Historic All-Brick Office
For Sale
$899,000
605 Boonville Avenue, Springfield, MO 65806
Flexible office property with private parking, public parking nearby, and a configuration suited to single or multiple occupants.
Property Size6,567 SF
Lot Size0.55 Acres
Price / SF$136.90
Days on Market599
Property Features for 605 Boonville Avenue
General Information
Standard status
Active
Size
6,567 SF
Total Parking Spaces
10
Lot size
0.55 Acres
Property subtype
Office
Zoning
CC
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$11,902
Amenities
3
Building Details
Year Built
1947
Buildings
1
Building Size
6,567 SF
Construction
brick
Listing Agency:
Primrose
Listed By:
Murney Associates
(417) 823-2300
Source:
Xome
Added: Jan 14, 2025
Changed: Sep 2
Last Checked: Sep 5 at 5:34AM
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 Primrose
Investment Insights
Based on property information with market context.
Constructed in 1947, this 6,567-square-foot all-brick office building occupies a .55-acre parcel and supports either a single-user or multi-tenant arrangement. The property carries CC zoning and was originally built for KGBX Radio. Its distinctive architecture takes the form of a Wurlitzer jukebox, giving the building a recognizable design and connection to Springfield’s cultural history. Elvis Presley and Ronald Reagan are among the notable figures associated with the property.
The building is located at 605 N Boonville Avenue in downtown Springfield, with access to Chestnut Expressway and a walkable connection to the courthouse and Park Central Square. Nearby destinations include Jordan Valley Innovation Center, Brick City, Government Plaza, and the Downtown Springfield Association. Parking includes 10 private off-street spaces along with 10+ public on-street spaces.
The building is located at 605 N Boonville Avenue in downtown Springfield, with access to Chestnut Expressway and a walkable connection to the courthouse and Park Central Square. Nearby destinations include Jordan Valley Innovation Center, Brick City, Government Plaza, and the Downtown Springfield Association. Parking includes 10 private off-street spaces along with 10+ public on-street spaces.
Key Highlights
- 6,567 SF all‑brick office building on a .55‑acre parcel
- 1947 construction with distinctive Wurlitzer jukebox‑inspired architecture
- CC zoning supports the existing office use and stated retail potential
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
$52,037
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
5.79%
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%
$1,040,740
$1.0M
Cap Rate 7%
$743,386
$743.4K
Cap Rate 9%
$578,189
$578.2K
Market Conditions
NOI Build-Up for 6,567 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
$72.5K $11.04/SF
− Vacancy
−$3.1K −$0.47/SF
EGI
$69.4K $10.57/SF
− OpEx
−$17.3K −$2.64/SF
NOI
$52.0K $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%
$1,040,740
Cap Rate 7%
$743,386
Cap Rate 9%
$578,189
Alternative Uses
Best Use
Office B
$743.4K
$650.5K – $867.3K
NOI $52,037 @ 7.0% cap · market cap 5.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$991.2K
$867.3K – $1.16M
NOI $69,382 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,258
Businesses Nearby
Explore this area
Business Placement
Demographics for 65806, MO
12,529
Population
8,049
Households
1.6
Avg Household Size
27
Median Age
22%
College-Educated
87%
High-School Grad
2.1 sq mi
ZIP Area
5,966
Density / Sq Mi
$28,450
Median Household Income
$21,090
Median Earnings
$840
Median Rent
$85,700
Median Home Value
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 - Flexible office property with private parking, public parking nearby, and a configuration suited to single or multiple occupants.
Where is this office building located?
The property is located at 605 Boonville Avenue Springfield, MO.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 6,567 SF all‑brick office building on a .55‑acre parcel; 1947 construction with distinctive Wurlitzer jukebox‑inspired architecture; CC zoning supports the existing office use and stated retail potential
