Northwest Springfield Warehouse For
For Sale
Contact for pricing
1515 W Division St, Springfield, MO 65802
71,599 SF warehouse with tenant and value-add opportunity.
Property Size71,599 SF
Price / SF$38.76
Days on Market1021
Property Features for 1515 W Division St
General Information
Standard status
Active
Size
71,599 SF
Property subtype
Industrial
Occupancy
50%
Lease Type
NNN
Investment Type
Value Add
Net Operating Income
$152,278
Building Details
Units
2
Tenancy
Multi
Listing Agency:
SVN Rankin Company, LLC
(417) 860-9951
Listed By:
Jack Rankin · License #MO 2018038830
Source:
Crexi
Added: Nov 14, 2023
Changed: Aug 24
Last Checked: Aug 29 at 12:14AM
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 SVN Rankin Company, LLC
Investment Insights
Based on property information with market context.
This 71,599 SF warehouse is available for sale in Northwest Springfield, Missouri. Approximately 35,500 SF is occupied by a tenant with a new 10-year lease signed in November 2023. The remaining half of the building is a vacant warehouse, presenting a value-add opportunity for an owner-user or investor. The property is located at the northeast corner of Division Street and N Kansas Expressway in Northwest Springfield, with a combined traffic count of over 39,000 vehicles per day. Neighboring businesses and institutions include O'Rielly Auto Parts, City Utilities, Paul Mueller Company, Carsten Auto Glass, and the Greene County Highway Department.
Key Highlights
- 71,599 SF warehouse with income potential.
- +\/- 35,500 SF leased to a credit‑worthy tenant with a new 10‑year lease (signed Nov 2023).
- Value‑add opportunity with vacant +\/- 36,099 SF warehouse space.
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
$229,633
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
8.28%
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%
$4,592,660
$4.6M
Cap Rate 7%
$3,280,471
$3.3M
Cap Rate 9%
$2,551,478
$2.6M
Market Conditions
NOI Build-Up for 71,599 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
$335.1K $4.68/SF
− Vacancy
−$7.0K −$0.10/SF
EGI
$328.0K $4.58/SF
− OpEx
−$98.4K −$1.37/SF
NOI
$229.6K $3.21/SF
Area
Springfield, MO
Vacancy
2.10%
Lease Rate
$4.68 /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%
$4,592,660
Cap Rate 7%
$3,280,471
Cap Rate 9%
$2,551,478
Alternative Uses
Best Use
Warehouse
$3.98M
$3.49M – $4.65M
NOI $278,840 @ 7.0% cap · market cap 10.05%
Second Best
Industrial
$3.28M
$2.87M – $3.83M
NOI $229,633 @ 7.0% cap · market cap 8.28%
Theoretical Best
Office A
$10.81M
$9.46M – $12.61M
NOI $756,463 @ 7.0% cap · market cap 27.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
235
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- ACCESS RV & BOAT STORAGE — 1819 W Division St, Springfield, MO 65802
- Pack-N-Stack Mini Storage of Springfield - Commercial St — 628 W Chase St, Springfield, MO 65803
Frequently Asked Questions
What type of property is this?
Warehouse - 71,599 SF warehouse with tenant and value-add opportunity.
Where is this warehouse located?
The property is located at 1515 W Division St Springfield, MO.
What is the asking price?
The asking price for this property is $2,775,000.
What are key features of this property?
This property features: 71,599 SF warehouse with income potential.; +\/- 35,500 SF leased to a credit‑worthy tenant with a new 10‑year lease (signed Nov 2023).; Value‑add opportunity with vacant +\/- 36,099 SF warehouse space.
