Four-Unit Multifamily
For Sale
$770,000
605-607 NE Lynn St, Lees Summit, MO 64063
Two duplex buildings provide occupied residential units in a consistent configuration.
Property Size5,736 SF
Days on Market8
Property Features for 605-607 NE Lynn St
General Information
Standard status
Active
Size
5,736 SF
Property subtype
Multifamily
Occupancy
100%
Units
Unit Mix
4 x 2BR/1.5BA
Multifamily Units
4
Additional Details
Asking Price
$770,000
Building Details
Building Size
5,736 SF
Year Built
1966
Buildings
2
Listed By:
Isaac Holtz
(319) 480-9007
Source:
Clemonsrealestate
Added: Sep 6
Changed: Sep 13
Last Checked: Sep 13 at 4:22AM
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 Isaac Holtz
Investment Insights
Based on property information with market context.
This multifamily property comprises two duplex buildings with four occupied units in total. Each residence offers two bedrooms and one-and-a-half baths, creating a consistent layout across the property. The buildings were constructed in 1966.
The property is located at 605-607 NE Lynn Street in Lee's Summit, Missouri. Its four-unit configuration provides a compact multifamily holding with established occupancy and uniform residential layouts.
The property is located at 605-607 NE Lynn Street in Lee's Summit, Missouri. Its four-unit configuration provides a compact multifamily holding with established occupancy and uniform residential layouts.
Key Highlights
- Four occupied multifamily units across two duplex buildings
- Each unit includes 2 bedrooms and 1.5 baths
- Constructed in 1966
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
$61,469
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
7.98%
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%
$1,229,380
$1.2M
Cap Rate 7%
$878,129
$878.1K
Cap Rate 9%
$682,989
$683.0K
Market Conditions
NOI Build-Up for 5,736 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
$92.9K $16.20/SF
− Vacancy
−$5.1K −$0.89/SF
EGI
$87.8K $15.31/SF
− OpEx
−$26.3K −$4.59/SF
NOI
$61.5K $10.72/SF
Area
Lees Summit, MO
Vacancy
5.50%
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%
$1,229,380
Cap Rate 7%
$878,129
Cap Rate 9%
$682,989
Alternative Uses
Best Use
Multifamily LT 5
$878.1K
$768.4K – $1.02M
NOI $61,469 @ 7.0% cap · market cap 7.98%
Second Best
Apartment 5plus
$784.4K
$686.4K – $915.2K
NOI $54,910 @ 7.0% cap · market cap 7.13%
Theoretical Best
Specialty Retail
$1.46M
$1.27M – $1.70M
NOI $101,906 @ 7.0% cap · market cap 13.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
692
Businesses Nearby
Explore this area
Business Placement
Demographics for 64063, MO
20,965
Population
9,104
Households
2.3
Avg Household Size
36
Median Age
34%
College-Educated
95%
High-School Grad
6.1 sq mi
ZIP Area
3,437
Density / Sq Mi
$77,966
Median Household Income
$47,877
Median Earnings
$1,151
Median Rent
$242,800
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?
Multifamily property - Two duplex buildings provide occupied residential units in a consistent configuration.
Where is this multifamily property located?
The property is located at 605-607 NE Lynn St Lees Summit, MO.
What is the asking price?
The asking price for this property is $770,000.
What are key features of this property?
This property features: Four occupied multifamily units across two duplex buildings; Each unit includes 2 bedrooms and 1.5 baths; Constructed in 1966
