Fully Occupied NNN Office
New
For Sale
$2,100,000
1517-1527 E Lark St, Springfield, MO 65804
Established office asset with NNN leases and longer-term tenancy in place.
Property Size13,263 SF
Days on Market3
Property Features for 1517-1527 E Lark St
General Information
Standard status
Active
Size
13,263 SF
Class
B
Property subtype
Multi Tenant Office
Occupancy
100%
Building Details
Building Size
13,263 SF
Year Built
1998
Tenancy
Multi
Listing Agency:
SVN | Rankin Co
(417) 883-8826
Listed By:
Jack Rankin · License #2018038830
(417) 883-8826
Source:
Thebrokerlist
Added: Aug 15
Changed: Aug 16
Last Checked: Aug 17 at 3:37AM
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 Co
Investment Insights
Based on property information with market context.
This office property was built in 1998 and is fully occupied under NNN leases with longer-term terms in place. The existing occupancy and lease structure provide a defined operating profile for an office purchaser.
The property is situated in south Springfield, Missouri, near the intersection of S Fremont Ave and E Republic Road. Nearby businesses and destinations include Blue Iguana Car Wash, Harter House, Toth and Associates, Architect Coffee Co, Corner 21 Chinese, Propel Fitness, Sonic Drive-In, Vogue Cleaners, Cox Hospital, and Twin Oaks Country Club.
The property is situated in south Springfield, Missouri, near the intersection of S Fremont Ave and E Republic Road. Nearby businesses and destinations include Blue Iguana Car Wash, Harter House, Toth and Associates, Architect Coffee Co, Corner 21 Chinese, Propel Fitness, Sonic Drive-In, Vogue Cleaners, Cox Hospital, and Twin Oaks Country Club.
Key Highlights
- Fully occupied office property
- NNN leases in place
- Longer‑term lease terms
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
$105,095
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
5.00%
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%
$2,101,900
$2.1M
Cap Rate 7%
$1,501,357
$1.5M
Cap Rate 9%
$1,167,722
$1.2M
Market Conditions
NOI Build-Up for 13,263 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
$146.4K $11.04/SF
− Vacancy
−$6.3K −$0.47/SF
EGI
$140.1K $10.57/SF
− OpEx
−$35.0K −$2.64/SF
NOI
$105.1K $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%
$2,101,900
Cap Rate 7%
$1,501,357
Cap Rate 9%
$1,167,722
Alternative Uses
Best Use
Office B
$1.50M
$1.31M – $1.75M
NOI $105,095 @ 7.0% cap · market cap 5.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.00M
$1.75M – $2.34M
NOI $140,127 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,321
Businesses Nearby
Explore this area
Business Placement
Demographics for 65804, MO
40,064
Population
20,118
Households
2
Avg Household Size
40
Median Age
42%
College-Educated
97%
High-School Grad
18.6 sq mi
ZIP Area
2,154
Density / Sq Mi
$58,288
Median Household Income
$40,103
Median Earnings
$898
Median Rent
$227,000
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 - Established office asset with NNN leases and longer-term tenancy in place.
Where is this office building located?
The property is located at 1517-1527 E Lark St Springfield, MO.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Fully occupied office property; NNN leases in place; Longer‑term lease terms
