Multi-Tenant Office
For Sale
Contact for pricing
311 South Avenue, Springfield, MO 65806
Leased suites, on-site parking, and drive-through facilities serve the property’s multi-tenant configuration.
Property Size15,792 SF
Price / SF$89.92
Days on Market10
Property Features for 311 South Avenue
General Information
Standard status
Active
Size
15,792 SF
Property subtype
Office, Mixed Use
Amenities
drive-thru facilities
Building Details
Buildings
1
Building Size
15,792 SF
Tenancy
Multi
Listing Agency:
SVN | Rankin Company, LLC
Listed By:
Arch Watson · License #MO 2009010579
(417) 887-8826
Source:
Crexi
Added: Sep 16
Changed: Sep 24
Last Checked: Sep 24 at 2:43PM
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 SVN | Rankin Company, LLC
Investment Insights
Based on property information with market context.
This 15,792 SF office building has multiple tenant suites, including space leased in addition to the bank-occupied portion. Built for bank use, the property retains drive-through facilities and an on-site parking lot. The bank is scheduled to vacate on October 31, 2026.
At 311 South Avenue in Downtown Springfield, the building sits just south of Park Central Square. Restaurants, entertainment, offices, and downtown residential development are nearby.
At 311 South Avenue in Downtown Springfield, the building sits just south of Park Central Square. Restaurants, entertainment, offices, and downtown residential development are nearby.
Key Highlights
- 15,792 SF multi‑tenant office building
- Bank tenant scheduled to vacate October 31, 2026
- Drive‑through facilities and on‑site parking lot
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
$125,920
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
8.87%
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%
$2,518,400
$2.5M
Cap Rate 7%
$1,798,857
$1.8M
Cap Rate 9%
$1,399,111
$1.4M
Market Conditions
NOI Build-Up for 15,792 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
$174.3K $11.04/SF
− Vacancy
−$6.5K −$0.41/SF
EGI
$167.9K $10.63/SF
− OpEx
−$42.0K −$2.66/SF
NOI
$125.9K $7.97/SF
Area
Springfield, MO
Vacancy
3.70%
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%
$2,518,400
Cap Rate 7%
$1,798,857
Cap Rate 9%
$1,399,111
Alternative Uses
Best Use
Specialty Retail
$1.80M
$1.57M – $2.10M
NOI $125,920 @ 7.0% cap · market cap 8.87%
Second Best
Office B
$1.79M
$1.56M – $2.09M
NOI $125,135 @ 7.0% cap · market cap 8.81%
Theoretical Best
Office A
$2.38M
$2.09M – $2.78M
NOI $166,847 @ 7.0% cap · market cap 11.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,215
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Leased suites, on-site parking, and drive-through facilities serve the property’s multi-tenant configuration.
Where is this office building located?
The property is located at 311 South Avenue Springfield, MO.
What is the asking price?
The asking price for this property is $1,420,000.
What are key features of this property?
This property features: 15,792 SF multi‑tenant office building; Bank tenant scheduled to vacate October 31, 2026; Drive‑through facilities and on‑site parking lot
