3-Unit Multifamily
For Sale
$200,000
1026-1028 Commercial, Springfield, MO 65803
Residential Income, Springfield, MO
Property Size1,498 SF
Lot Size0.17 Acres
Price / SF$133.51
Days on Market118
Property Features for 1026-1028 Commercial
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
INC
Elementary school
SGF-Boyd
Middle school
SGF-Pipkin
High school
SGF-Central
Directions
North on National Past Division. West on Commercial.
Standard status
Active
APN
881312404013
Size
1,498 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
See remarks.
Tax Annual Amount
1158
Legal Description
See remarks.
Utilities
Sewer type
Public Sewer
Cooling system
Window Unit(s)
Building Details
Year built
1886
Number of units
3
Listing Agency:
Keller Williams · Keller Williams Realty
(417) 883-4900
Listed By:
Adam Graddy · License #2004014961
(417) 501-5091
Added: May 11
Changed: Aug 19
Last Checked: Sep 5 at 11:06AM
MLS# 60323213
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 multifamily property contains three residential units within 1,498 square feet. Each unit is configured with one bedroom and one bathroom, creating a compact triplex layout. Cooling is provided by window units, and the property is served by public sewer.
The parcel encompasses 0.17 acres and carries INC zoning. Constructed in 1886, the building is located at 1026-1028 Commercial in Springfield, Missouri, within ZIP Code 65803.
The parcel encompasses 0.17 acres and carries INC zoning. Constructed in 1886, the building is located at 1026-1028 Commercial in Springfield, Missouri, within ZIP Code 65803.
Key Highlights
- Three‑unit triplex configuration
- Each unit includes 1 bedroom and 1 bathroom
- 1,498 square feet of property size
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
$13,578
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
6.79%
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%
$271,560
$271.6K
Cap Rate 7%
$193,971
$194.0K
Cap Rate 9%
$150,867
$150.9K
Market Conditions
NOI Build-Up for 1,498 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
$20.7K $13.80/SF
− Vacancy
−$1.3K −$0.85/SF
EGI
$19.4K $12.95/SF
− OpEx
−$5.8K −$3.88/SF
NOI
$13.6K $9.06/SF
Area
Springfield, MO
Vacancy
6.17%
Lease Rate
$13.80 /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%
$271,560
Cap Rate 7%
$193,971
Cap Rate 9%
$150,867
Alternative Uses
Best Use
Multifamily LT 5
$194.0K
$169.7K – $226.3K
NOI $13,578 @ 7.0% cap · market cap 6.79%
Second Best
Apartment 5plus
$173.0K
$151.4K – $201.8K
NOI $12,110 @ 7.0% cap · market cap 6.06%
Theoretical Best
Office A
$226.1K
$197.8K – $263.8K
NOI $15,827 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
368
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?
Triplex - Three one-bedroom residences with individual bathrooms comprise this small multifamily asset.
Where is this triplex located?
The property is located at 1026-1028 Commercial Springfield, MO.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Three‑unit triplex configuration; Each unit includes 1 bedroom and 1 bathroom; 1,498 square feet of property size
