Fourplex with Separate Unit
For Sale
$280,000
829 W Pershing Street, Springfield, MO 65806
MULTI_FAMILY - Springfield, MO
Property Size1,800 SF
Lot Size0.18 Acres
Price / SF$155.56
Days on Market54
Property Features for 829 W Pershing Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
INC
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Interior features
Carpet
Subdivision
McCluers MM
View
City
Elementary school
SGF-McGregor
Middle school
SGF-Westport
High school
SGF-Parkview
Directions
West on Sunshine to Grant, North to Pershing, West to property.
Standard status
Active
APN
1323128007
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
MC CLUERS M M ADD W 50 FT LOT 36 BLK 8
Tax Annual Amount
957
Legal Description
MC CLUERS M M ADD W 50 FT LOT 36 BLK 8
Utilities
Sewer type
Public Sewer
Cooling system
Wall Unit(s)
Building Details
Year built
1925
Number of units
4
Building materials
Stone, Frame, Vinyl Siding
Roof type
Composition
Listing Agency:
Keller Williams · Keller Williams Realty
(417) 883-4900
Listed By:
The Property Gurus · License #2018016865
(417) 379-8963
Added: Jun 19
Changed: Aug 2
Last Checked: Aug 11 at 9:06PM
MLS# 60326765
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.
This quadplex provides four 1-bedroom, 1-bath units totaling 1,800 square feet on a 0.18-acre lot. The lower two units each have separate front doors off the covered front porch, while the upstairs units are accessed through a side entry and stairwell, creating distinct unit access and a practical layout. Interior finishes include carpet, and the property has wall unit(s) for cooling.
The building was constructed in 1925 and features stone, frame, and vinyl siding with a composition roof. Public sewer service is available. Zoning is INC, and the property is offered for sale as-is. PublicRemarks also describe the property as having close access to downtown Springfield and Missouri State University, supporting an investor-oriented rental approach.
The current rental status includes one unit already rented, with two more described as ready to go and another unit needing some work before it is rent ready.
The building was constructed in 1925 and features stone, frame, and vinyl siding with a composition roof. Public sewer service is available. Zoning is INC, and the property is offered for sale as-is. PublicRemarks also describe the property as having close access to downtown Springfield and Missouri State University, supporting an investor-oriented rental approach.
The current rental status includes one unit already rented, with two more described as ready to go and another unit needing some work before it is rent ready.
Key Highlights
- Four 1‑bedroom, 1‑bath units totaling 1,800 SF
- 0.18‑acre lot
- Two lower units have separate front doors off the covered front porch
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
$16,315
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
5.83%
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%
$326,300
$326.3K
Cap Rate 7%
$233,071
$233.1K
Cap Rate 9%
$181,278
$181.3K
Market Conditions
NOI Build-Up for 1,800 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
$24.8K $13.80/SF
− Vacancy
−$1.5K −$0.85/SF
EGI
$23.3K $12.95/SF
− OpEx
−$7.0K −$3.88/SF
NOI
$16.3K $9.06/SF
Area
Springfield, MO
Vacancy
6.17%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$326,300
Cap Rate 7%
$233,071
Cap Rate 9%
$181,278
Alternative Uses
Best Use
Multifamily LT 5
$233.1K
$203.9K – $271.9K
NOI $16,315 @ 7.0% cap · market cap 5.83%
Second Best
Apartment 5plus
$207.9K
$181.9K – $242.5K
NOI $14,551 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$271.7K
$237.7K – $317.0K
NOI $19,018 @ 7.0% cap · market cap 6.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,864
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fourplex zoned INC with four 1-bedroom units and separate access, featuring wall-unit cooling and public sewer.
Where is this quadplex located?
The property is located at 829 W Pershing Street Springfield, MO.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: Four 1‑bedroom, 1‑bath units totaling 1,800 SF; 0.18‑acre lot; Two lower units have separate front doors off the covered front porch
