Multi-Tenant Office
For Sale
$899,900
403 S Springfield Ave, Bolivar, MO 65613
Seven occupied units feature recent remodeling along with updated roofs and interior paint.
Property Size5,264 SF
Price / SF$170.95
Days on Market29
Property Features for 403 S Springfield Ave
General Information
Standard status
Active
Size
5,264 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Office Units
7
Building Details
Year Built
2013
Tenancy
Multi
Listing Agency:
Partin Roweton, LLC
(417) 343-2191
Listed By:
Robert M Partin · License #2014004709
Source:
Trilakeshomesearch
Added: Aug 2
Changed: Aug 30
Last Checked: Aug 30 at 12:17PM
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 Partin Roweton, LLC
Investment Insights
Based on property information with market context.
Built in 2013, this 5,264-square-foot office property at 403 S Springfield Ave includes a multi-tenant configuration with 7 rental units. All units are currently rented, providing an established occupancy profile.
Recent improvements include new paint and roofs, while most units have been remodeled within the last year. An approved lot split may allow the property to be divided, subject to the existing approval. The asset is located in Bolivar, Missouri.
Recent improvements include new paint and roofs, while most units have been remodeled within the last year. An approved lot split may allow the property to be divided, subject to the existing approval. The asset is located in Bolivar, Missouri.
Key Highlights
- 5,264‑square‑foot office property built in 2013
- 7 rental units, all currently rented
- Most units remodeled in the last year
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
$41,712
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
4.64%
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%
$834,240
$834.2K
Cap Rate 7%
$595,886
$595.9K
Cap Rate 9%
$463,467
$463.5K
Market Conditions
NOI Build-Up for 5,264 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
$58.1K $11.04/SF
− Vacancy
−$2.5K −$0.47/SF
EGI
$55.6K $10.57/SF
− OpEx
−$13.9K −$2.64/SF
NOI
$41.7K $7.92/SF
Area
Polk County, 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%
$834,240
Cap Rate 7%
$595,886
Cap Rate 9%
$463,467
Alternative Uses
Best Use
Office B
$595.9K
$521.4K – $695.2K
NOI $41,712 @ 7.0% cap · market cap 4.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$794.5K
$695.2K – $926.9K
NOI $55,616 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
655
Businesses Nearby
Explore this area
Business Placement
Demographics for 65613, MO
17,890
Population
7,327
Households
2.4
Avg Household Size
37
Median Age
26%
College-Educated
90%
High-School Grad
184.9 sq mi
ZIP Area
97
Density / Sq Mi
$56,919
Median Household Income
$31,765
Median Earnings
$828
Median Rent
$197,200
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 - Seven occupied units feature recent remodeling along with updated roofs and interior paint.
Where is this office building located?
The property is located at 403 S Springfield Ave Bolivar, MO.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: 5,264‑square‑foot office property built in 2013; 7 rental units, all currently rented; Most units remodeled in the last year
