4-Unit Multi-Use Historic
For Sale
$329,900
649 E High Street, Springfield, OH 45505
MULTI_FAMILY - Colonial - Springfield, OH
Property Size4,278 SF
Lot Size0.37 Acres
Price / SF$77.12
Days on Market31
Property Features for 649 E High Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multiple
Parking features
None
Patio and Porch features
Patio, Porch
Basement
Block
Appliances
Range, Refrigerator
Subdivision
Foos
Lot features
Residential Lot
Elementary school district
1206 Springfield CSD
Middle school district
1206 Springfield CSD
High school district
1206 Springfield CSD
Directions
Corner of E. High St. and York Ave.
Standard status
Active
APN
3400700034211015
Size
4,278 SF
Lot size
0.37 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
1895
Floors in Building
2
Number of units
1
Flooring type
Wood
Building materials
Brick
Architectural style
Colonial
Listing Agency:
Mumma Realty and Auctioneers
(937) 324-3212
Listed By:
Curtis Mumma
(937) 324-3212
Added: Aug 1
Changed: Aug 5
Last Checked: Aug 31 at 1:06AM
MLS# 1047454
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.
Historic Springfield colonial home originally built in 1895 and constructed with brick, featuring 4,278 square feet of updated living space. The property was once a 4-unit and could be turned back into one, and it offers 6 bedrooms, 3 full baths, and 1 half bath. Inside, you’ll find original oak hardwood floors and wood trim, along with 3 updated kitchens with granite countertops. The second floor includes 11 1/2-foot ceilings, and the home also offers an enormous attic for storage or future expansion. Some stairs, some second-floor flooring, and a bedroom need finishing.
The home is zoned Multi-Use and also includes a brick carriage house at the rear, supporting flexible use considerations. Exterior improvements include a new slate roof with copper gutters installed in 2013, 43 new windows installed in 2016, and a new roof on the brick carriage house installed in 2022. Additional work includes tuckpointing of both the house and carriage house, remodeled bathrooms with granite and marble finishes, and updated electrical and plumbing systems. The property has public sewer. It is listed on a 0.37-acre lot and currently has no dedicated parking noted.
The home is zoned Multi-Use and also includes a brick carriage house at the rear, supporting flexible use considerations. Exterior improvements include a new slate roof with copper gutters installed in 2013, 43 new windows installed in 2016, and a new roof on the brick carriage house installed in 2022. Additional work includes tuckpointing of both the house and carriage house, remodeled bathrooms with granite and marble finishes, and updated electrical and plumbing systems. The property has public sewer. It is listed on a 0.37-acre lot and currently has no dedicated parking noted.
Key Highlights
- 0.37‑acre lot with 4,278 square feet of historic colonial living space
- Once a 4‑unit layout that could be turned back into one
- Zoned Multi‑Use with a rear brick carriage house
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
$14,520
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
4.40%
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%
$290,400
$290.4K
Cap Rate 7%
$207,429
$207.4K
Cap Rate 9%
$161,333
$161.3K
Market Conditions
NOI Build-Up for 4,278 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
$22.6K $5.28/SF
− Vacancy
−$1.8K −$0.43/SF
EGI
$20.7K $4.85/SF
− OpEx
−$6.2K −$1.45/SF
NOI
$14.5K $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%
$290,400
Cap Rate 7%
$207,429
Cap Rate 9%
$161,333
Alternative Uses
Best Use
Multifamily LT 5
$207.4K
$181.5K – $242.0K
NOI $14,520 @ 7.0% cap · market cap 4.40%
Second Best
Apartment 5plus
$179.7K
$157.3K – $209.7K
NOI $12,581 @ 7.0% cap · market cap 3.81%
Theoretical Best
Specialty Retail
$1.19M
$1.04M – $1.39M
NOI $83,528 @ 7.0% cap · market cap 25.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
752
Businesses Nearby
Explore this area
Business Placement
Demographics for 45505, OH
19,708
Population
9,365
Households
2.1
Avg Household Size
38
Median Age
10%
College-Educated
84%
High-School Grad
13.6 sq mi
ZIP Area
1,449
Density / Sq Mi
$42,409
Median Household Income
$30,322
Median Earnings
$802
Median Rent
$87,500
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?
Quadplex - Historic brick colonial home zoned Multi-Use with central air and forced-air natural gas heat, plus 11 1/2-foot second-floor ceilings.
Where is this quadplex located?
The property is located at 649 E High Street Springfield, OH.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: 0.37‑acre lot with 4,278 square feet of historic colonial living space; Once a 4‑unit layout that could be turned back into one; Zoned Multi‑Use with a rear brick carriage house
