12-Unit Apartment
For Sale
$1,150,000
560 E Cherry Street, Troy, MO 63379
Mostly renovated one- and two-bedroom apartments with 12 on-site storage units in Troy, Missouri.
Property Size9,630 SF
Days on Market37
Property Features for 560 E Cherry Street
General Information
Standard status
Active
Size
9,630 SF
Property subtype
Residential Income
Net Operating Income
$81,595
Financials
Asking Price
$1,150,000
Cap Rate
7.1%
Gross Income
$124,260
Additional Details
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$4,866
Building Details
Building Size
9,630 SF
Year Built
1983
Units
12
Listing Agency:
Magnolia Real Estate
(636) 544-1159
Listed By:
Andrew Burtt
(636) 544-1159
Source:
Century21laclede
Added: Jul 20
Changed: Aug 23
Last Checked: Aug 24 at 2:42PM
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 Magnolia Real Estate
Investment Insights
Based on property information with market context.
Located at 560 E Cherry St in Troy, MO, this 12-unit apartment complex totals 9,630 SF and includes 12 additional on-site storage units. The apartment mix features one-bedroom and two-bedroom residences, and most apartment units have already been renovated, helping minimize immediate capital expenditures while preserving opportunities to improve returns over time.
The property is presented as a stabilized investment. The current cap rate is 7.1%, reflecting the property’s existing performance. Interior inspections are available subject to scheduling, with showings planned after an accepted contract to minimize disruption to tenants.
For additional underwriting details, including current rent roll and T-12 financials, information is available upon request.
The property is presented as a stabilized investment. The current cap rate is 7.1%, reflecting the property’s existing performance. Interior inspections are available subject to scheduling, with showings planned after an accepted contract to minimize disruption to tenants.
For additional underwriting details, including current rent roll and T-12 financials, information is available upon request.
Key Highlights
- 12 apartment units in a 9,630 SF complex
- 12 on‑site storage units included
- Mix of one‑bedroom and two‑bedroom apartments
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
$90,093
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
7.83%
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%
$1,801,860
$1.8M
Cap Rate 7%
$1,287,043
$1.3M
Cap Rate 9%
$1,001,033
$1.0M
Market Conditions
NOI Build-Up for 9,630 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
$173.3K $18.00/SF
− Vacancy
−$9.5K −$0.99/SF
EGI
$163.8K $17.01/SF
− OpEx
−$73.7K −$7.65/SF
NOI
$90.1K $9.36/SF
Area
Lincoln County, MO
Vacancy
5.50%
Lease Rate
$18.00 /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%
$1,801,860
Cap Rate 7%
$1,287,043
Cap Rate 9%
$1,001,033
Alternative Uses
Best Use
Apartment 5plus
$1.29M
$1.13M – $1.50M
NOI $90,093 @ 7.0% cap · market cap 7.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.38M
$2.08M – $2.78M
NOI $166,709 @ 7.0% cap · market cap 14.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
888
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Mostly renovated one- and two-bedroom apartments with 12 on-site storage units in Troy, Missouri.
Where is this apartment building located?
The property is located at 560 E Cherry Street Troy, MO.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 12 apartment units in a 9,630 SF complex; 12 on‑site storage units included; Mix of one‑bedroom and two‑bedroom apartments
