Two Duplexes Income
For Sale
$725,000
Pending
939 South Avenue, Springfield, MO 65806
MULTI_FAMILY - Springfield, MO
Property Size6,700 SF
Lot Size0.29 Acres
Days on Market56
Property Features for 939 South Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
INC
Subdivision
Campbell's L.A.
View
City
Elementary school
SGF-Rountree
Middle school
SGF-Jarrett
High school
SGF-Parkview
Directions
From E Grand, right on South Ave. Property is on the left.
Standard status
Pending
APN
1324308012
Size
6,700 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4303
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1915
Number of units
7
Listing Agency:
Keller Williams Local · Keller Williams Realty
(417) 883-4900
Listed By:
Holt Homes Group · License #2008011324
(417) 479-0257
Added: Jun 17
Changed: Aug 2
Last Checked: Aug 11 at 7:06PM
MLS# 60326657
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 duplex income portfolio consists of 7 total units across 3 buildings, including two duplexes and one additional multi-unit residence. The two duplex buildings each provide approximately 2,000 square feet, and the third building provides roughly 2,700 square feet and is configured as three rental units: two 2-bedroom units and one efficiency apartment. All units are currently tenant occupied.
Located in Springfield, the portfolio is described as being just a few blocks from Missouri State University, near the corner of Grand Street and South Avenue, with quick access to South Campbell Avenue. The property is served by public sewer. Heating is central and cooling is central air.
The buildings were constructed in 1915 and sit on a 0.29-acre lot. Zoning is INC.
Located in Springfield, the portfolio is described as being just a few blocks from Missouri State University, near the corner of Grand Street and South Avenue, with quick access to South Campbell Avenue. The property is served by public sewer. Heating is central and cooling is central air.
The buildings were constructed in 1915 and sit on a 0.29-acre lot. Zoning is INC.
Key Highlights
- 7 total units across 3 buildings: two duplexes plus one multi‑unit residence
- All units are currently tenant occupied
- Two duplexes with approximately 2,000 SF each; third building about 2,700 SF with two 2‑bed units and one efficiency
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
$60,729
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
8.38%
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%
$1,214,580
$1.2M
Cap Rate 7%
$867,557
$867.6K
Cap Rate 9%
$674,767
$674.8K
Market Conditions
NOI Build-Up for 6,700 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
$92.5K $13.80/SF
− Vacancy
−$5.7K −$0.85/SF
EGI
$86.8K $12.95/SF
− OpEx
−$26.0K −$3.88/SF
NOI
$60.7K $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%
$1,214,580
Cap Rate 7%
$867,557
Cap Rate 9%
$674,767
Alternative Uses
Best Use
Multifamily LT 5
$867.6K
$759.1K – $1.01M
NOI $60,729 @ 7.0% cap · market cap 8.38%
Second Best
Apartment 5plus
$773.8K
$677.0K – $902.7K
NOI $54,163 @ 7.0% cap · market cap 7.47%
Theoretical Best
Office A
$1.01M
$884.8K – $1.18M
NOI $70,787 @ 7.0% cap · market cap 9.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
479
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?
Duplex - Seven tenant-occupied units across three buildings in an INC-zoned duplex income portfolio near Missouri State University.
Where is this duplex located?
The property is located at 939 South Avenue Springfield, MO.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 7 total units across 3 buildings: two duplexes plus one multi‑unit residence; All units are currently tenant occupied; Two duplexes with approximately 2,000 SF each; third building about 2,700 SF with two 2‑bed units and one efficiency
