Mixed-Use Building with
222 Park Central N, Springfield, MO 65806
For Sale
$649,000
A long-standing restaurant occupies the ground floor, with two residential lofts above.
Property Size4,874 SF
Price / SF$133.16
Days on Market1028
Property Features for 222 Park Central N
General Information
Standard status
Size
Property subtype
Zoning
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
hardwood floors
full kitchens
Carthage Stone sinks
exposed 140 year old rafters and brick
killer views
Building Details
Building Size
Year Built
Listing Agency:
Murney Associates - Primrose
(417) 823-2300
Listed By:
Bart C Collins · License #MO 2007003715
(417) 425-5400
Source:
Cappyharrisrealtors
Added: Jan 15, 2024
Changed: Nov 6
Last Checked: Nov 7 at 1:59AM
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.
At 222 Park Central N, this mixed-use building places The Riksha restaurant on the entire ground level, with two loft apartments on the floors above. The property contains 4,874 square feet and dates to 1884. The restaurant has occupied the retail space for more than 30 years.
The two lofts offer distinct layouts: one has two bedrooms and one bathroom across 1,200 square feet; the other includes three bedrooms and two bathrooms in 1,250 square feet. Both feature full kitchens, hardwood floors, Carthage Stone sinks, exposed brick and rafters described as 140 years old, along with views over downtown Springfield. The property is zoned CC and is located on Park Central Square.
The two lofts offer distinct layouts: one has two bedrooms and one bathroom across 1,200 square feet; the other includes three bedrooms and two bathrooms in 1,250 square feet. Both feature full kitchens, hardwood floors, Carthage Stone sinks, exposed brick and rafters described as 140 years old, along with views over downtown Springfield. The property is zoned CC and is located on Park Central Square.
Key Highlights
- The Riksha occupies the full ground floor and has been the retail tenant for 30+ years
- Two residential lofts above the restaurant: 2 bedrooms/1 bathroom and 3 bedrooms/2 bathrooms
- Loft 201 contains 1,200 square feet; Loft 301 contains 1,250 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,401
Cap Rate
6.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$788,020
$788.0K
Cap Rate 7%
$562,871
$562.9K
Cap Rate 9%
$437,789
$437.8K
Market Conditions
NOI Build-Up for 4,874 SF
Gross rent
$76.6K $15.72/SF
− Vacancy
−$5.0K −$1.02/SF
EGI
$71.6K $14.70/SF
− OpEx
−$32.2K −$6.61/SF
NOI
$39.4K $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%
$788,020
Cap Rate 7%
$562,871
Cap Rate 9%
$437,789
Alternative Uses
Best Use
Apartment 5plus
$562.9K
$492.5K – $656.7K
NOI $39,401 @ 7.0% cap · market cap 6.07%
Second Best
Specialty Retail
$555.2K
$485.8K – $647.7K
NOI $38,864 @ 7.0% cap · market cap 5.99%
Theoretical Best
Office A
$735.6K
$643.7K – $858.3K
NOI $51,495 @ 7.0% cap · market cap 7.93%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,215
Businesses Nearby
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Business Placement
Demographics for 65806, MO
12,529
Population
8,049
Households
1.6
Avg Household Size
27
Median Age
22%
College-Educated
87%
High-School Grad
2.1 sq mi
ZIP Area
5,966
Density / Sq Mi
$28,450
Median Household Income
$21,090
Median Earnings
$840
Median Rent
$85,700
Median Home Value
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Market
Properties on Market for Mixed-use properties in Springfield
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - A long-standing restaurant occupies the ground floor, with two residential lofts above.
Where is this mixed-use property located?
The property is located at 222 Park Central N Springfield, MO.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: The Riksha occupies the full ground floor and has been the retail tenant for 30+ years; Two residential lofts above the restaurant: 2 bedrooms/1 bathroom and 3 bedrooms/2 bathrooms; Loft 201 contains 1,200 square feet; Loft 301 contains 1,250 square feet
