Updated Retail Center with Multiple
For Sale
$1,360,000
1938 S Glenstone Ave, Springfield, MO 65804
Recently updated retail center with six suites and established occupancy, positioned in front of Plaza Shopping Center.
Property Size6,006 SF
Price / SF$226.44
Days on Market66
Property Features for 1938 S Glenstone Ave
General Information
Standard status
Active
Size
6,006 SF
Property subtype
Commercial
Additional Details
Traffic Count
40,000 vehicles/day
Building Details
Year Built
1979
Tenancy
Multi
Listing Agency:
Keller Williams Local
Listed By:
Adam Graddy klrw369@kw.com · License #2004014961
(417) 883-4900
Source:
Trilakeshomesearch
Added: Jul 5
Changed: Sep 8
Last Checked: Sep 8 at 8:56AM
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 Keller Williams Local
Investment Insights
Based on property information with market context.
This recently updated retail center is configured with six suites, with four established tenants currently occupying space. The property is designed to support ongoing commercial use, offering flexibility for future occupancy and tenant mix within the existing suite layout.
Located at 1938 South Glenstone Avenue, the center sits directly in front of Plaza Shopping Center along one of Springfield’s busiest commercial corridors. The property benefits from strong visibility, ample parking, and approximately 40,000 vehicles per day for customer awareness and access.
Located at 1938 South Glenstone Avenue, the center sits directly in front of Plaza Shopping Center along one of Springfield’s busiest commercial corridors. The property benefits from strong visibility, ample parking, and approximately 40,000 vehicles per day for customer awareness and access.
Key Highlights
- Commercial retail center at 1938 S. Glenstone Avenue, built in 1979 and recently updated
- Fronts Plaza Shopping Center on Springfield’s busiest commercial corridor with approximately 40,000 vehicles per day
- Configured with 6 suites and currently occupied by 4 established tenants
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
$44,697
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
3.29%
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%
$893,940
$893.9K
Cap Rate 7%
$638,529
$638.5K
Cap Rate 9%
$496,633
$496.6K
Market Conditions
NOI Build-Up for 6,006 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
$66.3K $11.04/SF
− Vacancy
−$2.5K −$0.41/SF
EGI
$63.9K $10.63/SF
− OpEx
−$19.2K −$3.19/SF
NOI
$44.7K $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%
$893,940
Cap Rate 7%
$638,529
Cap Rate 9%
$496,633
Alternative Uses
Best Use
Retail
$638.5K
$558.7K – $745.0K
NOI $44,697 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$906.5K
$793.2K – $1.06M
NOI $63,455 @ 7.0% cap · market cap 4.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
40,000 VPD
Traffic count
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,023
Businesses Nearby
Well-served
Demand for This Use
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 Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Tower Grove Shopping Center — 1803 E Seminole St, Springfield, MO 65804, United States
- Spring Valley Shopping Center — 1675 E Seminole St, Springfield, MO 65804
- Plaza Towers Center — S Glenstone Ave, Springfield, MO 65804
- Plaza Shopping Center — 1907 S Glenstone Ave, Springfield, MO 65804
- L&L luckylynns — 1914 s glenn ave, springfield, mo 65807
Frequently Asked Questions
What type of property is this?
Shopping center - Recently updated retail center with six suites and established occupancy, positioned in front of Plaza Shopping Center.
Where is this shopping center located?
The property is located at 1938 S Glenstone Ave Springfield, MO.
What is the asking price?
The asking price for this property is $1,360,000.
What are key features of this property?
This property features: Commercial retail center at 1938 S. Glenstone Avenue, built in 1979 and recently updated; Fronts Plaza Shopping Center on Springfield’s busiest commercial corridor with approximately 40,000 vehicles per day; Configured with 6 suites and currently occupied by 4 established tenants
