Updated Flex Space with Detached
For Sale
$585,000
1816 S Franklin Avenue, Springfield, MO 65807
Multi-unit commercial package with a paved customer-facing area, detached garages, and an adjacent residential home.
Property Size3,156 SF
Price / SF$185.36
Days on Market520
Property Features for 1816 S Franklin Avenue
General Information
Standard status
Active
Size
3,156 SF
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$2,543
Building Details
Year Built
1984
Listing Agency:
Alpha Realty MO, LLC
(417) 818-4215
Listed By:
Ryan Stewart · License #2016017272
(417) 818-4215
Source:
Exitrealty
Added: Mar 29, 2025
Changed: Aug 29
Last Checked: Aug 29 at 1:03PM
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 Alpha Realty MO, LLC
Investment Insights
Based on property information with market context.
This offering combines two commercial units with a neighboring residential home, creating a three-unit package built around the primary commercial space. The commercial component totals 3,156 square feet, while the residence contains 850 square feet. The primary commercial unit has a recently paved asphalt area at the front, and detached garages provide additional storage or vehicle-secure space. The property was built in 1984.
Two of the three properties are currently income producing. The package is located at 1816 S Franklin Avenue in Springfield, near Bass Pro and just off Sunshine and Fort. Zoning requires the commercial and residential components to be sold together rather than separately.
Two of the three properties are currently income producing. The package is located at 1816 S Franklin Avenue in Springfield, near Bass Pro and just off Sunshine and Fort. Zoning requires the commercial and residential components to be sold together rather than separately.
Key Highlights
- 3 total units: 2 commercial spaces and 1 residential home
- 3,156 sqft of total commercial space
- 850 sqft residential home next to the primary commercial unit
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
$23,487
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
4.01%
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%
$469,740
$469.7K
Cap Rate 7%
$335,529
$335.5K
Cap Rate 9%
$260,967
$261.0K
Market Conditions
NOI Build-Up for 3,156 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
$34.8K $11.04/SF
− Vacancy
−$1.3K −$0.41/SF
EGI
$33.6K $10.63/SF
− OpEx
−$10.1K −$3.19/SF
NOI
$23.5K $7.44/SF
Area
Springfield, MO
Vacancy
3.70%
Lease Rate
$11.04 /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%
$469,740
Cap Rate 7%
$335,529
Cap Rate 9%
$260,967
Alternative Uses
Best Use
Retail
$335.5K
$293.6K – $391.5K
NOI $23,487 @ 7.0% cap · market cap 4.01%
Second Best
Industrial
$144.6K
$126.5K – $168.7K
NOI $10,122 @ 7.0% cap · market cap 1.73%
Theoretical Best
Office A
$476.3K
$416.8K – $555.7K
NOI $33,344 @ 7.0% cap · market cap 5.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
531
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 65807, MO
55,168
Population
28,546
Households
1.9
Avg Household Size
36
Median Age
33%
College-Educated
94%
High-School Grad
21.0 sq mi
ZIP Area
2,627
Density / Sq Mi
$50,271
Median Household Income
$33,510
Median Earnings
$994
Median Rent
$174,000
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-unit commercial package with a paved customer-facing area, detached garages, and an adjacent residential home.
Where is this flex space located?
The property is located at 1816 S Franklin Avenue Springfield, MO.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: 3 total units: 2 commercial spaces and 1 residential home; 3,156 sqft of total commercial space; 850 sqft residential home next to the primary commercial unit
