622 Main StJoplin, MO 64801

Property Details for 622 Main St

Year built

1977

Lot size

0.58 AC

Property size (Sq ft)

14,170 SF

Property type

Retail space

APN

19-2.0-3-40-56-5.0

APU

19203405650

Description

This exceptional investment opportunity presents a brand-new, 16-unit multifamily property located at 622 & 634 N Main Street, Joplin, Missouri, 64801. The property, situated on a 0.28-acre lot, consists of two buildings – a 12-unit building and a 4-plex – totaling 8,367 square feet. Construction is slated for completion by mid-August 2024, allowing for immediate occupancy and rental income generation. The property boasts a Class A designation and features 15 one-bedroom, one-bathroom apartments and one studio apartment. All units are equipped with energy-efficient Daikin mini-splits for superior climate control. Residents enjoy the convenience of on-site laundry facilities. The property is zoned C1-PD and offers a compelling price per unit of $100,000, with an overall asking price of $1,600,000 ($191.23 per square foot). This represents a strong value proposition in the Joplin, MO market. This newly constructed property is an ideal addition to any investor's portfolio, promising excellent returns and low maintenance. The property's modern design and energy-efficient features ensure both comfort and cost-effectiveness for tenants.

• CAP approach

  CAP return

  Valuation

  6%

  $1,815,781

  6.5%

  $1,676,105

  7%

  $1,556,384

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,554,222

  Geo Method

  $2,554,222

• Alternative Use

  Use

  Valuation

  Residential

  $1,413,858

  Hospitality

  $1,295,086

  Educational

  $1,077,496

  Medical

  $1,114,553

  Retail

  $1,676,105

Location Insight

City

Joplin

County

Jasper

State

Missouri

Latitude

37.0845

Longitude

-94.5138

CBSA code

27900

CBSA name

JOPLIN, MO METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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