Downtown Springfield Office
For Sale
$355,000
509 W Olive St Ste 101, Springfield, MO 65806
3,220 SF office space in downtown Springfield.
Property Size3,220 SF
Price / SF$110.25
Days on Market208
Property Features for 509 W Olive St Ste 101
General Information
Standard status
Active
Size
3,220 SF
Class
C
Property subtype
Office
Building Details
Building Size
3,220 SF
Year Built
1926
Listing Agency:
SVN | Rankin Co
Listed By:
Jack Rankin · License #2018038830
(417) 860-9951
Source:
Svn
Added: Mar 27
Changed: Oct 7
Last Checked: Oct 20 at 7:05PM
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 Co
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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$25,515
Cap Rate
7.19%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - 3,220 SF office space in downtown Springfield.
Where is this office unit located?
The property is located at 509 W Olive St Ste 101 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.
