Flex Space with Two
For Sale
$249,900
1640 E Florida Street, Springfield, MO 65803
COMMERCIAL - Springfield, MO
Property Size5,000 SF
Lot Size0.29 Acres
Price / SF$49.98
Days on Market411
Property Features for 1640 E Florida Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
GM
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Directions
Take Glenstone, turn west on Florida Street, property on the left.
Standard status
Active
APN
1207415015
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
N1/2 OF BEG N LINE COMMERCIAL STREET WHERE IT INTC E LINE OF SCHOFIELD TR W 79FTN 315 FT TO FLORIDA ST E 79 FT M/L TO E LINE SCHOFIELD TR S 315 FT TO BEG
Tax Annual Amount
2195
Legal Description
N1/2 OF BEG N LINE COMMERCIAL STREET WHERE IT INTC E LINE OF SCHOFIELD TR W 79FTN 315 FT TO FLORIDA ST E 79 FT M/L TO E LINE SCHOFIELD TR S 315 FT TO BEG
Utilities
Utilities
Water Available
Heating system
Natural Gas
Building Details
Year built
1963
Roof type
Metal, Composition
Listing Agency:
Complete Realty Sales & Mgmt
(417) 543-3456
Listed By:
Brooke Y. Oberbeck
(417) 840-6587
Added: Jul 10, 2025
Changed: Aug 4
Last Checked: Aug 24 at 4:06PM
MLS# 60299327
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.
This flex space property includes two commercial buildings with combined space of over 5,000 SF. The front building offers classic charm and can support retail, office, or other customer-facing uses, while the back shop is suited for storage, manufacturing, or expansion. The property was built in 1963 and features natural gas heating. Roof materials include metal and composition surfaces, and water service is available.
The buildings sit on a 0.29-acre lot with zoning of GM. The property is located at 1640 E Florida Street in Springfield, Missouri 65803, in Greene County.
With two separate structures and flexible interior potential, the site can accommodate a range of operational needs that benefit from front-of-house and back-of-house separation.
The buildings sit on a 0.29-acre lot with zoning of GM. The property is located at 1640 E Florida Street in Springfield, Missouri 65803, in Greene County.
With two separate structures and flexible interior potential, the site can accommodate a range of operational needs that benefit from front-of-house and back-of-house separation.
Key Highlights
- Two commercial buildings with combined space over 5,000 SF
- 0.29‑acre lot with GM zoning
- Built in 1963 with natural gas heating
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
$16,036
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
6.42%
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%
$320,720
$320.7K
Cap Rate 7%
$229,086
$229.1K
Cap Rate 9%
$178,178
$178.2K
Market Conditions
NOI Build-Up for 5,000 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
$23.4K $4.68/SF
− Vacancy
−$491 −$0.10/SF
EGI
$22.9K $4.58/SF
− OpEx
−$6.9K −$1.37/SF
NOI
$16.0K $3.21/SF
Area
Springfield, MO
Vacancy
2.10%
Lease Rate
$4.68 /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%
$320,720
Cap Rate 7%
$229,086
Cap Rate 9%
$178,178
Alternative Uses
Best Use
Retail
$531.6K
$465.1K – $620.2K
NOI $37,210 @ 7.0% cap · market cap 14.89%
Second Best
Industrial
$229.1K
$200.5K – $267.3K
NOI $16,036 @ 7.0% cap · market cap 6.42%
Theoretical Best
Office A
$754.7K
$660.3K – $880.4K
NOI $52,826 @ 7.0% cap · market cap 21.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
644
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex space on a 0.29-acre lot zoned GM with natural gas heat and water service available.
Where is this flex space located?
The property is located at 1640 E Florida Street Springfield, MO.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Two commercial buildings with combined space over 5,000 SF; 0.29‑acre lot with GM zoning; Built in 1963 with natural gas heating
