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    Property profile & analytics

    1515 Division St Springfield, MO 65802

    • Warehouses
    • 71,599 SF
    • 2.64 lot acres
    For Sale
    View listing
    $2,775,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US48-0607328
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Home Outlet / Home Improvement Store / Bathroom Remodeler

    Property Details for 1515 Division St

    Year built
    1997
    Lot size
    2.64 lot acres
    Property size
    71,599 SF
    Zone code
    INC
    Property type
    Warehouses
    APN
    88-13-11-326-003
    APU
    881311326003

    Description

    This exceptional 71,599-square-foot industrial property in Springfield, Missouri, presents a compelling investment or owner-user opportunity. Located at 1515 W Division St, in Greene County, this property boasts a prime location at the northeast corner of Division Street and N Kansas Expressway, benefiting from over 39,000 vehicles per day in combined traffic. The building, constructed in 1997 and zoned for Heavy Manufacturing, comprises two units totaling 71,599 square feet, situated on a 2.6-acre lot. Approximately 35,500 square feet are currently leased to a credit-rated tenant under a new 10-year NNN lease commencing November 10, 2023, resulting in a 50% occupancy rate. The remaining 35,500 square feet offers significant value-add potential for an owner-occupier or investor. The asking price is $2,775,000, translating to $38.76 per square foot and a $1,387,500 price per unit. The property's strong tenant base and strategic location contribute to a Net Operating Income (NOI) of $152,278 and a 5.49% cap rate. Nearby businesses include O'Reilly Auto Parts, City Utilities, Paul Mueller Company, and more. This property is ideal for businesses seeking expansion or investors targeting a strong return on investment in a thriving market. The property is shown by appointment only.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $770,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,238,000
      Market price range: $1.24M - $2.99M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Greene
    State
    Missouri
    Longitude
    -93.3109
    Latitude
    37.2269
    CBSA code
    44180
    CBSA name
    SPRINGFIELD, MO METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $18,352
    $75,580
    $212,320
    $287,900
    -
    $236,200
    $663,500
    $899,700

    Comparable in this City

    • Value Estimation
      $600,000
      805,370 SF

      3201 Division St

      WAREHOUSE, STORAGE • 805,370 SF
      3201 Division St, Springfield, MO 65802-2495
      View Details
    • Value Estimation
      $210,000
      2,988 SF

      2100 Division St

      WAREHOUSE, STORAGE • 2,988 SF
      2100 Division St, Springfield, MO 65802-1412
      View Details
    • Value Estimation
      $730,000
      133,817 SF

      2335 Chestnut Expy

      WAREHOUSE, STORAGE • 133,817 SF
      2335 Chestnut Expy, Springfield, MO 65802-2214
      View Details
    • Value Estimation
      $200,000
      252 SF

      1031 Wabash St

      MINI-WAREHOUSE, STORAGE • 252 SF
      1031 Wabash St, Springfield, MO 65802-4400
      View Details
    • Value Estimation
      $535,000
      39,242 SF

      1316 Webster St

      WAREHOUSE, STORAGE • 39,242 SF
      1316 Webster St, Springfield, MO 65802-1665
      View Details
    • Value Estimation
      $290,000
      5.26 Acres

      1012 Farm Rd 123

      WAREHOUSE, STORAGE • 5.26 Acres
      1012 Farm Rd 123, Springfield, MO 65802-6616
      View Details

    Similar Nearby for Sale

    • $2,775,000
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      Springfield Industrial Property

      71,599 SF Warehouse, Value-Add Opportunity
      1515 Division St, Springfield, MO 65802
      View Details
    • $4,477,440
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      Industrial Property with Remodeled Office

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      Manufacturing/Warehouse Building on Kansas Expressway

      Manufacturing and warehouse building for sale near Interstate 44.
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    • $749,000
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      Rail-Served Industrial Facility For Sale

      29,530 SF industrial facility on 1.05 acres with rail access.
      357 N Fort Ave, Springfield, MO 65802
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    • $1,500,000
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      Versatile Industrial Property For Sale

      15,326 SF industrial property in prime Springfield location.
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      Four-bedroom property with manufacturing zoning and highway access.
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    Similar Nearby for Lease

    • $8 SF/Yr
      11,026 SF

      Office/Warehouse Space Near I-44

      Office and warehouse space with fenced lot near I-44.
      3747 W Chestnut Expy, Springfield, MO 65802
      View Details
    • $3,900 /Mo
      2,808 SF

      Retail/Office Space with Warehouse

      Retail/office suites with warehouse space available for lease.
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      View Details
    • $8 SF/Yr
      9,600 SF

      Springfield Warehouse Space Available

      9,600 square foot warehouse space for lease in Springfield.
      1938 E Phelps St, Springfield, MO 65802
      View Details
    • $8 SF/Yr
      13,600 SF

      Industrial Building Near Airport

      13,600 SF industrial building for lease near airport.
      4331 W Calhoun St, Springfield, MO 65802
      View Details
    • $200,000
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      Retail/Warehouse Building on Scenic

      1,484 SF retail/warehouse building for sale or lease.
      762 S Scenic Ave, Springfield, MO 65802
      View Details
    • $10 SF/Yr
      4,200 SF

      Springfield Retail Space - 2,800 SF Max

      Highway Commercial space, ideal for retail or industrial use.
      614 National Ave, Springfield, MO 65802
      View Details
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    1515 Division St
    Springfield, MO 65802
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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