Two-Unit Patio Home
For Sale
$375,000
919 & 921 N Boston Lane, Republic, MO 65738
Residentially zoned property with separately identified homes and individual tax IDs.
Property Size2,432 SF
Days on Market21
Property Features for 919 & 921 N Boston Lane
General Information
Standard status
Active
Size
2,432 SF
Property subtype
Residential Income
Zoning
residential
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,382
Amenities
covered front entry
deck
Building Details
Building Size
2,432 SF
Year Built
1989
Units
2
Listing Agency:
Better Homes & Gardens SW Grp
(417) 234-1337
Listed By:
Alan Wolken · License #2005014890
(417) 234-1337
Source:
Shannon-associates
Added: Aug 7
Changed: Aug 22
Last Checked: Aug 26 at 9:17AM
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 Better Homes & Gardens SW Grp
Investment Insights
Based on property information with market context.
This duplex consists of two patio homes at 919 and 921 N Boston Lane, with each residence separately identified by its own tax ID. Both units were built in 1989 and offer two bedrooms, two full bathrooms, and an attached two-car garage. Covered front entries and rear decks add practical outdoor features to each home.
The property is within walking distance of a park and near dining and shopping options. The two units may be sold individually, providing separate ownership flexibility within one residentially zoned property.
The property is within walking distance of a park and near dining and shopping options. The two units may be sold individually, providing separate ownership flexibility within one residentially zoned property.
Key Highlights
- Two patio homes included in one duplex property
- Each unit has 2 bedrooms and 2 full bathrooms
- Attached 2‑car garage for each residence
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
5.43%
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 2,432 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
$30.6K $12.60/SF
− Vacancy
−$1.5K −$0.63/SF
EGI
$29.1K $11.97/SF
− OpEx
−$8.7K −$3.59/SF
NOI
$20.4K $8.38/SF
Area
Greene County, MO
Vacancy
5.00%
Lease Rate
$12.60 /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 5.43%
Second Best
Apartment 5plus
$270.8K
$236.9K – $315.9K
NOI $18,953 @ 7.0% cap · market cap 5.05%
Theoretical Best
Office A
$798.0K
$698.2K – $931.0K
NOI $55,858 @ 7.0% cap · market cap 14.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
293
Businesses Nearby
Explore this area
Business Placement
Demographics for 65738, MO
20,995
Population
8,878
Households
2.4
Avg Household Size
35
Median Age
28%
College-Educated
95%
High-School Grad
53.9 sq mi
ZIP Area
390
Density / Sq Mi
$67,848
Median Household Income
$45,220
Median Earnings
$1,069
Median Rent
$195,400
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?
Duplex - Residentially zoned property with separately identified homes and individual tax IDs.
Where is this duplex located?
The property is located at 919 & 921 N Boston Lane Republic, MO.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two patio homes included in one duplex property; Each unit has 2 bedrooms and 2 full bathrooms; Attached 2‑car garage for each residence
