Two-Unit Duplex with Driveway
For Sale
$199,900
1432 N Prospect Avenue, Springfield, MO 65802
Residential, Springfield, MO
Property Size1,600 SF
Lot Size0.23 Acres
Price / SF$124.94
Days on Market8
Property Features for 1432 N Prospect Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 3, Bathroom 2, Laundry Room, Bedroom 2, Bedroom 4, Bathroom 1
Parking features
Driveway
Window features
Double Pane Windows
Interior features
Laminate Counters
Appliances
Dishwasher, Free-Standing Electric Oven, Refrigerator
Subdivision
Boulevard
View
City
Elementary school
SGF-Weller
Middle school
SGF-Pipkin
High school
SGF-Central
Directions
From Division and National, East on Division, South on Prospect. Duplex on East side of the road.
Standard status
Active
APN
1218202013
Size
1,600 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BOULEVARD ADD LOT 20 BLK 29 & 10 FT E OF & ADJ
Tax Annual Amount
977
Legal Description
BOULEVARD ADD LOT 20 BLK 29 & 10 FT E OF & ADJ
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1995
Floors in Building
1
Flooring type
Carpet, Linoleum
Building materials
Vinyl Siding
Roof type
Composition
Listing Agency:
Alpha Realty MO, LLC
(417) 719-1560
Listed By:
Aaron M Owens
(417) 839-4584
Added: Aug 24
Changed: Aug 31
Last Checked: Aug 31 at 1:06PM
MLS# 60332181
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.
Located at 1432 N Prospect Avenue in Springfield, Missouri, this 1,600-square-foot duplex contains two separate residences. Each side is configured with two bedrooms and one bathroom, providing a consistent four-bedroom, two-bathroom layout across the property. The 0.23-acre parcel includes driveway parking for residents.
Built in 1995, the property has vinyl siding, composition roofing, central heating, and central air conditioning. Interior features include laminate counters, carpet, and linoleum flooring, with each residence equipped with a dishwasher, free-standing electric oven, and refrigerator. Public sewer serves the property.
Built in 1995, the property has vinyl siding, composition roofing, central heating, and central air conditioning. Interior features include laminate counters, carpet, and linoleum flooring, with each residence equipped with a dishwasher, free-standing electric oven, and refrigerator. Public sewer serves the property.
Key Highlights
- Two‑unit duplex with 1,600 square feet of building area
- Each side includes 2 bedrooms and 1 bathroom
- 0.23‑acre parcel with driveway parking
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
$14,502
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
7.25%
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%
$290,040
$290.0K
Cap Rate 7%
$207,171
$207.2K
Cap Rate 9%
$161,133
$161.1K
Market Conditions
NOI Build-Up for 1,600 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
$22.1K $13.80/SF
− Vacancy
−$1.4K −$0.85/SF
EGI
$20.7K $12.95/SF
− OpEx
−$6.2K −$3.88/SF
NOI
$14.5K $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%
$290,040
Cap Rate 7%
$207,171
Cap Rate 9%
$161,133
Alternative Uses
Best Use
Multifamily LT 5
$207.2K
$181.3K – $241.7K
NOI $14,502 @ 7.0% cap · market cap 7.25%
Second Best
Apartment 5plus
$184.8K
$161.7K – $215.6K
NOI $12,934 @ 7.0% cap · market cap 6.47%
Theoretical Best
Office A
$241.5K
$211.3K – $281.7K
NOI $16,904 @ 7.0% cap · market cap 8.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
450
Businesses Nearby
Explore this area
Business Placement
Demographics for 65802, MO
48,233
Population
20,199
Households
2.4
Avg Household Size
35
Median Age
26%
College-Educated
89%
High-School Grad
61.4 sq mi
ZIP Area
786
Density / Sq Mi
$51,080
Median Household Income
$34,298
Median Earnings
$900
Median Rent
$162,400
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?
Duplex - Both residences offer two bedrooms, one bathroom, and access to shared tenant parking.
Where is this duplex located?
The property is located at 1432 N Prospect Avenue Springfield, MO.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,600 square feet of building area; Each side includes 2 bedrooms and 1 bathroom; 0.23‑acre parcel with driveway parking
