Three-Unit Residential
For Sale
$190,000
904 S Pennsylvania Avenue, Joplin, MO 64801
MultiFamily, Joplin, MO
Property Size1,434 SF
Lot Size0.28 Acres
Price / SF$132.50
Days on Market8
Property Features for 904 S Pennsylvania Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 3, Bathroom 1
Basement
Partial, Unfinished
Elementary school
West Central
Middle school
North
Elementary school district
Joplin
Middle school district
Joplin
High school district
Joplin
Directions
7th and Pennsylvania, South on Pennsylvania to property on West side.
Subdivision
02 - Joplin City - NE
Standard status
Active
Size
1,434 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Annual Amount
593
Utilities
Heating system
Other (Heating)
Cooling system
Wall Unit(s)
Building Details
Year built
1910
Floors in Building
2
Number of units
3
Flooring type
Laminate, Vinyl
Roof type
Shingle
Listing Agency:
KELLER WILLIAMS REALTY ELEVATE
(417) 623-9900
Listed By:
Shannon Chew · License #2016007886
(417) 622-1702
Added: Sep 15
Changed: Sep 16
Last Checked: Sep 22 at 3:06AM
MLS# 265292
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.
Built in 1910, this 1,434-square-foot triplex contains three one-bedroom, one-bath rental units under common ownership. Interior finishes include laminate and vinyl flooring, with wall-unit cooling, other heating, and a shingle roof. The property occupies 0.28 acres and includes 230 E 9th, an additional parcel without a building.
The property is located at 904 S Pennsylvania Avenue in Joplin, Missouri, within ZIP Code 64801. Its configuration provides three distinct residential units at one address, while the included vacant parcel is part of the overall offering.
The property is located at 904 S Pennsylvania Avenue in Joplin, Missouri, within ZIP Code 64801. Its configuration provides three distinct residential units at one address, while the included vacant parcel is part of the overall offering.
Key Highlights
- Three 1‑bedroom, 1‑bath rental units
- 1,434 square feet of property size
- 0.28‑acre lot
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
$12,243
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
6.44%
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%
$244,860
$244.9K
Cap Rate 7%
$174,900
$174.9K
Cap Rate 9%
$136,033
$136.0K
Market Conditions
NOI Build-Up for 1,434 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
$18.9K $13.20/SF
− Vacancy
−$1.4K −$1.00/SF
EGI
$17.5K $12.20/SF
− OpEx
−$5.2K −$3.66/SF
NOI
$12.2K $8.54/SF
Area
Jasper County, MO
Vacancy
7.60%
Lease Rate
$13.20 /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%
$244,860
Cap Rate 7%
$174,900
Cap Rate 9%
$136,033
Alternative Uses
Best Use
Multifamily LT 5
$174.9K
$153.0K – $204.1K
NOI $12,243 @ 7.0% cap · market cap 6.44%
Second Best
Apartment 5plus
$161.7K
$141.5K – $188.7K
NOI $11,319 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$432.7K
$378.6K – $504.8K
NOI $30,286 @ 7.0% cap · market cap 15.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,451
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Triplex - Residential income property with three one-bedroom units and a second parcel without a building.
Where is this triplex located?
The property is located at 904 S Pennsylvania Avenue Joplin, MO.
What is the asking price?
The asking price for this property is $190,000.
What are key features of this property?
This property features: Three 1‑bedroom, 1‑bath rental units; 1,434 square feet of property size; 0.28‑acre lot
