Four-Story Office Building For
For Sale
$22,500,000
3253 E Chestnut Expressway, Springfield, MO 65802
162,312 SF office building with many amenities.
Property Size162,312 SF
Lot Size7.84 Acres
Price / SF$138.62
Days on Market158
Property Features for 3253 E Chestnut Expressway
General Information
Standard status
Active
Size
162,312 SF
Lot size
7.84 Acres
Property subtype
Office
Occupancy
80%
Building Details
Building Size
162,312 SF
Listing Agency:
SVN | Rankin Company, LLC
(417) 818-8894
Listed By:
Lee McLean III, SIOR, CCIM
(417) 818-8894
Source:
Svn
Added: Mar 5
Changed: Aug 8
Last Checked: Aug 9 at 5:59AM
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 SVN | Rankin Company, LLC
Investment Insights
Based on property information with market context.
The Frisco Building, a 162,312 square foot, four-story office building in Springfield, Missouri, is available for sale. The property features many amenities and has undergone significant updates and infills in recent years. The current tenant mix includes well-known regional and national companies. In addition to standard units, the building includes a restaurant/cafe, a fitness center with showers, and a shared training/meeting room. The building has a rentable area of approximately 117,544 square feet and sits on a 7.84-acre lot with approximately 600 parking spaces. The property is currently 80% occupied, with a 3-year average occupancy of 95%. The office building is strategically located at the interchange of Chestnut Expressway and U.S. Highway 65, providing quick access to the Springfield Business District and the surrounding region. The property has been well-maintained by an onsite ownership group, with significant and ongoing capital improvements made regularly. The facility is located along U.S. Highway 65 on Chestnut Expressway, within a 15-minute drive of a population exceeding 150,000. This location offers immediate access to the central business district of Springfield, Missouri, including city and county offices and university campuses. Recent developments in the area include Costco, Menards, Whataburger, and Mr. Car Wash.
Key Highlights
- High average occupancy rate of 95% over the last 3 years.
- Strategic location at the interchange of Chestnut Expressway and U.S. Highway 65, providing excellent access to the Springfield Business District and surrounding areas.
- Significant and ongoing capital improvements by an onsite ownership group.
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
$1,286,154
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
5.72%
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%
$25,723,080
$25.7M
Cap Rate 7%
$18,373,629
$18.4M
Cap Rate 9%
$14,290,600
$14.3M
Market Conditions
NOI Build-Up for 162,312 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
$1.79M $11.04/SF
− Vacancy
−$77.1K −$0.47/SF
EGI
$1.71M $10.57/SF
− OpEx
−$428.7K −$2.64/SF
NOI
$1.29M $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%
$25,723,080
Cap Rate 7%
$18,373,629
Cap Rate 9%
$14,290,600
Alternative Uses
Best Use
Office B
$18.37M
$16.08M – $21.44M
NOI $1,286,154 @ 7.0% cap · market cap 5.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$24.50M
$21.44M – $28.58M
NOI $1,714,872 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
530
Businesses Nearby
Explore this area
Business Placement
Demographics for 65802, MO
48,233
Population
20,199
Households
2.4
Avg Household Size
35
Median Age
26%
College-Educated
89%
High-School Grad
61.4 sq mi
ZIP Area
786
Density / Sq Mi
$51,080
Median Household Income
$34,298
Median Earnings
$900
Median Rent
$162,400
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 - 162,312 SF office building with many amenities.
Where is this office building located?
The property is located at 3253 E Chestnut Expressway Springfield, MO.
What is the asking price?
The asking price for this property is $22,500,000.
What are key features of this property?
This property features: High average occupancy rate of 95% over the last 3 years.; Strategic location at the interchange of Chestnut Expressway and U.S. Highway 65, providing excellent access to the Springfield Business District and surrounding areas.; Significant and ongoing capital improvements by an onsite ownership group.
