Duplex Package Near Kansas
For Sale
Contact for pricing
Pending
1820-1824 W Walnut St, Springfield, MO 65806
Two duplexes near Kansas Expressway in Springfield, fully occupied.
Property Size1,664 SF
Days on Market923
Property Features for 1820-1824 W Walnut St
General Information
Standard status
Pending
Size
1,664 SF
Class
C
Property subtype
Multifamily
Zoning
Residential Single Family
Occupancy
100%
Building Details
Year Built
1995
Units
4
Listing Agency:
AMAX Real Estate
Listed By:
Jennifer Jackson · License #2025028715
(417) 861-2279
Source:
Crexi
Added: Feb 22, 2024
Changed: Aug 8
Last Checked: Aug 6 at 3:10PM
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 AMAX Real Estate
Investment Insights
Based on property information with market context.
This offering features a package of two duplexes located on West Walnut Street, near Kansas Expressway in Springfield, Missouri. The location provides convenient access to Springfield and is within minutes of Historic Downtown Springfield. Each of the four units offers 845 square feet of living space, with a layout of two bedrooms and one bathroom. The properties are currently 100% occupied. The common area between the two units includes two concrete-mounted picnic tables. Neighboring businesses include the Route 66 Car Museum, College Street Cafe, Kum & Go, Jordan Valley Ice Park, Flame Steak House, Missouri State University, Dairy Queen, Little Caesars Pizza, Boys & Girls Club, and Walgreens, along with other local and national businesses. Springfield, Missouri, offers outdoor and cultural experiences and is a regional hub with big-city amenities and small-town hospitality.
Key Highlights
- 100% Occupied Duplex Package: Immediate income generation from four fully rented units.
- Prime Location: Situated on W Walnut St near Kansas Expressway, offering easy access to Springfield and Historic Downtown.
- Strong Rental Potential: Each unit features 2 bedrooms and 1 bathroom, a desirable layout for renters.
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
$15,082
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
4.25%
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%
$301,640
$301.6K
Cap Rate 7%
$215,457
$215.5K
Cap Rate 9%
$167,578
$167.6K
Market Conditions
NOI Build-Up for 1,664 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
$23.0K $13.80/SF
− Vacancy
−$1.4K −$0.85/SF
EGI
$21.5K $12.95/SF
− OpEx
−$6.5K −$3.88/SF
NOI
$15.1K $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%
$301,640
Cap Rate 7%
$215,457
Cap Rate 9%
$167,578
Alternative Uses
Best Use
Multifamily LT 5
$215.5K
$188.5K – $251.4K
NOI $15,082 @ 7.0% cap · market cap 4.25%
Second Best
Apartment 5plus
$192.2K
$168.2K – $224.2K
NOI $13,452 @ 7.0% cap · market cap 3.79%
Theoretical Best
Office A
$251.2K
$219.8K – $293.0K
NOI $17,581 @ 7.0% cap · market cap 4.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
313
Businesses Nearby
Explore this area
Business Placement
Demographics for 65806, MO
12,529
Population
8,049
Households
1.6
Avg Household Size
27
Median Age
22%
College-Educated
87%
High-School Grad
2.1 sq mi
ZIP Area
5,966
Density / Sq Mi
$28,450
Median Household Income
$21,090
Median Earnings
$840
Median Rent
$85,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two duplexes near Kansas Expressway in Springfield, fully occupied.
Where is this duplex located?
The property is located at 1820-1824 W Walnut St Springfield, MO.
What is the asking price?
The asking price for this property is $355,000.
What are key features of this property?
This property features: 100% Occupied Duplex Package: Immediate income generation from four fully rented units.; Prime Location: Situated on W Walnut St near Kansas Expressway, offering easy access to Springfield and Historic Downtown.; Strong Rental Potential: Each unit features 2 bedrooms and 1 bathroom, a desirable layout for renters.
