Renovated Salon Suite
1701 Lexington Avenue Springfield, OH 45505
For Sale
$690,000
MULTI_FAMILY - Neoclassical - Springfield, OH
Property Size6,468 SF
Price / SF$106.68
Days on Market658
Property Features for 1701 Lexington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Rooms
Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 4, Bathroom 3, Bedroom 3
Parking features
None
Window features
Window Coverings
Interior features
Attic
Basement
Unfinished, Partial
Appliances
Dryer, Gas Water Heater, Washer
Standard status
Active
APN
340070002822200100
Size
6,468 SF
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
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.
(937) 390-3119
Listed By:
Alva Fulk
(937) 390-3119
Added: Oct 10, 2024
Changed: Jul 28
Last Checked: Jul 29 at 6:06AM
MLS# 1034977
Copyright © 2026 West Metro Board of REALTORS®. 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 newly renovated multi-family property has been re-imagined as a self-care beauty salon complex on the main level, with apartments on the upper level. The main level features 9 fully equipped salon suites, each with shampoo bowls, and includes a dedicated office suite with a private entry. There are 2 handicap accessible bathrooms, a large entry waiting space, and a 9x10 community laundry/washroom for suite owners. The upper level includes 3 fully rented apartments accessed via an outside entry, with 1 unit offering 2 bedrooms and 1 bath, plus kitchen and living room, and updated finishes including new cabinetry, hard surface flooring, and neutral interior paint.
Located as a corner property in the Brain All subdivision, the building provides off-street parking behind with a gravel lot and includes a back door exit accessible for use.
Significant improvements include new flooring in all units, updated plumbing, a new flat roof, and a new HVAC system, supporting a move-in-ready setup for both the salon suites and apartments.
Located as a corner property in the Brain All subdivision, the building provides off-street parking behind with a gravel lot and includes a back door exit accessible for use.
Significant improvements include new flooring in all units, updated plumbing, a new flat roof, and a new HVAC system, supporting a move-in-ready setup for both the salon suites and apartments.
Key Highlights
- Newly renovated duplex/plex built in 1891 with neoclassical style and aluminum siding
- Multi‑suite business setup: 9 fully equipped salon suites with shampoo bowls; all rented weekly except 1 currently available
- Upper level offers 3 fully rented apartments (2BR/1BA unit plus other 2 apartments) with new cabinetry and hard surface flooring
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 | $34.2k | $5.28 |
| − Vacancy | −$2.8k | −$0.43 |
| EGI | $31.4k | $4.85 |
| − OpEx | −$9.4k | −$1.45 |
| NOI | $22.0k | $3.39 |
6,468 SF · lease $5.28/SF/yr · vacancy 8.17% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$313.6K
$274.4K – $365.9K
NOI $21,953 @ 7.0% cap · market cap 3.18%
Second Best
Apartment 5plus
$271.7K
$237.8K – $317.0K
NOI $19,021 @ 7.0% cap · market cap 2.76%
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
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Triplex - Corner multi-family property with 9 rented salon suites on the main level and 3 apartments above, plus off-street parking.
Where is this triplex 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: Newly renovated duplex/plex built in 1891 with neoclassical style and aluminum siding; Multi‑suite business setup: 9 fully equipped salon suites with shampoo bowls; all rented weekly except 1 currently available; Upper level offers 3 fully rented apartments (2BR/1BA unit plus other 2 apartments) with new cabinetry and hard surface flooring
