Duplex with Two-Unit Rental
For Sale
$165,000
1866 Maiden Lane, Springfield, OH 45504
MULTI_FAMILY - Springfield, OH
Property Size1,378 SF
Price / SF$119.74
Days on Market170
Property Features for 1866 Maiden Lane
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 1
Parking features
None
Basement
Full
Subdivision
P Lohnes
Elementary school district
1206 Springfield CSD
Middle school district
1206 Springfield CSD
High school district
1206 Springfield CSD
Directions
Bechtle Ave to Maiden Ln
Standard status
Active
APN
3400600011406008
Size
1,378 SF
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Building Details
Year built
1911
Number of units
2
Listing Agency:
Always Sunny Realty, LLC
(937) 308-1122
Listed By:
Sunny R Dhingra · License #2015003696
(937) 308-1122
Added: Feb 20
Changed: Aug 5
Last Checked: Aug 9 at 3:06PM
MLS# 1043873
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 duplex at 1866 Maiden Lane in Springfield, OH is a two-unit property with distinct bedroom layouts. One unit includes two bedrooms, while the second unit includes one bedroom. The property has forced air heating using natural gas, and it is connected to public sewer.
Built in 1911, the home offers practical living space with a straightforward configuration that can support a range of occupancy approaches, including living in one unit and renting the other. The location is described as convenient to everyday necessities and highway access, with Snyder Park and Snyder Park Elementary School within walking distance.
Built in 1911, the home offers practical living space with a straightforward configuration that can support a range of occupancy approaches, including living in one unit and renting the other. The location is described as convenient to everyday necessities and highway access, with Snyder Park and Snyder Park Elementary School within walking distance.
Key Highlights
- Two‑unit duplex at 1866 Maiden Lane, Springfield, OH 45504
- Unit bedroom mix: one two‑bedroom unit and one one‑bedroom unit
- Forced air heat with natural gas
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
$4,677
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
2.83%
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%
$93,540
$93.5K
Cap Rate 7%
$66,814
$66.8K
Cap Rate 9%
$51,967
$52.0K
Market Conditions
NOI Build-Up for 1,378 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
$7.3K $5.28/SF
− Vacancy
−$594 −$0.43/SF
EGI
$6.7K $4.85/SF
− OpEx
−$2.0K −$1.45/SF
NOI
$4.7K $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%
$93,540
Cap Rate 7%
$66,814
Cap Rate 9%
$51,967
Alternative Uses
Best Use
Multifamily LT 5
$66.8K
$58.5K – $78.0K
NOI $4,677 @ 7.0% cap · market cap 2.83%
Second Best
Apartment 5plus
$57.9K
$50.7K – $67.5K
NOI $4,052 @ 7.0% cap · market cap 2.46%
Theoretical Best
Specialty Retail
$384.4K
$336.3K – $448.4K
NOI $26,906 @ 7.0% cap · market cap 16.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
335
Businesses Nearby
Explore this area
Business Placement
Demographics for 45504, OH
17,343
Population
7,100
Households
2.4
Avg Household Size
41
Median Age
27%
College-Educated
92%
High-School Grad
22.0 sq mi
ZIP Area
788
Density / Sq Mi
$67,334
Median Household Income
$38,813
Median Earnings
$889
Median Rent
$167,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit duplex with a two-bedroom unit and a one-bedroom unit, heated with forced air natural gas and served by public sewer.
Where is this duplex located?
The property is located at 1866 Maiden Lane Springfield, OH.
What is the asking price?
The asking price for this property is $165,000.
What are key features of this property?
This property features: Two‑unit duplex at 1866 Maiden Lane, Springfield, OH 45504; Unit bedroom mix: one two‑bedroom unit and one one‑bedroom unit; Forced air heat with natural gas
