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    Oversized Duplex Investment Property Title is generated by Realmo AI

    1501 E High Street, Springfield, OH 45505

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    For Sale
    $239,500

    MULTI_FAMILY - Springfield, OH

    Property size:
    4,000 SF
    Lot size:
    0.17 Acres
    Price / SF:
    $59/SF
    Added:
    Apr 17, 2026
    Days on Market:
    50
    Last Refresh:
    Jun 5 at 9:06 pm

    Property Features for 1501 E High Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    3
    Rooms
    Bedroom 3, Bedroom 1, Bedroom 2
    Parking
    8
    Standard status
    Active
    APN
    3400700028204001
    Lot size
    0.17 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    2468

    Utilities

    Utilities
    Water Available
    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1901
    Number of units
    2

    We can help!

    Listing Contact
    Kelvin Hernandez

    Listing agent Kelvin Hernandez

    Listing office Red 1 Realty 921 Eastwind Dr Suite 102, Columbus, OH

    Listing date Apr 17, 2026

    MLS# 226012601 Listing URL

    Copyright © 2026 Columbus and Central Ohio Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Cash‑flowing 4,000+ sqft duplex with two oversized units and strong in‑place income of $1,500/month per unit
    • Unit 1501 offers 3 beds and 1 bath; Unit 202 offers 4 beds and 1.5 baths (per seller).
    • Each unit features approx. 2,000 sqft of living space (to seller’s best knowledge), larger than typical duplex layouts
    • Tenants are in place with month‑to‑month arrangements, and long‑term tenants wish to remain (per seller)
    • Spacious parking area accommodates 8 vehicles, supporting tenant convenience
    • Built in 1901; utilities include public water and public sewer, with forced air heat and central air

    Overview

    This cash-flowing duplex offers two oversized residential units with long-term tenants in place who wish to remain. Unit 1501 is configured as a 3-bedroom, 1-bath layout, and Unit 202 is a 4-bedroom, 1.5-bath layout. To the seller’s best knowledge, each unit provides approximately 2,000 square feet of living space, making the property meaningfully larger than a typical duplex. The property is described as being in functional condition and is positioned as a stable, income-producing investment.

    The duplex includes a spacious parking area accommodating up to 8 vehicles, which adds daily convenience for residents. The units are currently fully occupied, and the seller reports in-place income of $1,500 per month per unit. Tenants are on month-to-month arrangements, providing flexibility for new ownership while maintaining proven rental history, per the seller.

    For investors and owner-operators, the property’s combination of strong in-place income, oversized layouts, and stable occupancy may appeal to those seeking to formalize leases, maintain occupancy, and optimize operations with tenants already in place. With two distinct unit mixes, the building can also support a straightforward leasing strategy based on resident household size preferences.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $21.1k $5.28
    − Vacancy −$1.7k −$0.43
    EGI $19.4k $4.85
    − OpEx −$5.8k −$1.45
    NOI $13.6k $3.39
    4,000 SF · lease $5.28/SF/yr · vacancy 8.17% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $193.9K
    $169.7K – $226.3K (±1% cap)
    NOI $13,576 @ 7.0% cap · market cap 5.67%
    Second Best
    Apartment 5plus
    $168.0K
    $147.0K – $196.1K (±1% cap)
    NOI $11,763 @ 7.0% cap · market cap 4.91%
    Theoretical Best
    Specialty Retail
    $1.12M
    $976.3K – $1.30M (±1% cap)
    NOI $78,100 @ 7.0% cap · market cap 32.61%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Clark
    State
    Ohio
    Longitude
    -83.787097
    Latitude
    39.920961

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    FAQs

    What type of property is this?
    Duplex - Fully occupied duplex with two large unit layouts and on-site parking, offering immediate rental income potential.
    Where is this duplex located?
    The property is located at 1501 E High Street Springfield, OH.
    What is the asking price?
    The asking price for this property is $239,500.
    What are key features of this property?
    This property features: Cash‑flowing 4,000+ sqft duplex with two oversized units and strong in‑place income of $1,500/month per unit; Unit 1501 offers 3 beds and 1 bath; Unit 202 offers 4 beds and 1.5 baths (per seller).; Each unit features approx. 2,000 sqft of living space (to seller’s best knowledge), larger than typical duplex layouts
    (614) 779-4621
    We can help!
    Listing Contact
    Kelvin Hernandez
    Request Owner's contact information
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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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