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    Renovated Multifamily Property in Springfield Title is generated by Realmo AI

    2420 E Blaine Street, Springfield, MO 65803

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    Claim this Listing
    For Sale
    $1,500,000

    MULTI_FAMILY - Springfield, MO

    Property size:
    11,050 SF
    Lot size:
    1.22 Acres
    Price / SF:
    $135/SF
    Added:
    Feb 19, 2024
    Days on Market:
    824
    Last Refresh:
    May 23 at 6:06 pm

    Property Features for 2420 E Blaine Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Apartments
    Bedrooms
    26
    Bathrooms
    1
    Rooms
    Bedroom 7, Bedroom 26, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 13, Bedroom 14, Bedroom 8, Bedroom 22, Bedroom 21, Bedroom 3, Bedroom 6, Bedroom 23, Bedroom 5, Bedroom 25, Bedroom 18, Bedroom 20, Bedroom 19, Bedroom 11, Bedroom 9, Bedroom 4, Bedroom 17, Bedroom 12, Bedroom 15, Bedroom 16, Bedroom 10, Bedroom 24
    Interior features
    Utility Room, Washer/Dryer Hookup
    Appliances
    Dishwasher, Dryer, Washer, Refrigerator
    Standard status
    Active
    APN
    88-12-08-410-066
    Size
    11,050 SF
    Lot size
    1.22 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Description
    WEBSTER PARK SUB LOTS 7 THRU 10 BLK D & 17 18 & 19 BLK C
    Tax Annual Amount
    13756

    Utilities

    Utilities
    Electricity Available
    Heating system
    Central, Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1952
    Number of units
    13
    Building materials
    Aluminum Siding, Frame, Metal, Vinyl Siding, Block
    Roof type
    Flat

    We can help!

    Listing Contact
    Langston Group

    Listing agent Langston Group License #2017005672

    Listing office Murney Associates - Primrose 1625 E. Primrose, Springfield, MO

    Listing date Feb 19, 2024

    MLS# 60261517 Listing URL

    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.

    HighLights

    • Cash‑flowing property at or near 100% occupancy
    • Fully renovated from the studs up
    • Attractive mix of units: 5x 2‑bed/1‑bath, 4x 1‑bed/1‑bath, 4x 3‑bed/2‑bath
    • Oversized designated parking area
    • Fully fenced pet park on‑site
    • Located near essential businesses

    Overview

    This 13-unit apartment building, located in Springfield, Missouri, has been fully renovated. The property consists of 5 two-bedroom, one-bathroom units; 4 one-bedroom, one-bathroom units; and 4 three-bedroom, two-bathroom units. Each unit features a spacious layout, laminate vinyl plank flooring, double-pane vinyl windows, laminate kitchen counters, an oven, a dishwasher, and a refrigerator. Some units have coin-operated washer and dryer hookups, while others have in-unit setups. The property includes a utility closet, smoke detectors, and sprinklers. An oversized designated parking area is available for residents. The property also features common areas and a fully fenced pet park with a wooden privacy fence. The building is located near essential businesses. The lot size is 1.22 acres, and the property size is 11,050 square feet. The zoning is for apartments.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $992.5K
    NOI $89,328 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.28M
    NOI $89,328 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.79M
    NOI $89,328 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $173.7k $15.72
    − Vacancy −$11.3k −$1.02
    EGI $162.4k $14.70
    − OpEx −$73.1k −$6.61
    NOI $89.3k $8.08
    11,050 SF · lease $15.72/SF/yr · vacancy 6.50% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $1.28M
    $1.12M – $1.49M (±1% cap)
    NOI $89,328 @ 7.0% cap · market cap 5.96%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $1.67M
    $1.46M – $1.95M (±1% cap)
    NOI $116,746 @ 7.0% cap · market cap 7.78%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Daycare Center Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Greene
    State
    Missouri
    Longitude
    -93.246775
    Latitude
    37.228163

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    FAQs

    What type of property is this?
    Apartment building - Recently renovated 13-unit apartment building in Springfield, Missouri.
    Where is this apartment building located?
    The property is located at 2420 E Blaine Street Springfield, MO.
    What is the asking price?
    The asking price for this property is $1,500,000.
    What are key features of this property?
    This property features: Cash‑flowing property at or near 100% occupancy; Fully renovated from the studs up; Attractive mix of units: 5x 2‑bed/1‑bath, 4x 1‑bed/1‑bath, 4x 3‑bed/2‑bath
    (417) 879-7979
    We can help!
    Listing Contact
    Langston Group
    Real Estate License ID: 2017005672
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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