Completely Remodeled 7-Unit Apartment
For Sale
$375,000
1502 N Grant Avenue, Springfield, MO 65803
MULTI_FAMILY - Springfield, MO
Property Size3,553 SF
Lot Size0.22 Acres
Price / SF$105.54
Days on Market185
Property Features for 1502 N Grant Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Multi Family
Bedrooms
11
Rooms
Bedroom 1, Bedroom 7, Bedroom 10, Bedroom 9, Bedroom 8, Bedroom 6, Bedroom 4, Bedroom 2, Bedroom 11, Bedroom 3, Bedroom 5
Subdivision
Jenkins
View
City
Elementary school
SGF-Weaver
Middle school
SGF-Pipkin
High school
SGF-Central
Directions
Corner of Grant and Division.
Standard status
Active
APN
N/A1311424013
Size
3,553 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Jenkins Add Lot 46 (Ex Sw Cor Deeded To City)
Tax Annual Amount
495
Legal Description
Jenkins Add Lot 46 (Ex Sw Cor Deeded To City)
Utilities
Sewer type
Public Sewer
Building Details
Year built
1918
Number of units
11
Listing Agency:
Krizan, Realtors
(417) 840-2757
Listed By:
Jacob W Krizan
(417) 840-2757
Added: Feb 18
Changed: Aug 5
Last Checked: Aug 22 at 1:06PM
MLS# 60315627
Copyright © 2026 Southern Missouri Regional MLS, LLC (SOMO). 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.
1502 N Grant Avenue in Springfield, MO is a completely remodeled apartment building that was gutted down to the studs, with exterior improvements completed as part of the renovation. The zoning is listed for “Med Density” multi-family use, allowing 7 units or an 11BR group housing project, with attached zoning guidelines referenced for requirements.
The property sits on a 0.22-acre lot and totals 3,553 square feet. It was built in 1918 and connects to public sewer.
The existing bedroom layout is reflected in the room list, which includes Bedrooms 1 through 11, supporting the 11BR configuration noted in the zoning description.
The property sits on a 0.22-acre lot and totals 3,553 square feet. It was built in 1918 and connects to public sewer.
The existing bedroom layout is reflected in the room list, which includes Bedrooms 1 through 11, supporting the 11BR configuration noted in the zoning description.
Key Highlights
- Completely remodeled exterior and gutted down to the studs
- Zoned Med Density MF for 7 units or 11BR group housing project
- 0.22‑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
$28,722
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
7.66%
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%
$574,440
$574.4K
Cap Rate 7%
$410,314
$410.3K
Cap Rate 9%
$319,133
$319.1K
Market Conditions
NOI Build-Up for 3,553 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
$55.9K $15.72/SF
− Vacancy
−$3.6K −$1.02/SF
EGI
$52.2K $14.70/SF
− OpEx
−$23.5K −$6.61/SF
NOI
$28.7K $8.08/SF
Area
Springfield, MO
Vacancy
6.50%
Lease Rate
$15.72 /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%
$574,440
Cap Rate 7%
$410,314
Cap Rate 9%
$319,133
Alternative Uses
Best Use
Apartment 5plus
$410.3K
$359.0K – $478.7K
NOI $28,722 @ 7.0% cap · market cap 7.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$536.3K
$469.2K – $625.6K
NOI $37,538 @ 7.0% cap · market cap 10.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
901
Businesses Nearby
Explore this area
Business Placement
Demographics for 65803, MO
42,007
Population
19,659
Households
2.1
Avg Household Size
38
Median Age
22%
College-Educated
91%
High-School Grad
93.4 sq mi
ZIP Area
450
Density / Sq Mi
$46,539
Median Household Income
$33,537
Median Earnings
$890
Median Rent
$158,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Completely remodeled 7-unit apartment building zoned multi family with public sewer; built in 1918.
Where is this apartment building located?
The property is located at 1502 N Grant Avenue Springfield, 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: Completely remodeled exterior and gutted down to the studs; Zoned Med Density MF for 7 units or 11BR group housing project; 0.22‑acre lot
