Historic Mixed-Use Building with STR
For Sale
$975,000
214 E Commercial St, Springfield, MO 65803
Three-story historic building rebuilt in 2012, offering a commercial storefront and two separately metered residential lofts with an active STR license.
Property Size6,023 SF
Price / SF$161.88
Days on Market167
Property Features for 214 E Commercial St
General Information
Standard status
Active
Size
6,023 SF
Property subtype
Commercial
Site & Location
Neighborhood
Midtown
Building Details
Year Built
1879
Listing Agency:
Murney Associates - Primrose
Listed By:
Langston Group · License #2017005672
(417) 280-6661
Source:
Trilakeshomesearch
Added: May 10
Changed: Oct 1
Last Checked: Oct 23 at 7:16AM
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 Murney Associates - Primrose
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Investment Insights
Based on property information with market context.
This three-story historic red brick building was taken to the studs and rebuilt in 2012, with updates since. The ground floor is a commercial storefront featuring a recessed entry, display windows, soaring ceilings, exposed brick, and luxury vinyl plank flooring, along with a back office, private bath, and rear entry room with laundry hookups. Each floor is separately metered for utilities.
Upstairs, there are two residential lofts designed to operate separately or be opened into one larger home across both floors. Laundry is located on the landing between the lofts, and the stairs include new step lighting for nighttime access. Both lofts feature exposed brick, soaring ceilings, and updated finishes including custom gas fireplaces, granite counters, and bedrooms with private baths and custom tile showers, with additional premium details on the second and third floors such as a large walk-in closet and floor-to-ceiling windows.
The property is sold fully furnished and is already licensed for short-term rental with the City of Springfield, with the option to operate as a nightly rental or lease furnished long term. Reserved rear parking is available, along with street parking out front.
Upstairs, there are two residential lofts designed to operate separately or be opened into one larger home across both floors. Laundry is located on the landing between the lofts, and the stairs include new step lighting for nighttime access. Both lofts feature exposed brick, soaring ceilings, and updated finishes including custom gas fireplaces, granite counters, and bedrooms with private baths and custom tile showers, with additional premium details on the second and third floors such as a large walk-in closet and floor-to-ceiling windows.
The property is sold fully furnished and is already licensed for short-term rental with the City of Springfield, with the option to operate as a nightly rental or lease furnished long term. Reserved rear parking is available, along with street parking out front.
Key Highlights
- Historic red‑brick 3‑story building in the Commercial Street Historic District, dating to the 1886–1891 railroad era
- Rebuilt after being taken to the studs and rebuilt in 2012, with updates since
- Commercial storefront on the ground floor with recessed entry, display windows, soaring ceilings, exposed brick, chandelier lighting, and luxury vinyl plank flooring
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$48,690
Cap Rate
4.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$973,800
$973.8K
Cap Rate 7%
$695,571
$695.6K
Cap Rate 9%
$541,000
$541.0K
Market Conditions
NOI Build-Up for 6,023 SF
Gross rent
$94.7K $15.72/SF
− Vacancy
−$6.2K −$1.02/SF
EGI
$88.5K $14.70/SF
− OpEx
−$39.8K −$6.61/SF
NOI
$48.7K $8.08/SF
Area
Springfield, MO
Vacancy
6.50%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$973,800
Cap Rate 7%
$695,571
Cap Rate 9%
$541,000
Alternative Uses
Best Use
Apartment 5plus
$695.6K
$608.6K – $811.5K
NOI $48,690 @ 7.0% cap · market cap 4.99%
Second Best
Mixed Use
$643.7K
$563.3K – $751.0K
NOI $45,060 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$909.1K
$795.4K – $1.06M
NOI $63,635 @ 7.0% cap · market cap 6.53%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
868
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-story historic building rebuilt in 2012, offering a commercial storefront and two separately metered residential lofts with an active STR license.
Where is this mixed-use property located?
The property is located at 214 E Commercial St Springfield, MO.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Historic red‑brick 3‑story building in the Commercial Street Historic District, dating to the 1886–1891 railroad era; Rebuilt after being taken to the studs and rebuilt in 2012, with updates since; Commercial storefront on the ground floor with recessed entry, display windows, soaring ceilings, exposed brick, chandelier lighting, and luxury vinyl plank flooring
