Renovated Multi-Suite Office
For Sale
$695,000
2003 S Stewart Avenue, Springfield, MO 65804
Four-suite office property with medical-user occupancy, extensive interior improvements, and convenient paved-lot parking.
Property Size4,000 SF
Price / SF$173.75
Days on Market564
Property Features for 2003 S Stewart Avenue
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Office
Additional Details
Office Units
4
Taxes and HOA fees
Annual Taxes
$7,328
Amenities
Central Air, Electric, A/C - Zone
3
Flat
Paved Driveway.
City
99/105 WIDTH X 200/223 DE
Building Details
Year Built
2006
Year Renovated
2006
Buildings
1
Tenancy
Multi
Listing Agency:
The Stephens Company Inc
(417) 888-5000
Listed By:
Robert Stephens
(417) 888-5000
Source:
Xome
Added: Feb 13, 2025
Changed: Aug 29
Last Checked: Aug 30 at 1:08PM
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 The Stephens Company Inc
Investment Insights
Based on property information with market context.
The property is a 4,000-square-foot office building configured as four legal suites. Renovated in 2006, the building has received subsequent exterior and interior painting, along with a roof replacement three years ago. Suite 100 measures approximately 800 square feet and is occupied by a medical-related user under a two-year lease. Suites 104, 108, and 112 comprise approximately 3,200 square feet and are expected to become available in October 2025.
The larger suite grouping includes a kitchen, two bathrooms, conference room, seven large offices, copy and supply space, a substantial file room with coffee-sink cabinetry, and a front reception and secretarial area. Central air with zoned electric A/C supports the building, while paved parking is available on site.
The property is positioned on South Stewart Avenue in southeastern Springfield, one block from Sunshine and Glenstone. Battlefield Regional Mall, Mercy and Cox Hospitals, and Missouri State University are each identified as being within five minutes of the property.
The larger suite grouping includes a kitchen, two bathrooms, conference room, seven large offices, copy and supply space, a substantial file room with coffee-sink cabinetry, and a front reception and secretarial area. Central air with zoned electric A/C supports the building, while paved parking is available on site.
The property is positioned on South Stewart Avenue in southeastern Springfield, one block from Sunshine and Glenstone. Battlefield Regional Mall, Mercy and Cox Hospitals, and Missouri State University are each identified as being within five minutes of the property.
Key Highlights
- 4,000 SF office building with four legal suites
- Approximately 3,200 SF across Suites 104, 108 & 112 expected to become available in October 2025
- Suite grouping includes 7 large offices, conference room, kitchen, 2 bathrooms, reception area, and file room
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
$31,696
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
4.56%
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%
$633,920
$633.9K
Cap Rate 7%
$452,800
$452.8K
Cap Rate 9%
$352,178
$352.2K
Market Conditions
NOI Build-Up for 4,000 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
$44.2K $11.04/SF
− Vacancy
−$1.9K −$0.47/SF
EGI
$42.3K $10.57/SF
− OpEx
−$10.6K −$2.64/SF
NOI
$31.7K $7.92/SF
Area
Springfield, MO
Vacancy
4.30%
Lease Rate
$11.04 /SF/Yr
Expense Ratio
25.00%
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%
$633,920
Cap Rate 7%
$452,800
Cap Rate 9%
$352,178
Alternative Uses
Best Use
Office B
$452.8K
$396.2K – $528.3K
NOI $31,696 @ 7.0% cap · market cap 4.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$603.7K
$528.3K – $704.4K
NOI $42,261 @ 7.0% cap · market cap 6.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,023
Businesses Nearby
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Four-suite office property with medical-user occupancy, extensive interior improvements, and convenient paved-lot parking.
Where is this office building located?
The property is located at 2003 S Stewart Avenue Springfield, MO.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 4,000 SF office building with four legal suites; Approximately 3,200 SF across Suites 104, 108 & 112 expected to become available in October 2025; Suite grouping includes 7 large offices, conference room, kitchen, 2 bathrooms, reception area, and file room
