13-Unit Renovated Apartment
For Sale
$1,500,000
2420 E Blaine Street, Springfield, MO 65803
Updated rental housing offers three floor plans, provided kitchen appliances, and a fenced pet area on site.
Property Size11,050 SF
Price / SF$135.75
Days on Market986
Property Features for 2420 E Blaine Street
General Information
Standard status
Active
Size
11,050 SF
Property subtype
Commercial
Zoning
Apartments
Site & Location
Neighborhood
Cooper Park
Units
Unit Mix
5 x 2BR/1BA, 4 x 1BR/1BA, 4 x 3BR/2BA
Multifamily Units
13
Additional Details
Sprinkler System
Yes
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$13,756
Amenities
laminate vinyl plank flooring
double pane vinyl windows
laminate kitchen counters
oven, dishwasher, and refrigerator
utility closet
coin operated W&D
in-unit W&D
spacious layout
common areas
fenced pet park
oversized designated parking area
Building Details
Building Size
11,050 SF
Year Built
1952
Buildings
1
Units
13
Listing Agency:
Murney Associates - Primrose
(417) 823-2300
Listed By:
Langston Group · License #2017005672
(417) 280-6661
Source:
Jimhutchesonrealtors
Added: Feb 19, 2024
Changed: Oct 29
Last Checked: Oct 29 at 2:40PM
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 Murney Associates - Primrose
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Investment Insights
Based on property information with market context.
This 11,050-square-foot apartment building contains 13 units and has undergone a recent renovation. The mix includes five two-bedroom/one-bathroom apartments, four one-bedroom/one-bathroom apartments, and four three-bedroom/two-bathroom apartments. Features include laminate vinyl plank flooring, double-pane vinyl windows, laminate kitchen counters, and supplied ovens, dishwashers, and refrigerators. Laundry arrangements vary, with some apartments offering in-unit machines and others using coin-operated equipment. Smoke detectors and sprinklers are installed, and the property includes common areas, designated parking, and a wood privacy-fenced pet area. The stated zoning is Apartments.
Key Highlights
- 13 apartments across three bedroom and bathroom configurations
- 11,050 square feet; building constructed in 1952
- Recently renovated, with work completed from the studs up
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$89,328
Cap Rate
5.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,786,560
$1.8M
Cap Rate 7%
$1,276,114
$1.3M
Cap Rate 9%
$992,533
$992.5K
Market Conditions
NOI Build-Up for 11,050 SF
Gross rent
$173.7K $15.72/SF
− Vacancy
−$11.3K −$1.02/SF
EGI
$162.4K $14.70/SF
− OpEx
−$73.1K −$6.61/SF
NOI
$89.3K $8.08/SF
Area
Springfield, MO
Vacancy
6.50%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,786,560
Cap Rate 7%
$1,276,114
Cap Rate 9%
$992,533
Alternative Uses
Best Use
Apartment 5plus
$1.28M
$1.12M – $1.49M
NOI $89,328 @ 7.0% cap · market cap 5.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.67M
$1.46M – $1.95M
NOI $116,746 @ 7.0% cap · market cap 7.78%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
13
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
179
Businesses Nearby
Explore this area
Business Placement
Demographics for 65803, MO
42,007
Population
19,659
Households
2.1
Avg Household Size
38
Median Age
22%
College-Educated
91%
High-School Grad
93.4 sq mi
ZIP Area
450
Density / Sq Mi
$46,539
Median Household Income
$33,537
Median Earnings
$890
Median Rent
$158,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Updated rental housing offers three floor plans, provided kitchen appliances, and a fenced pet area on site.
Where is this apartment building located?
The property is located at 2420 E Blaine Street Springfield, MO.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 13 apartments across three bedroom and bathroom configurations; 11,050 square feet; building constructed in 1952; Recently renovated, with work completed from the studs up
