Renovated Bungalow
For Sale
$185,000
2203 N National Avenue, Springfield, MO 65803
DUPLEX - Bungalow - Springfield, MO
Property Size1,238 SF
Lot Size0.16 Acres
Price / SF$149.43
Days on Market148
Property Features for 2203 N National Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 4, Bedroom 1, Bedroom 2
Interior features
W/D Hookup
Fireplace
1
Appliances
Dishwasher, Free-Standing Electric Oven, Disposal
Subdivision
Hobart's
Elementary school
SGF-Robberson
Middle school
SGF-Reed
High school
SGF-Hillcrest
Directions
At National and High Street, just south of Kearney.
Standard status
Active
APN
1312114012
Size
1,238 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HOBART'S 3RD ADD LOT 12 BLK 2
Tax Annual Amount
1178
Legal Description
HOBART'S 3RD ADD LOT 12 BLK 2
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Central
Cooling system
Ceiling Fan(s)
Building Details
Year built
1896
Floors in Building
1
Architectural style
Bungalow
Listing Agency:
Epique Realty
(888) 893-3537
Listed By:
Revoir Real Estate Group · License #2013030060
(417) 507-1313
Added: Mar 28
Changed: Aug 5
Last Checked: Aug 22 at 6:06AM
MLS# 60319259
Copyright © 2026 Southern Missouri Regional MLS, LLC (SOMO). All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated bungalow duplex offers versatile living with two private units. Each unit features two bedrooms and one full bathroom with a spacious open layout. Interior updates include updated flooring and abundant natural light, with kitchens equipped with stylish cabinetry, ample counter space, and included appliances such as a dishwasher, free-standing electric oven, and disposal. Bathrooms have been updated with clean, contemporary finishes. Major components including electrical, plumbing, windows, and HVAC have been updated, supporting long-term durability.
The property was built in 1896 and includes a fireplace and a W/D hookup. Heating is central and forced air, and cooling includes ceiling fan(s). Both units have private entrances, which helps separate daily use while keeping the overall configuration simple and practical.
Set on a 0.16-acre lot, the duplex is served by public sewer and is located in Springfield, MO with convenient access to shopping, dining, and public transportation.
The property was built in 1896 and includes a fireplace and a W/D hookup. Heating is central and forced air, and cooling includes ceiling fan(s). Both units have private entrances, which helps separate daily use while keeping the overall configuration simple and practical.
Set on a 0.16-acre lot, the duplex is served by public sewer and is located in Springfield, MO with convenient access to shopping, dining, and public transportation.
Key Highlights
- 0.16‑acre lot duplex built in 1896
- Two bedrooms and one full bathroom per unit with open layout
- Private entrances for each unit
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
$11,221
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
6.07%
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%
$224,420
$224.4K
Cap Rate 7%
$160,300
$160.3K
Cap Rate 9%
$124,678
$124.7K
Market Conditions
NOI Build-Up for 1,238 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
$17.1K $13.80/SF
− Vacancy
−$1.1K −$0.85/SF
EGI
$16.0K $12.95/SF
− OpEx
−$4.8K −$3.88/SF
NOI
$11.2K $9.06/SF
Area
Springfield, MO
Vacancy
6.17%
Lease Rate
$13.80 /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%
$224,420
Cap Rate 7%
$160,300
Cap Rate 9%
$124,678
Alternative Uses
Best Use
Multifamily LT 5
$160.3K
$140.3K – $187.0K
NOI $11,221 @ 7.0% cap · market cap 6.07%
Second Best
Apartment 5plus
$143.0K
$125.1K – $166.8K
NOI $10,008 @ 7.0% cap · market cap 5.41%
Theoretical Best
Office A
$186.9K
$163.5K – $218.0K
NOI $13,080 @ 7.0% cap · market cap 7.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
416
Businesses Nearby
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Completely renovated duplex with two bedrooms and one full bath per unit, private entrances, and updated major systems.
Where is this duplex located?
The property is located at 2203 N National Avenue Springfield, MO.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: 0.16‑acre lot duplex built in 1896; Two bedrooms and one full bathroom per unit with open layout; Private entrances for each unit
