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    Property profile & analytics

    1615 Primrose St Springfield, MO 65804-7929

    • Office buildings
    • 30,225 SF
    • 3.71 lot acres
    OFF-MARKET
    Value Estimations
    $3,725,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US48-1002171
    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

    • Michele Ward, Realtor / Real Estate Agency
    • Front Door Realtors / Real Estate Agency
    • Murney Associates, Realtors : Rene Micka Broker-Salesperson / Real Estate Agency
    • Murney Associates Realtors: West Office / Real Estate Agency
    • Jaclyn Jackie Durbin - Realtor / Real Estate Agency

    Property Details for 1615 Primrose St

    Year built
    1998
    Lot size
    3.71 lot acres
    Property size
    30,225 SF
    Zone code
    INC
    Property type
    Office buildings
    APN
    88-19-07-101-193
    APU
    881907101193

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,260,000
      6.5%
      $3,930,000
      7%
      $3,650,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $3,520,000
      Market price range: $1.33M - $4.19M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,870,000
      Current use
      RESTAURANT
      $2,950,000
      Change: +3% Conversion: Moderate
      RETAIL STORES
      $2,765,000
      Change: -4% Conversion: Moderate
      MEDICAL BUILDING
      $2,335,000
      Change: -19% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Greene
    State
    Missouri
    Longitude
    -93.267
    Latitude
    37.1479
    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
    $89,226
    $356,160
    $1,043,550
    $1,399,710
    -
    $1,113,000
    $3,261,100
    $4,374,100

    Comparable in this City

    • Value Estimation by Request
      672 SF

      2347 Bennett St

      OFFICE BUILDING • 672 SF
      2347 Bennett St, Springfield, MO 65804-1731
      View Details
    • Value Estimation by Request
      1,240 SF

      2402 Madrid Ave

      OFFICE BUILDING • 1,240 SF
      2402 Madrid Ave, Springfield, MO 65804-1884
      View Details
    • Value Estimation by Request
      1,702 SF

      1620 Enterprise Ave

      OFFICE BUILDING • 1,702 SF
      1620 Enterprise Ave, Springfield, MO 65804-1800
      View Details
    • Value Estimation by Request
      4,400 SF

      1439 Lark St

      OFFICE BUILDING • 4,400 SF
      1439 Lark St, Springfield, MO 65804-7330
      View Details
    • Value Estimation by Request
      0.67 Acres

      1748 Madaline Ter

      OFFICE BUILDING • 0.67 Acres
      1748 Madaline Ter, Springfield, MO 65804
      View Details
    • Value Estimation by Request
      0.32 Acres

      1220 Walnut Lawn St

      OFFICE BUILDING • 0.32 Acres
      1220 Walnut Lawn St, Springfield, MO 65804-4202
      View Details

    Similar Nearby for Sale

    • $8,500,000
      30,876 SF

      Office Buildings Near National Ave

      Office buildings for sale or lease near National Ave & Battlefield Rd.
      2900 S National Ave, Springfield, MO 65804
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    • New
      $699,000
      2,150 SF

      Updated Office on High-Traffic Street

      Remodeled Class B office building on a busy commercial corridor.
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    • $1,795,000
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      Versatile Commercial Building on Acreage

      20,000 sq ft commercial building on 1.25-acre lot.
      1926-1936 E Meadowmere St, Springfield, MO 65804
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    • $425,000
      0.18 Acres

      Renovated Office in Central Springfield

      Modernized office building with historic charm and recent updates.
      2039 S Brentwood Blvd, Springfield, MO 65804
      View Details
    • $989,000
      0.84 Acres

      Restored Office Building Near Sunshine

      Remodeled office building with modern amenities and convenient location.
      2049 S Brentwood Blvd, Springfield, MO 65804
      View Details
    • $2,000,000
      Pending

      Freestanding Office Building on Sunshine

      Single-story office building with frontage on Sunshine Street in Springfield.
      2730 E Sunshine St, Springfield, MO 65804
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      66,686 SF

      Prestigious Office Space Available

      Class A office space for lease in Springfield, Missouri.
      3271 E Battlefield Rd, Springfield, MO 65804
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    • $20 SF/Yr
      7,652 SF

      Freestanding Office Building Near Medical Mile

      Freestanding office building near Medical Mile with abundant parking.
      1335 E Bradford Pkwy, Springfield, MO 65804
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    • $15 SF/Yr
      20,274 SF

      Recently Renovated Springfield Office Space

      20,274 SF office space with ample parking and visibility.
      3171 E Sunshine St, Springfield, MO 65804
      View Details
    • New
      $800 /Mo

      Executive Offices in Springfield

      Class A office suites for lease in CastleGate Office Condominiums.
      1426 E Bradford Pkwy Unit, Springfield, MO 65804
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    • New
      $400 /Mo

      Executive Office Suites in Springfield

      Professional office spaces for lease in CastleGate Office Condominiums.
      1426 E Bradford Pkwy Unit, Springfield, MO 65804
      View Details
    • $43,200
      1 SF

      Prime Office Space on Corner

      Office space on corner lot near Mercy Hospital and MSU.
      1830-1912 S Fremont Ave, Springfield, MO 65804
      View Details
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    1615 Primrose St
    Springfield, MO 65804-7929
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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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