Renovated Mixed-Use
For Sale
$690,000
1701 Lexington Avenue, Springfield, OH 45505
Multi-Family, Springfield, OH
Property Size6,468 SF
Price / SF$106.68
Days on Market703
Property Features for 1701 Lexington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Commercial, Multiple
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 3
Parking features
None
Window features
Window Coverings
Interior features
Attic
Basement
Partial, Unfinished
Appliances
Dryer, Gas Water Heater, Washer
Subdivision
Brain All
Lot features
Residential Lot
Elementary school district
1206 Springfield CSD
Middle school district
1206 Springfield CSD
High school district
1206 Springfield CSD
Directions
Corner of Lexington & Ludlow
Standard status
Active
APN
340070002822200100
Size
6,468 SF
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Amenities
handicap accessible bathrooms
big entry waiting space
community laundry/washroom
off street parking
Building Details
Year built
1891
Floors in Building
2
Number of units
3
Building materials
Aluminum Siding
Architectural style
Neoclassical
Listing Agency:
Real Estate II, Inc.
Listed By:
Alva Fulk · License #267155
(937) 390-3119
Added: Oct 10, 2024
Changed: Sep 12
Last Checked: Sep 12 at 9:06AM
MLS# 1034977
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.
Located at 1701 Lexington Avenue in Springfield, Ohio, this 6,468-square-foot mixed-use property combines a salon-focused commercial operation with residential space. The main floor contains 9 salon suites, an 11x11 office with private entry, two handicap-accessible bathrooms, a large reception area, and a 9x10 shared laundry and washroom. Suite improvements include shampoo bowls, hard-surface flooring, updated trim, and contemporary doors and lighting. One suite is currently vacant, and the property carries a reported 5% vacancy rate.
The upper floor is separately accessed and contains 3 apartments, including a two-bedroom, one-bath unit with a kitchen and living room. The residential units feature updated cabinetry, hard-surface flooring, and neutral paint. Additional improvements include updated plumbing, a new flat roof, new HVAC, public sewer service, natural-gas forced-air heat, and central air conditioning. Built in 1891 with Neoclassical architecture and aluminum siding, the property also includes shared laundry facilities and a rear gravel area.
The upper floor is separately accessed and contains 3 apartments, including a two-bedroom, one-bath unit with a kitchen and living room. The residential units feature updated cabinetry, hard-surface flooring, and neutral paint. Additional improvements include updated plumbing, a new flat roof, new HVAC, public sewer service, natural-gas forced-air heat, and central air conditioning. Built in 1891 with Neoclassical architecture and aluminum siding, the property also includes shared laundry facilities and a rear gravel area.
Key Highlights
- 6,468‑square‑foot mixed‑use property at 1701 Lexington Avenue, Springfield, OH 45505
- Main level includes 9 salon suites, an 11x11 private‑entry office, and 2 handicap‑accessible bathrooms
- Upper level contains 3 fully rented apartments with separate outside access
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
$25,320
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
3.67%
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%
$506,400
$506.4K
Cap Rate 7%
$361,714
$361.7K
Cap Rate 9%
$281,333
$281.3K
Market Conditions
NOI Build-Up for 6,468 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
$37.5K $5.80/SF
− Vacancy
−$1.3K −$0.21/SF
EGI
$36.2K $5.59/SF
− OpEx
−$10.9K −$1.68/SF
NOI
$25.3K $3.91/SF
Area
Clark County, OH
Vacancy
3.58%
Lease Rate
$5.80 /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%
$506,400
Cap Rate 7%
$361,714
Cap Rate 9%
$281,333
Alternative Uses
Best Use
Mixed Use
$956.3K
$836.8K – $1.12M
NOI $66,944 @ 7.0% cap · market cap 9.70%
Second Best
Retail
$361.7K
$316.5K – $422.0K
NOI $25,320 @ 7.0% cap · market cap 3.67%
Theoretical Best
Specialty Retail
$1.80M
$1.58M – $2.10M
NOI $126,288 @ 7.0% cap · market cap 18.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Office units
95%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
492
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?
Mixed-use property - Two-level property combines salon suites, apartments, office space, and shared service areas in a renovated commercial setting.
Where is this mixed-use property located?
The property is located at 1701 Lexington Avenue Springfield, OH.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: 6,468‑square‑foot mixed‑use property at 1701 Lexington Avenue, Springfield, OH 45505; Main level includes 9 salon suites, an 11x11 private‑entry office, and 2 handicap‑accessible bathrooms; Upper level contains 3 fully rented apartments with separate outside access
