Brick Duplex With Central
For Sale
$163,500
1143 Cedarview Drive, Springfield, OH 45503
MULTI_FAMILY - Springfield, OH
Property Size1,728 SF
Lot Size0.18 Acres
Price / SF$94.62
Days on Market146
Property Features for 1143 Cedarview Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 2, Bedroom 4, Bedroom 1
Parking features
None
Basement
Full, Unfinished
Subdivision
Cedars
Elementary school district
1206 Springfield CSD
Middle school district
1206 Springfield CSD
High school district
1206 Springfield CSD
Directions
E. McCreight to Cedarview Drive
Standard status
Active
APN
3400700029101033
Size
1,728 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1938
Number of units
2
Building materials
Block
Listing Agency:
e-Merge Real Estate
(614) 678-5505
Listed By:
Marla Morland
(614) 678-5505
Added: Apr 7
Changed: Aug 5
Last Checked: Aug 30 at 6:06PM
MLS# 1044777
Copyright © 2026 Western Regional Information System & Technology, Inc. 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.
Brick duplex at 1143 Cedarview Drive in Springfield, OH, on a 0.18-acre lot. The property is a double with the same floor plan for each unit, including two bedrooms and one bathroom upstairs, plus a living room, dining room, and kitchen. There is a full unfinished basement with a laundry hookup, along with public sewer service.
Heating is forced air and cooling is central air. Tenants pay gas, electric, cable, and internet, while the owner pays water/sewer and trash. Updates include bathroom updates less than 2 years old, new exterior railings, and new flooring for both units in 2024 and 2025. The building was constructed in 1938.
With each side operating under the same basic layout, this property is suited for a tenant-friendly two-unit income configuration where utility responsibilities are clearly divided.
Heating is forced air and cooling is central air. Tenants pay gas, electric, cable, and internet, while the owner pays water/sewer and trash. Updates include bathroom updates less than 2 years old, new exterior railings, and new flooring for both units in 2024 and 2025. The building was constructed in 1938.
With each side operating under the same basic layout, this property is suited for a tenant-friendly two-unit income configuration where utility responsibilities are clearly divided.
Key Highlights
- 0.18‑acre lot with 1,728 SF duplex property built in 1938
- Two‑unit layout with same floor plan on each side: two bedrooms and one bathroom
- Full unfinished basement with laundry hookup
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
$5,865
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
3.59%
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%
$117,300
$117.3K
Cap Rate 7%
$83,786
$83.8K
Cap Rate 9%
$65,167
$65.2K
Market Conditions
NOI Build-Up for 1,728 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
$9.1K $5.28/SF
− Vacancy
−$745 −$0.43/SF
EGI
$8.4K $4.85/SF
− OpEx
−$2.5K −$1.45/SF
NOI
$5.9K $3.39/SF
Area
Clark County, OH
Vacancy
8.17%
Lease Rate
$5.28 /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%
$117,300
Cap Rate 7%
$83,786
Cap Rate 9%
$65,167
Alternative Uses
Best Use
Multifamily LT 5
$83.8K
$73.3K – $97.8K
NOI $5,865 @ 7.0% cap · market cap 3.59%
Second Best
Apartment 5plus
$72.6K
$63.5K – $84.7K
NOI $5,082 @ 7.0% cap · market cap 3.11%
Theoretical Best
Specialty Retail
$482.0K
$421.7K – $562.3K
NOI $33,739 @ 7.0% cap · market cap 20.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
296
Businesses Nearby
Explore this area
Business Placement
Demographics for 45503, OH
32,870
Population
15,458
Households
2.1
Avg Household Size
44
Median Age
17%
College-Educated
89%
High-School Grad
17.5 sq mi
ZIP Area
1,878
Density / Sq Mi
$54,561
Median Household Income
$36,761
Median Earnings
$871
Median Rent
$153,100
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 - Two-unit brick duplex with central air, each side featuring two bedrooms and one bathroom with updated finishes.
Where is this duplex located?
The property is located at 1143 Cedarview Drive Springfield, OH.
What is the asking price?
The asking price for this property is $163,500.
What are key features of this property?
This property features: 0.18‑acre lot with 1,728 SF duplex property built in 1938; Two‑unit layout with same floor plan on each side: two bedrooms and one bathroom; Full unfinished basement with laundry hookup
