Four-Unit Brick Apartment
For Sale
$345,000
409 S Fountain Avenue, Springfield, OH 45506
MULTI_FAMILY - Springfield, OH
Property Size5,802 SF
Lot Size0.18 Acres
Price / SF$59.46
Days on Market82
Property Features for 409 S Fountain Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 5, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 4, Bedroom 6, Bedroom 8, Bathroom 5, Bedroom 9, Bathroom 3, Bedroom 7, Bedroom 2, Bedroom 1, Bathroom 4, Bedroom 10
Parking features
None
Basement
Full
Subdivision
Kenneys
Lot features
Residential Lot
Elementary school district
1206 Springfield CSD
Middle school district
1206 Springfield CSD
High school district
1206 Springfield CSD
Directions
S. Fountain Ave
Standard status
Active
APN
3400700034129008
Size
5,802 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Building Details
Year built
1910
Floors in Building
2
Number of units
5
Building materials
Brick
Listing Agency:
Always Sunny Realty, LLC
(937) 308-1122
Listed By:
Sunny R Dhingra · License #2015003696
(937) 308-1122
Added: May 20
Changed: Aug 5
Last Checked: Aug 9 at 4:06PM
MLS# 1045790
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 all-brick multi-family property includes a four-unit apartment building and an additional single-family house located at the rear of the lot. Each of the five total units is configured with 2 bedrooms and 1 bathroom. The property also features 4 garages attached to the back building.
Located at 409 S Fountain Avenue in Springfield, Ohio, the property is positioned just steps from Springfield’s downtown district and near local dining, shopping, and entertainment.
For showings, 48 hours’ notice is required.
Located at 409 S Fountain Avenue in Springfield, Ohio, the property is positioned just steps from Springfield’s downtown district and near local dining, shopping, and entertainment.
For showings, 48 hours’ notice is required.
Key Highlights
- All‑brick 4‑unit property plus an additional single‑family house at the rear of the lot
- All 5 units feature 2 bedrooms and 1 bathroom
- Total monthly rental income will be $4,725 beginning July 1
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
$17,062
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
4.95%
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%
$341,240
$341.2K
Cap Rate 7%
$243,743
$243.7K
Cap Rate 9%
$189,578
$189.6K
Market Conditions
NOI Build-Up for 5,802 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
$33.9K $5.85/SF
− Vacancy
−$2.9K −$0.50/SF
EGI
$31.0K $5.35/SF
− OpEx
−$14.0K −$2.41/SF
NOI
$17.1K $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%
$341,240
Cap Rate 7%
$243,743
Cap Rate 9%
$189,578
Alternative Uses
Best Use
Apartment 5plus
$243.7K
$213.3K – $284.4K
NOI $17,062 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.62M
$1.42M – $1.89M
NOI $113,284 @ 7.0% cap · market cap 32.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
301
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - All-brick 4-unit property plus a rear single-family house, with all units featuring 2 bedrooms and 1 bathroom.
Where is this single family property located?
The property is located at 409 S Fountain Avenue Springfield, OH.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: All‑brick 4‑unit property plus an additional single‑family house at the rear of the lot; All 5 units feature 2 bedrooms and 1 bathroom; Total monthly rental income will be $4,725 beginning July 1
