Iconic Springfield Bank
For Sale
Contact for pricing
532 E Walnut St, Springfield, MO 65806
Historic bank building with mid-century modern architecture and commercial potential.
Property Size3,848 SF
Price / SF$100.05
Days on Market166
Property Features for 532 E Walnut St
General Information
Standard status
Active
Size
3,848 SF
Property subtype
Office, Retail
Building Details
Year Built
1960
Buildings
1
Stories
1
Listing Agency:
Murney Associates
(417) 861-1585
Listed By:
Heintz + Nunn + Brown Real Estate Group · License #MO 2014005951
Source:
Crexi
Added: Mar 9
Changed: Aug 8
Last Checked: Aug 20 at 9:38PM
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 Murney Associates
Investment Insights
Based on property information with market context.
This iconic Springfield property, originally built in 1960 as the Southern Missouri Trust Company's Motor Bank, represents a blend of mid-century modern architecture and durable construction. Designed by local architect Joe Amspacher, the 3,848 square foot structure was engineered for security, durability, and flexible reuse, featuring a basement vault. The building's construction includes concrete, bold six-foot overhangs, Tennessee Crab Orchard stone exterior, and original bulletproof glass. Its character, visibility, and layout make it suitable for various commercial uses, including office, retail, creative, or specialty concepts. The property offers long-term commercial opportunity.
Key Highlights
- Historically significant property: Springfield's first drive‑through bank, offering a unique piece of local history.
- Durable and secure construction: Built with concrete, Tennessee Crab Orchard stone, and original bulletproof glass.
- Mid‑century modern architecture: Designed by architect Joe Amspacher in 1960, featuring bold six‑foot overhangs and distinctive styling.
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
$30,683
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
7.97%
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%
$613,660
$613.7K
Cap Rate 7%
$438,329
$438.3K
Cap Rate 9%
$340,922
$340.9K
Market Conditions
NOI Build-Up for 3,848 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
$42.5K $11.04/SF
− Vacancy
−$1.6K −$0.41/SF
EGI
$40.9K $10.63/SF
− OpEx
−$10.2K −$2.66/SF
NOI
$30.7K $7.97/SF
Area
Springfield, MO
Vacancy
3.70%
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%
$613,660
Cap Rate 7%
$438,329
Cap Rate 9%
$340,922
Alternative Uses
Best Use
Specialty Retail
$438.3K
$383.5K – $511.4K
NOI $30,683 @ 7.0% cap · market cap 7.97%
Second Best
Retail
$409.1K
$358.0K – $477.3K
NOI $28,637 @ 7.0% cap · market cap 7.44%
Theoretical Best
Office A
$580.8K
$508.2K – $677.6K
NOI $40,655 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,946
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Historic bank building with mid-century modern architecture and commercial potential.
Where is this bank located?
The property is located at 532 E Walnut St Springfield, MO.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Historically significant property: Springfield's first drive‑through bank, offering a unique piece of local history.; Durable and secure construction: Built with concrete, Tennessee Crab Orchard stone, and original bulletproof glass.; Mid‑century modern architecture: Designed by architect Joe Amspacher in 1960, featuring bold six‑foot overhangs and distinctive styling.
