Downtown Springfield Office
For Sale
Contact for pricing
509 W Olive St, Springfield, MO 65806
3,220 SF office space in downtown Springfield.
Property Size3,220 SF
Price / SF$110.25
Days on Market167
Property Features for 509 W Olive St
General Information
Standard status
Active
Size
3,220 SF
Class
C
Property subtype
Office
Lease Type
NNN
Investment Type
Stabilized
Building Details
Units
1
Tenancy
Single
Listing Agency:
SVN Rankin Company, LLC
(417) 860-9951
Listed By:
Jack Rankin · License #MO 2018038830
Source:
Crexi
Added: Mar 9
Changed: Aug 8
Last Checked: Aug 21 at 10:42PM
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.
This 3,220 SF office space is located at 509 W Olive in downtown Springfield. The office space features a reception area, a kitchenette, a large conference room, cubicles, two restrooms, an IT/Storage closet, and a large bull pen area. The property is located near the corner of Main Street and Olive, in the heart of downtown Springfield, seconds from Park Central Square. The property is situated among many local and state businesses including Missouri Department of Revenue, Springfield License Office, the History Museum, Civil Kitchen, Moxie Cinema, Classic Rock Coffee, and Paragon Architecture.
Key Highlights
- 3,220 SF office space suitable for sale or lease.
- Prime downtown Springfield location near Main Street and Olive.
- Proximity to Park Central Square and various businesses.
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
$25,515
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
7.19%
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%
$510,300
$510.3K
Cap Rate 7%
$364,500
$364.5K
Cap Rate 9%
$283,500
$283.5K
Market Conditions
NOI Build-Up for 3,220 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
$35.5K $11.04/SF
− Vacancy
−$1.5K −$0.47/SF
EGI
$34.0K $10.57/SF
− OpEx
−$8.5K −$2.64/SF
NOI
$25.5K $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%
$510,300
Cap Rate 7%
$364,500
Cap Rate 9%
$283,500
Alternative Uses
Best Use
Office B
$364.5K
$318.9K – $425.3K
NOI $25,515 @ 7.0% cap · market cap 7.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$486.0K
$425.3K – $567.0K
NOI $34,020 @ 7.0% cap · market cap 9.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,062
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?
Office units - 3,220 SF office space in downtown Springfield.
Where is this office units located?
The property is located at 509 W Olive St Springfield, MO.
What is the asking price?
The asking price for this property is $355,000.
What are key features of this property?
This property features: 3,220 SF office space suitable for sale or lease.; Prime downtown Springfield location near Main Street and Olive.; Proximity to Park Central Square and various businesses.
