Mixed-Use Property with
For Sale
$649,000
222 Park Central N, Springfield, MO 65806
Ground-floor restaurant space with two upper-level loft apartments overlooking downtown Springfield.
Property Size4,874 SF
Price / SF$133.16
Days on Market991
Property Features for 222 Park Central N
General Information
Standard status
Active
Size
4,874 SF
Property subtype
Retail
Taxes and HOA fees
Annual Taxes
$5,186
Amenities
3
Parking.
On Street.
City
Building Details
Year Built
1884
Buildings
1
Tenancy
Multi
Listing Agency:
Primrose
(417) 425-5400
Listed By:
Murney Associates
(417) 425-5400
Source:
Xome
Added: Dec 13, 2023
Changed: Aug 30
Last Checked: Aug 30 at 1:56PM
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.
Built in 1884, this mixed-use property combines an operating restaurant with two loft apartments at 222 Park Central N. The restaurant occupies the entire ground level, while the upper floors contain residential lofts with exposed brick, hardwood flooring, full kitchens, Carthage Stone sinks, and views toward downtown Springfield. The property totals 4,874 square feet.
Loft 201 offers two bedrooms, one bathroom, and 1,200 square feet. Loft 301 includes three bedrooms and 1,250 square feet; the source information does not specify its full bathroom count. The building is positioned on Park Central Square and includes on-street city parking. The restaurant tenant has occupied the retail space for 30+ years.
Loft 201 offers two bedrooms, one bathroom, and 1,200 square feet. Loft 301 includes three bedrooms and 1,250 square feet; the source information does not specify its full bathroom count. The building is positioned on Park Central Square and includes on-street city parking. The restaurant tenant has occupied the retail space for 30+ years.
Key Highlights
- 4,874‑square‑foot mixed‑use property built in 1884
- Ground‑floor restaurant occupies the entire retail level
- Two loft apartments: 1,200 SF and 1,250 SF
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
$44,178
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
6.81%
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%
$883,560
$883.6K
Cap Rate 7%
$631,114
$631.1K
Cap Rate 9%
$490,867
$490.9K
Market Conditions
NOI Build-Up for 4,874 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
$67.3K $13.80/SF
− Vacancy
−$4.2K −$0.85/SF
EGI
$63.1K $12.95/SF
− OpEx
−$18.9K −$3.88/SF
NOI
$44.2K $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%
$883,560
Cap Rate 7%
$631,114
Cap Rate 9%
$490,867
Alternative Uses
Best Use
Multifamily LT 5
$631.1K
$552.2K – $736.3K
NOI $44,178 @ 7.0% cap · market cap 6.81%
Second Best
Apartment 5plus
$562.9K
$492.5K – $656.7K
NOI $39,401 @ 7.0% cap · market cap 6.07%
Theoretical Best
Office A
$735.6K
$643.7K – $858.3K
NOI $51,495 @ 7.0% cap · market cap 7.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,215
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor restaurant space with two upper-level loft apartments overlooking downtown Springfield.
Where is this mixed-use property located?
The property is located at 222 Park Central N Springfield, MO.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: 4,874‑square‑foot mixed‑use property built in 1884; Ground‑floor restaurant occupies the entire retail level; Two loft apartments: 1,200 SF and 1,250 SF
