Duplex with Vacant
For Sale
$80,000
Pending
337 Fair Street, Springfield, OH 45506
Multi-Family, Springfield, OH
Property Size2,296 SF
Lot Size0.08 Acres
Days on Market127
Property Features for 337 Fair Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 4
Parking features
None
Basement
Full
Subdivision
Lewis S Clarkes Add
Elementary school district
1206 Springfield CSD
Middle school district
1206 Springfield CSD
High school district
1206 Springfield CSD
Directions
East Pleasant to left on Wittenberg; Right on Fair Street
Standard status
Pending
APN
3400700034302004
Size
2,296 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Building Details
Year built
1881
Number of units
2
Building materials
Vinyl Siding
Listing Agency:
Glasshouse Realty Group
Listed By:
Nicole Harris · License #2016001182
(937) 949-0006
Added: May 7
Changed: Sep 7
Last Checked: Sep 10 at 5:06AM
MLS# 1045522
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 contains two residential units, with one currently occupied and the other vacant for a new tenant or owner-occupant. The 2,296-square-foot property includes four bedrooms and two bathrooms, with light cosmetic updates identified as needed. Vinyl siding, baseboard heating, and public sewer service are among the documented property features.
Built in 1881, the property sits on a 0.08-acre lot at 337 Fair Street in Springfield, Ohio. The existing occupancy and vacant unit create two distinct use conditions within the same building, while the room count supports a residential income-property configuration.
Built in 1881, the property sits on a 0.08-acre lot at 337 Fair Street in Springfield, Ohio. The existing occupancy and vacant unit create two distinct use conditions within the same building, while the room count supports a residential income-property configuration.
Key Highlights
- 2,296‑square‑foot duplex with two residential units
- One unit is currently tenant‑occupied
- Second unit is vacant for leasing or owner occupancy
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
$6,752
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
8.44%
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%
$135,040
$135.0K
Cap Rate 7%
$96,457
$96.5K
Cap Rate 9%
$75,022
$75.0K
Market Conditions
NOI Build-Up for 2,296 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
$13.4K $5.85/SF
− Vacancy
−$1.2K −$0.50/SF
EGI
$12.3K $5.35/SF
− OpEx
−$5.5K −$2.41/SF
NOI
$6.8K $2.94/SF
Area
Clark County, OH
Vacancy
8.60%
Lease Rate
$5.85 /SF/Yr
Expense Ratio
45.00%
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%
$135,040
Cap Rate 7%
$96,457
Cap Rate 9%
$75,022
Alternative Uses
Best Use
Multifamily LT 5
$111.3K
$97.4K – $129.9K
NOI $7,793 @ 7.0% cap · market cap 9.74%
Second Best
Apartment 5plus
$96.5K
$84.4K – $112.5K
NOI $6,752 @ 7.0% cap · market cap 8.44%
Theoretical Best
Specialty Retail
$640.4K
$560.4K – $747.2K
NOI $44,830 @ 7.0% cap · market cap 56.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
744
Businesses Nearby
Explore this area
Business Placement
Demographics for 45506, OH
13,330
Population
6,613
Households
2
Avg Household Size
39
Median Age
13%
College-Educated
87%
High-School Grad
12.2 sq mi
ZIP Area
1,093
Density / Sq Mi
$40,132
Median Household Income
$34,774
Median Earnings
$800
Median Rent
$101,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - One residence is occupied, while the second is open for leasing or owner occupancy.
Where is this duplex located?
The property is located at 337 Fair Street Springfield, OH.
What is the asking price?
The asking price for this property is $80,000.
What are key features of this property?
This property features: 2,296‑square‑foot duplex with two residential units; One unit is currently tenant‑occupied; Second unit is vacant for leasing or owner occupancy
