Value-Add Office Building
For Sale
Contact for pricing
222-248 E Primrose St, Springfield, MO
Office building with drive-thru in desirable location for sale.
Property Size19,617 SF
Lot Size1.13 Acres
Price / SF$175.87
Days on Market512
Property Features for 222-248 E Primrose St
General Information
Standard status
Active
Size
19,617 SF
Lot size
1.13 Acres
Property subtype
OFFICE
Listing Agency:
Moreno Group Commercial Realty
(417) 496-5338
Listed By:
Caleb Moreno · License ##2018016609
(417) 496-5338
Source:
Moodyscre
Added: Mar 27, 2025
Changed: Aug 19
Last Checked: Aug 19 at 8:15AM
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 Moreno Group Commercial Realty
Investment Insights
Based on property information with market context.
This office building offers a value-add opportunity in a highly desirable corridor, located 0.5 miles from the medical mile. The property features an operational drive-thru window, previously used as a credit union location. The building has a blended occupancy of 75% with availability to increase rents. The property has a size of 19617 square feet.
Key Highlights
- Highly desirable corridor - just a 0.5 mile from medical mile
- Value‑add opportunity with availability to increase rents
- 75% Blended occupancy
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
$155,444
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
4.51%
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%
$3,108,880
$3.1M
Cap Rate 7%
$2,220,629
$2.2M
Cap Rate 9%
$1,727,156
$1.7M
Market Conditions
NOI Build-Up for 19,617 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
$216.6K $11.04/SF
− Vacancy
−$9.3K −$0.47/SF
EGI
$207.3K $10.57/SF
− OpEx
−$51.8K −$2.64/SF
NOI
$155.4K $7.92/SF
Area
Springfield, MO
Vacancy
4.30%
Lease Rate
$11.04 /SF/Yr
Expense Ratio
25.00%
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%
$3,108,880
Cap Rate 7%
$2,220,629
Cap Rate 9%
$1,727,156
Alternative Uses
Best Use
Office B
$2.22M
$1.94M – $2.59M
NOI $155,444 @ 7.0% cap · market cap 4.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.96M
$2.59M – $3.45M
NOI $207,259 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,661
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office building with drive-thru in desirable location for sale.
Where is this office building located?
The property is located at 222-248 E Primrose St Springfield, MO.
What is the asking price?
The asking price for this property is $3,450,000.
What are key features of this property?
This property features: Highly desirable corridor - just a 0.5 mile from medical mile; Value‑add opportunity with availability to increase rents; 75% Blended occupancy
