Redeveloped Retail
New
For Sale
$995,000
2003 E Kearney St, Springfield, MO 65803
Updated commercial center offering flexible suites for single-tenant or multi-tenant occupancy in Northeast Springfield.
Property Size5,410 SF
Price / SF$183.92
Days on Market2
Property Features for 2003 E Kearney St
General Information
Standard status
Active
Size
5,410 SF
Property subtype
Street Retail
Building Details
Building Size
5,410 SF
Year Built
1968
Listing Agency:
SVN | Rankin Co
(417) 887-8826
Listed By:
Lee McLean III, CCIM
(417) 887-8826
Source:
Thebrokerlist
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 21 at 4:46AM
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 retail center at 2003 E Kearney St has an updated exterior following redevelopment and offers adaptable occupancy options. The building can accommodate one user in 5,410 SF or be configured for 2 to 3 tenants, with suites available down to 1,506 SF. The landlord will provide white-box delivery for subdivided spaces. The stated square footage excludes the full basement. Originally built in 1968, the property combines existing retail infrastructure with refreshed presentation.
The center is positioned just off the Glenstone and Kearney intersection in Northeast Springfield. It is directly across from Big Shots Golf and shadow-anchored by Walmart Supercenter, with nearby additions including Freddy's, Chick-fil-A, Whataburger, Take 5 Oil Change, 7-Brew, and Kum & Go. Bass Pro Shops headquarters is less than 1/2 mile away, and multiple conference centers and hotels are located in the immediate area.
The property receives tax abatement through the Kearney Street Redevelopment Plan, with reduced real estate taxes described as locked in for 10 years.
The center is positioned just off the Glenstone and Kearney intersection in Northeast Springfield. It is directly across from Big Shots Golf and shadow-anchored by Walmart Supercenter, with nearby additions including Freddy's, Chick-fil-A, Whataburger, Take 5 Oil Change, 7-Brew, and Kum & Go. Bass Pro Shops headquarters is less than 1/2 mile away, and multiple conference centers and hotels are located in the immediate area.
The property receives tax abatement through the Kearney Street Redevelopment Plan, with reduced real estate taxes described as locked in for 10 years.
Key Highlights
- 5,410 SF building configuration for a single tenant
- Divisible for 2 to 3 tenants with suites down to 1,506 SF
- White‑box delivery provided by landlord for subdivided spaces
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
$40,262
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
4.05%
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%
$805,240
$805.2K
Cap Rate 7%
$575,171
$575.2K
Cap Rate 9%
$447,356
$447.4K
Market Conditions
NOI Build-Up for 5,410 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
$59.7K $11.04/SF
− Vacancy
−$2.2K −$0.41/SF
EGI
$57.5K $10.63/SF
− OpEx
−$17.3K −$3.19/SF
NOI
$40.3K $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%
$805,240
Cap Rate 7%
$575,171
Cap Rate 9%
$447,356
Alternative Uses
Best Use
Retail
$575.2K
$503.3K – $671.0K
NOI $40,262 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$816.5K
$714.5K – $952.6K
NOI $57,158 @ 7.0% cap · market cap 5.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
545
Businesses Nearby
Balanced
Demand for This Use
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Primrose Marketplace — N Glenstone Ave, Springfield, MO 65803
- Lurvey Plaza — 2367 E Kearney St, Springfield, MO 65803
- Fed Ex — 1900 E Florida St, Springfield, MO 65803, United States
Frequently Asked Questions
What type of property is this?
Shopping center - Updated commercial center offering flexible suites for single-tenant or multi-tenant occupancy in Northeast Springfield.
Where is this shopping center located?
The property is located at 2003 E Kearney St Springfield, MO.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 5,410 SF building configuration for a single tenant; Divisible for 2 to 3 tenants with suites down to 1,506 SF; White‑box delivery provided by landlord for subdivided spaces
