Three-Story Religious
For Sale
Contact for pricing
500 South Avenue, Springfield, MO 65806
Stone construction, a working elevator, and on-site parking define this three-floor institutional building.
Property Size30,000 SF
Price / SF$83.33
Days on Market143
Property Features for 500 South Avenue
General Information
Standard status
Active
Size
30,000 SF
Total Parking Spaces
43
Elevators
Yes
Property subtype
Hospitality, Mixed Use, Special Purpose
Investment Type
Owner/User
Amenities
commercial kitchen
fireplaces
bay windows
stained glass windows
hardwood paneling
Building Details
Buildings
1
Stories
3
Construction
stone
Listing Agency:
The Closers Agency
Listed By:
Matt Miller · License #MO 2004020753
Source:
Crexi
Added: Apr 10
Changed: Aug 29
Last Checked: Aug 29 at 9:12PM
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 The Closers Agency
Investment Insights
Based on property information with market context.
This 30,000-square-foot education building is arranged across three floors with elevator service between levels. Its solid stone exterior is complemented by bay windows, stained glass, hardwood paneling, and multiple fireplaces. A functioning commercial kitchen adds to the building’s existing operational features.
Located at 500 South Avenue in Springfield, Missouri, the property includes on-site parking and carries Center City zoning. The combination of substantial construction, distinctive interior elements, and institutional layout supports consideration for office or other institutional use, subject to applicable requirements.
Located at 500 South Avenue in Springfield, Missouri, the property includes on-site parking and carries Center City zoning. The combination of substantial construction, distinctive interior elements, and institutional layout supports consideration for office or other institutional use, subject to applicable requirements.
Key Highlights
- 30,000‑square‑foot education building
- Three floors served by a working elevator
- Solid stone exterior construction
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
$224,438
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
8.98%
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%
$4,488,760
$4.5M
Cap Rate 7%
$3,206,257
$3.2M
Cap Rate 9%
$2,493,756
$2.5M
Market Conditions
NOI Build-Up for 30,000 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
$378.0K $12.60/SF
− Vacancy
−$18.9K −$0.63/SF
EGI
$359.1K $11.97/SF
− OpEx
−$134.7K −$4.49/SF
NOI
$224.4K $7.48/SF
Area
Springfield, MO
Vacancy
5.00%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
37.50%
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%
$4,488,760
Cap Rate 7%
$3,206,257
Cap Rate 9%
$2,493,756
Alternative Uses
Best Use
Office B
$3.40M
$2.97M – $3.96M
NOI $237,719 @ 7.0% cap · market cap 9.51%
Second Best
Mixed Use
$3.21M
$2.81M – $3.74M
NOI $224,438 @ 7.0% cap · market cap 8.98%
Theoretical Best
Office A
$4.53M
$3.96M – $5.28M
NOI $316,958 @ 7.0% cap · market cap 12.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,077
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?
Church & religious facility - Stone construction, a working elevator, and on-site parking define this three-floor institutional building.
Where is this church & religious facility located?
The property is located at 500 South Avenue Springfield, MO.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 30,000‑square‑foot education building; Three floors served by a working elevator; Solid stone exterior construction
