Downtown Springfield Mixed-Use
For Sale
Contact for pricing
Pending
412 South Ave, Springfield, MO 65806
Fully leased mixed-use property in Downtown Springfield with historic character.
Property Size4,100 SF
Days on Market175
Property Features for 412 South Ave
General Information
Standard status
Pending
Size
4,100 SF
Class
B
Property subtype
Mixed Use, Retail
Zoning
Center City
Occupancy
100%
Lease Type
Modified Gross
Building Details
Year Built
1888
Year Renovated
2010
Buildings
1
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
Alpha Commercial
Listed By:
Paul Tillman · License #2023024942
Source:
Crexi
Added: Feb 18
Changed: Aug 8
Last Checked: Jul 24 at 4:28PM
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 Alpha Commercial
Investment Insights
Based on property information with market context.
Located in the heart of Downtown Springfield, the property at 412 South Ave is a fully leased mixed-use asset that combines stabilized income with historic character. The property features restored historic retail space on the ground floor and two finished loft apartments above. Renovations were completed in the 2010s, blending timeless architecture with modern updates. Both the retail and residential components are fully occupied, with low vacancy over the past six years, providing consistent cash flow. The lofts showcase the charm tenants seek in downtown living, while the street-level retail benefits from strong pedestrian presence and established surrounding businesses. Positioned within a designated Opportunity Zone and carrying historic status eligibility, the property also presents potential tax advantages for investors while preserving long-term appreciation upside. The property size is 4100 square feet. It is a turnkey, income-producing downtown asset with built-in stability and historic appeal.
Key Highlights
- Fully leased mixed‑use property in Downtown Springfield providing stabilized income.
- Restored historic building features retail space and two loft apartments.
- Proven cash flow with exceptionally low vacancy over the past six years.
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
$33,144
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
5.22%
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%
$662,880
$662.9K
Cap Rate 7%
$473,486
$473.5K
Cap Rate 9%
$368,267
$368.3K
Market Conditions
NOI Build-Up for 4,100 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
$64.5K $15.72/SF
− Vacancy
−$4.2K −$1.02/SF
EGI
$60.3K $14.70/SF
− OpEx
−$27.1K −$6.61/SF
NOI
$33.1K $8.08/SF
Area
Springfield, MO
Vacancy
6.50%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$662,880
Cap Rate 7%
$473,486
Cap Rate 9%
$368,267
Alternative Uses
Best Use
Apartment 5plus
$473.5K
$414.3K – $552.4K
NOI $33,144 @ 7.0% cap · market cap 5.22%
Second Best
Mixed Use
$438.2K
$383.4K – $511.2K
NOI $30,673 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$618.8K
$541.5K – $722.0K
NOI $43,318 @ 7.0% cap · market cap 6.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
479
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased mixed-use property in Downtown Springfield with historic character.
Where is this mixed-use property located?
The property is located at 412 South Ave Springfield, MO.
What is the asking price?
The asking price for this property is $635,000.
What are key features of this property?
This property features: Fully leased mixed‑use property in Downtown Springfield providing stabilized income.; Restored historic building features retail space and two loft apartments.; Proven cash flow with exceptionally low vacancy over the past six years.
