Renovated Office Units with
For Sale
$164,999
2240 N Grant Avenue, Springfield, MO 65803
SINGLE_FAMILY - Springfield, MO
Property Size1,368 SF
Lot Size0.10 Acres
Price / SF$120.61
Days on Market98
Property Features for 2240 N Grant Avenue
General Information
Property type
Residential
Property subtype
Office
Zoning
INC
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Subdivision
Fairview
Directions
From US Hwy 65, take the Kearney Street exit and head west. Continue approximately 2.5 miles, then turn left (south) onto Grant Avenue. Property will be on the left.
Standard status
Active
APN
1311114014
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
FAIRVIEW ADD W 22 FT E 152 FT LOT 3 & E 56 FT W 75 FT LOT 4 BLK C
Tax Annual Amount
1711
Legal Description
FAIRVIEW ADD W 22 FT E 152 FT LOT 3 & E 56 FT W 75 FT LOT 4 BLK C
Utilities
Utilities
Water Available
Cooling system
Central Air
Amenities
kitchenette
backyard
Building Details
Year built
1953
Listing Agency:
Jones - Lassley Realty, Inc
(417) 581-6213
Listed By:
Echo Combs · License #2022010364
(417) 545-1981
Added: May 7
Changed: Aug 4
Last Checked: Aug 12 at 1:06AM
MLS# 60322867
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 1,368-square-foot office property combines a renovated interior with a flexible layout that can accommodate up to five private office spaces. The space includes modern finishes, shared common areas, a kitchenette, and two bathrooms. Central air supports year-round comfort, and the HVAC system was replaced in 2025.
The property occupies a 0.1-acre site at 2240 N Grant Avenue in Springfield, Missouri. The rear yard offers potential for additional parking or other outdoor use. Water is available, and the property carries INC zoning.
The property occupies a 0.1-acre site at 2240 N Grant Avenue in Springfield, Missouri. The rear yard offers potential for additional parking or other outdoor use. Water is available, and the property carries INC zoning.
Key Highlights
- 1,368 SF renovated office property
- Layout supports up to five private office spaces
- New HVAC installed in 2025
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
$10,840
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
6.57%
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%
$216,800
$216.8K
Cap Rate 7%
$154,857
$154.9K
Cap Rate 9%
$120,444
$120.4K
Market Conditions
NOI Build-Up for 1,368 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
$15.1K $11.04/SF
− Vacancy
−$649 −$0.47/SF
EGI
$14.5K $10.57/SF
− OpEx
−$3.6K −$2.64/SF
NOI
$10.8K $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%
$216,800
Cap Rate 7%
$154,857
Cap Rate 9%
$120,444
Alternative Uses
Best Use
Office B
$154.9K
$135.5K – $180.7K
NOI $10,840 @ 7.0% cap · market cap 6.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$206.5K
$180.7K – $240.9K
NOI $14,453 @ 7.0% cap · market cap 8.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
90
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 Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Updated commercial interiors offer adaptable private-office layouts, shared areas, and convenient on-site amenities.
Where is this office units located?
The property is located at 2240 N Grant Avenue Springfield, MO.
What is the asking price?
The asking price for this property is $164,999.
What are key features of this property?
This property features: 1,368 SF renovated office property; Layout supports up to five private office spaces; New HVAC installed in 2025
