Two-Story Duplex with
For Sale
$159,000
1501 Clifton Avenue, Springfield, OH 45505
Multi-Family, Springfield, OH
Property Size2,868 SF
Lot Size0.18 Acres
Price / SF$55.44
Days on Market47
Property Features for 1501 Clifton Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 5, Bedroom 6, Bedroom 3, Bathroom 1
Patio and Porch features
Porch
Interior features
Attic
Fireplace
1
Basement
Full, Partial, Unfinished
Appliances
Gas Water Heater
Subdivision
Thomas
Lot features
Residential Lot
Elementary school district
1206 Springfield CSD
Middle school district
1206 Springfield CSD
High school district
1206 Springfield CSD
Directions
S Limestone St. to Catherine St to Clifton Ave. Home is on the corner.
Standard status
Active
APN
3400700033210011
Size
2,868 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Amenities
detached garage
front porch
Building Details
Year built
1928
Floors in Building
2
Number of units
2
Flooring type
Carpet, Linoleum, Vinyl
Building materials
Vinyl Siding
Listing Agency:
Roost Real Estate Co.
Listed By:
Tina Bleything · License #2016002796
(937) 390-3715
Added: Aug 9
Changed: Sep 13
Last Checked: Sep 24 at 1:06AM
MLS# 1047625
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.
This two-story duplex contains 2,868 square feet, with each residence offering 3 bedrooms and 1 full bathroom. Both units are currently occupied. The property includes front porches, a detached garage for off-street parking, attic space, and a fireplace. Interior finishes include carpet, vinyl, and linoleum flooring, while forced-air natural gas heating and a gas water heater serve the building.
The property consists of 2 parcels totaling 0.18 acres at 1501 Clifton Avenue in Springfield, Ohio. Public sewer is available, and the building was constructed in 1928 with vinyl siding.
The property consists of 2 parcels totaling 0.18 acres at 1501 Clifton Avenue in Springfield, Ohio. Public sewer is available, and the building was constructed in 1928 with vinyl siding.
Key Highlights
- 2,868‑square‑foot two‑story duplex
- Two occupied units, each with 3 bedrooms and 1 full bathroom
- Detached garage provides off‑street parking
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
$9,734
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
6.12%
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%
$194,680
$194.7K
Cap Rate 7%
$139,057
$139.1K
Cap Rate 9%
$108,156
$108.2K
Market Conditions
NOI Build-Up for 2,868 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
$15.1K $5.28/SF
− Vacancy
−$1.2K −$0.43/SF
EGI
$13.9K $4.85/SF
− OpEx
−$4.2K −$1.45/SF
NOI
$9.7K $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%
$194,680
Cap Rate 7%
$139,057
Cap Rate 9%
$108,156
Alternative Uses
Best Use
Multifamily LT 5
$139.1K
$121.7K – $162.2K
NOI $9,734 @ 7.0% cap · market cap 6.12%
Second Best
Apartment 5plus
$120.5K
$105.4K – $140.6K
NOI $8,434 @ 7.0% cap · market cap 5.30%
Theoretical Best
Specialty Retail
$800.0K
$700.0K – $933.3K
NOI $55,998 @ 7.0% cap · market cap 35.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
244
Businesses Nearby
Explore this area
Business Placement
Demographics for 45505, OH
19,708
Population
9,365
Households
2.1
Avg Household Size
38
Median Age
10%
College-Educated
84%
High-School Grad
13.6 sq mi
ZIP Area
1,449
Density / Sq Mi
$42,409
Median Household Income
$30,322
Median Earnings
$802
Median Rent
$87,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Occupied two-unit property with three bedrooms per residence, front porches, and off-street parking.
Where is this duplex located?
The property is located at 1501 Clifton Avenue Springfield, OH.
What is the asking price?
The asking price for this property is $159,000.
What are key features of this property?
This property features: 2,868‑square‑foot two‑story duplex; Two occupied units, each with 3 bedrooms and 1 full bathroom; Detached garage provides off‑street parking
