Flex Space with Two
For Sale
$895,000
201 & 205 E Forest Ave, Columbia, MO 65203
Two complementary structures combine updated offices with shop, storage, loading, and neighborhood-commercial functionality.
Property Size5,480 SF
Lot Size0.58 Acres
Price / SF$163.32
Days on Market140
Property Features for 201 & 205 E Forest Ave
General Information
Standard status
Active
Size
5,480 SF
Total Parking Spaces
26
Lot size
0.58 Acres
Property subtype
Commercial
Zoning
M-N Mixed Use-Neighborhood*
Site & Location
Road Access
Yes
Utilities to Site
Yes
Warehouse & Industrial
Warehouse Space
1,350 SF
Office Build-Out
2,848 SF
Taxes and HOA fees
Annual Taxes
$7,121
Building Details
Building Size
5,480 SF
Buildings
2
Stories
1
Listing Agency:
REMAX Boone Realty
(573) 489-1458
Listed By:
Alice Leeper · License #2004021871
(573) 489-1458
Source:
Rgmongler
Added: Apr 13
Changed: Aug 30
Last Checked: Aug 30 at 12:30AM
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 REMAX Boone Realty
Investment Insights
Based on property information with market context.
The property includes two separate commercial buildings at 201 and 205 E. Forest Ave. The 2,848-square-foot office building was originally constructed in 1980 and renovated in 2017, providing a single-story layout with offices, reception and support areas, restroom and kitchenette facilities, central air conditioning, and forced-air natural gas heat. The second structure contains 2,632 square feet and was built in 2015, pairing office support space with an open shop or storage area and two rear overhead doors.
The 25,458-square-foot site includes approximately 6,550 square feet and 4,540 square feet of asphalt-paved parking areas serving the respective buildings, with 26± spaces overall. M-N Mixed Use-Neighborhood zoning is in place, along with City of Columbia utilities, monument signage, concrete sidewalks, landscaped areas, and exterior lot lighting. Access is provided from E. Forest Ave. through dual entry drives, with additional alley access to the north and approximately 188.58 feet of frontage along E. Forest Ave. and the rear alley.
The 25,458-square-foot site includes approximately 6,550 square feet and 4,540 square feet of asphalt-paved parking areas serving the respective buildings, with 26± spaces overall. M-N Mixed Use-Neighborhood zoning is in place, along with City of Columbia utilities, monument signage, concrete sidewalks, landscaped areas, and exterior lot lighting. Access is provided from E. Forest Ave. through dual entry drives, with additional alley access to the north and approximately 188.58 feet of frontage along E. Forest Ave. and the rear alley.
Key Highlights
- Two‑building flex property with 5,480± SF of total building area
- 2,848 SF office building renovated in 2017
- 2,632 SF office/shop building constructed in 2015
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
$59,473
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
6.65%
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%
$1,189,460
$1.2M
Cap Rate 7%
$849,614
$849.6K
Cap Rate 9%
$660,811
$660.8K
Market Conditions
NOI Build-Up for 5,480 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
$73.7K $13.44/SF
− Vacancy
−$3.7K −$0.67/SF
EGI
$70.0K $12.77/SF
− OpEx
−$10.5K −$1.92/SF
NOI
$59.5K $10.85/SF
Area
Columbia, MO
Vacancy
5.00%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
15.00%
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%
$1,189,460
Cap Rate 7%
$849,614
Cap Rate 9%
$660,811
Alternative Uses
Best Use
Warehouse
$849.6K
$743.4K – $991.2K
NOI $59,473 @ 7.0% cap · market cap 6.65%
Second Best
Industrial
$699.7K
$612.2K – $816.3K
NOI $48,978 @ 7.0% cap · market cap 5.47%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
789
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 65203, MO
59,712
Population
27,157
Households
2.2
Avg Household Size
36
Median Age
65%
College-Educated
97%
High-School Grad
74.7 sq mi
ZIP Area
799
Density / Sq Mi
$80,442
Median Household Income
$48,287
Median Earnings
$1,035
Median Rent
$319,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Two complementary structures combine updated offices with shop, storage, loading, and neighborhood-commercial functionality.
Where is this flex space located?
The property is located at 201 & 205 E Forest Ave Columbia, MO.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Two‑building flex property with 5,480± SF of total building area; 2,848 SF office building renovated in 2017; 2,632 SF office/shop building constructed in 2015
