Flex Space
For Sale
Contact for pricing
509 S Union Ave, Springfield, MO 65802
GM-zoned building near US Hwy 65 in an established office-flex area.
Property Size9,596 SF
Price / SF$125.05
Days on Market14
Property Features for 509 S Union Ave
General Information
Standard status
Active
Size
9,596 SF
Class
C
Total Parking Spaces
38
Property subtype
Office
Zoning
GM
Additional Details
Highway Access
Yes
Building Details
Year Built
1979
Buildings
1
Building Size
9,596 SF
Listing Agency:
Jared Commercial
(417) 350-4771
Listed By:
David Havens · License #MO 2015037234
Source:
Crexi
Added: Aug 7
Changed: Aug 17
Last Checked: Aug 19 at 8:11PM
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 Jared Commercial
Investment Insights
Based on property information with market context.
This 9,596 SF flex space building was constructed in 1979 and carries GM zoning. The property is suited to office and flex-space users based on its stated configuration and classification.
Located at 509 S Union Ave in Springfield, MO, the building is near US Hwy 65 and sits within an established office-flex area. Its highway proximity provides a direct transportation connection for businesses requiring convenient regional access.
Located at 509 S Union Ave in Springfield, MO, the building is near US Hwy 65 and sits within an established office-flex area. Its highway proximity provides a direct transportation connection for businesses requiring convenient regional access.
Key Highlights
- 9,596 SF flex space building
- Constructed in 1979
- GM zoning
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
$76,038
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
6.34%
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%
$1,520,760
$1.5M
Cap Rate 7%
$1,086,257
$1.1M
Cap Rate 9%
$844,867
$844.9K
Market Conditions
NOI Build-Up for 9,596 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
$105.9K $11.04/SF
− Vacancy
−$4.6K −$0.47/SF
EGI
$101.4K $10.57/SF
− OpEx
−$25.3K −$2.64/SF
NOI
$76.0K $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%
$1,520,760
Cap Rate 7%
$1,086,257
Cap Rate 9%
$844,867
Alternative Uses
Best Use
Office B
$1.09M
$950.5K – $1.27M
NOI $76,038 @ 7.0% cap · market cap 6.34%
Second Best
Industrial
$439.7K
$384.7K – $512.9K
NOI $30,776 @ 7.0% cap · market cap 2.56%
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,384 @ 7.0% cap · market cap 8.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
502
Businesses Nearby
Under-served
Demand for This Use
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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Similar Off Market Nearby
- Infused Catering by William — 3253 E Chestnut Expressway, Springfield, MO 65802
Frequently Asked Questions
What type of property is this?
Flex space - GM-zoned building near US Hwy 65 in an established office-flex area.
Where is this flex space located?
The property is located at 509 S Union Ave Springfield, MO.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 9,596 SF flex space building; Constructed in 1979; GM zoning
