Brick Duplex with Two Rental
For Sale
$85,000
21 Lagonda Avenue, Springfield, OH 45503
MULTI_FAMILY - Springfield, OH
Property Size1,935 SF
Lot Size0.09 Acres
Price / SF$43.93
Days on Market57
Property Features for 21 Lagonda Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 2
Parking features
None
Basement
Block, Unfinished
Appliances
Range, Refrigerator
Subdivision
Warder
Lot features
Residential Lot
Elementary school district
1206 Springfield CSD
Middle school district
1206 Springfield CSD
High school district
1206 Springfield CSD
Directions
I-70 Exit 54A (US-68/N Limestone St) north toward Springfield. Continue approximately 2 miles. Right on E. Lagonda Ave. Cross N. Fountain Ave. Property on right at 21 Lagonda Ave.
Standard status
Active
APN
3400700029317017
Size
1,935 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Building Details
Year built
1882
Floors in Building
2
Number of units
2
Building materials
Brick, Stone
Listing Agency:
Glasshouse Realty Group
(937) 949-0006
Listed By:
Tyler Hicks
(937) 949-0006
Added: Jun 14
Changed: Aug 8
Last Checked: Aug 9 at 1:06PM
MLS# 1046379
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 offers two rental units in a solid brick exterior building. The lower unit is a 2-bedroom, 1-bath layout, and the upper unit is a 1-bedroom, 1-bath layout, with a full basement and approximately 1,935 square feet of living space. Heating is forced air with natural gas, and the property includes a range and refrigerator.
The home sits on a 0.09-acre lot at 21 Lagonda Avenue in Springfield, Ohio (Clark County). The building is served by public sewer. The utility structure is tenant-friendly, with tenants responsible for their own electric service and a portion of the gas bill, while the owner currently pays water and trash. A new water heater was installed in 2026.
The property is currently fully occupied, positioned for an owner seeking a straightforward duplex setup with two separate units and shared building infrastructure.
The home sits on a 0.09-acre lot at 21 Lagonda Avenue in Springfield, Ohio (Clark County). The building is served by public sewer. The utility structure is tenant-friendly, with tenants responsible for their own electric service and a portion of the gas bill, while the owner currently pays water and trash. A new water heater was installed in 2026.
The property is currently fully occupied, positioned for an owner seeking a straightforward duplex setup with two separate units and shared building infrastructure.
Key Highlights
- Duplex with a lower 2‑bedroom, 1‑bath unit and an upper 1‑bedroom, 1‑bath unit
- Approximately 1,935 square feet of living space with a full basement
- Solid brick exterior construction with forced‑air natural gas heating
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
$6,567
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
7.73%
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%
$131,340
$131.3K
Cap Rate 7%
$93,814
$93.8K
Cap Rate 9%
$72,967
$73.0K
Market Conditions
NOI Build-Up for 1,935 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
$10.2K $5.28/SF
− Vacancy
−$835 −$0.43/SF
EGI
$9.4K $4.85/SF
− OpEx
−$2.8K −$1.45/SF
NOI
$6.6K $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%
$131,340
Cap Rate 7%
$93,814
Cap Rate 9%
$72,967
Alternative Uses
Best Use
Multifamily LT 5
$93.8K
$82.1K – $109.5K
NOI $6,567 @ 7.0% cap · market cap 7.73%
Second Best
Apartment 5plus
$81.3K
$71.1K – $94.8K
NOI $5,690 @ 7.0% cap · market cap 6.69%
Theoretical Best
Specialty Retail
$539.7K
$472.3K – $629.7K
NOI $37,781 @ 7.0% cap · market cap 44.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
252
Businesses Nearby
Explore this area
Business Placement
Demographics for 45503, OH
32,870
Population
15,458
Households
2.1
Avg Household Size
44
Median Age
17%
College-Educated
89%
High-School Grad
17.5 sq mi
ZIP Area
1,878
Density / Sq Mi
$54,561
Median Household Income
$36,761
Median Earnings
$871
Median Rent
$153,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Brick duplex with two tenant-separated units, public sewer, and natural gas forced-air heat.
Where is this duplex located?
The property is located at 21 Lagonda Avenue Springfield, OH.
What is the asking price?
The asking price for this property is $85,000.
What are key features of this property?
This property features: Duplex with a lower 2‑bedroom, 1‑bath unit and an upper 1‑bedroom, 1‑bath unit; Approximately 1,935 square feet of living space with a full basement; Solid brick exterior construction with forced‑air natural gas heating
