896‑square‑foot duplex built in 1960
- Residential unit mix includes 2 beds/1 bath and 1 bed/1 bath
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
$20,378
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
5.36%
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%
$407,560
$407.6K
Cap Rate 7%
$291,114
$291.1K
Cap Rate 9%
$226,422
$226.4K
Market Conditions
NOI Build-Up for 1,896 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
$30.7K $16.20/SF
− Vacancy
−$1.6K −$0.85/SF
EGI
$29.1K $15.35/SF
− OpEx
−$8.7K −$4.61/SF
NOI
$20.4K $10.75/SF
Area
Lincoln County, MO
Vacancy
5.22%
Lease Rate
$16.20 /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%
$407,560
Cap Rate 7%
$291,114
Cap Rate 9%
$226,422
Alternative Uses
Best Use
Multifamily LT 5
$291.1K
$254.7K – $339.6K
NOI $20,378 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$253.4K
$221.7K – $295.6K
NOI $17,738 @ 7.0% cap · market cap 4.67%
Theoretical Best
Office A
$468.9K
$410.3K – $547.0K
NOI $32,822 @ 7.0% cap · market cap 8.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
359
Businesses Nearby
Explore this area
Business Placement
Demographics for 63379, MO
26,583
Population
10,464
Households
2.5
Avg Household Size
38
Median Age
21%
College-Educated
94%
High-School Grad
135.9 sq mi
ZIP Area
196
Density / Sq Mi
$86,844
Median Household Income
$47,088
Median Earnings
$976
Median Rent
$238,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Leased residential units accompany on-site storage, with public water and sewer serving the property.
Where is this duplex located?
The property is located at 473 N Lincoln Dr Troy, MO.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: 2‑acre property with a duplex and 21 storage units; 1,896‑square‑foot duplex built in 1960; Residential unit mix includes 2 beds/1 bath and 1 bed/1 bath
