All-Brick Downtown Office
For Sale
$899,000
605 N Boonville Avenue, Springfield, MO 65806
SINGLE_FAMILY - Springfield, MO
Property Size6,567 SF
Lot Size0.55 Acres
Price / SF$136.90
Days on Market444
Property Features for 605 N Boonville Avenue
General Information
Property type
Residential
Property subtype
Office
Zoning
Center City (CC
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bathroom 4, Bathroom 1, Bathroom 3
Directions
Chestnut Expressway to South on Boonville to 605 N Boonville, Building on West side of street.
Standard status
Active
APN
1313308004
Lot size
0.55 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
BEG NW COR BOONVILLE & TAMPA STS N 195 FT W 123 FT S 195 FT E 123 FT TO BEG
Tax Annual Amount
11902
Legal Description
BEG NW COR BOONVILLE & TAMPA STS N 195 FT W 123 FT S 195 FT E 123 FT TO BEG
Building Details
Year built
1947
Listing Agency:
Murney Associates - Primrose
(417) 823-2300
Listed By:
John E Schnoebelen · License #2019014029
(417) 823-2300
Added: May 21, 2025
Changed: Aug 2
Last Checked: Aug 7 at 11:06AM
MLS# 60295156
Copyright © 2026 Southern Missouri Regional MLS, LLC (SOMO). All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
All-brick office building built in 1947 on a 0.55-acre lot, totaling 6,567 SF. The property was originally built for KGBX Radio and was designed to resemble a Wurlitzer jukebox, with notable visitors including Elvis Presley and Ronald Reagan. The building is suited to professional services office use and also offers flexibility for retail, with room for single- or multi-tenant occupancy.
Located at 605 N Boonville Avenue in downtown Springfield, MO, the building is described as having high visibility and easy access to Chestnut Expressway. It is also within walking distance of the courthouse and Park Central Square, and near the Jordan Valley Innovation Center, Brick City, and Government Plaza.
Parking is available with 10 off-street/private spaces and 10+ on-street/public spaces.
Located at 605 N Boonville Avenue in downtown Springfield, MO, the building is described as having high visibility and easy access to Chestnut Expressway. It is also within walking distance of the courthouse and Park Central Square, and near the Jordan Valley Innovation Center, Brick City, and Government Plaza.
Parking is available with 10 off-street/private spaces and 10+ on-street/public spaces.
Key Highlights
- 6,567 SF all‑brick office building built in 1947
- 0.55‑acre lot with room to expand
- Center City (CC) zoning for professional services offices or retail
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
$52,037
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
5.79%
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%
$1,040,740
$1.0M
Cap Rate 7%
$743,386
$743.4K
Cap Rate 9%
$578,189
$578.2K
Market Conditions
NOI Build-Up for 6,567 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
$72.5K $11.04/SF
− Vacancy
−$3.1K −$0.47/SF
EGI
$69.4K $10.57/SF
− OpEx
−$17.3K −$2.64/SF
NOI
$52.0K $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%
$1,040,740
Cap Rate 7%
$743,386
Cap Rate 9%
$578,189
Alternative Uses
Best Use
Office B
$743.4K
$650.5K – $867.3K
NOI $52,037 @ 7.0% cap · market cap 5.79%
Second Best
Retail
$698.2K
$610.9K – $814.5K
NOI $48,872 @ 7.0% cap · market cap 5.44%
Theoretical Best
Office A
$991.2K
$867.3K – $1.16M
NOI $69,382 @ 7.0% cap · market cap 7.72%
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
2,270
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 building - Office building in Center City (CC) zoning with on- and off-street parking and a 1947 all-brick exterior.
Where is this office building located?
The property is located at 605 N Boonville Avenue Springfield, MO.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 6,567 SF all‑brick office building built in 1947; 0.55‑acre lot with room to expand; Center City (CC) zoning for professional services offices or retail
