Brick Duplex with Updated
For Sale
$163,500
1143 Cedarview Dr, Springfield, OH 45503
Two matching units include refreshed flooring, full unfinished basement space, and laundry hookups.
Property Size1,728 SF
Price / SF$94.62
Days on Market47
Property Features for 1143 Cedarview Dr
General Information
Standard status
Active
Size
1,728 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Average Monthly Rent
$850
Amenities
laundry hookup
Building Details
Year Built
1938
Construction
brick
Listing Agency:
Ross Digiorgio, The Westwood Real Estate Co
(614) 226-1039
Listed By:
Rhiannon Ferrari · License #2009003178
(614) 226-1039
Source:
Ferrarihomegroup
Added: Jul 15
Changed: Aug 28
Last Checked: Aug 29 at 8:54AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Ross Digiorgio, The Westwood Real Estate Co
Investment Insights
Based on property information with market context.
Built in 1938, this brick duplex offers 1,728 SF with the same layout on both sides. Each unit includes two bedrooms and one bathroom upstairs, plus a living room, dining room, and kitchen. The property also has a full unfinished basement with a laundry hookup. Bathroom improvements were completed less than 2 years ago, while exterior railings were replaced and flooring was installed in 2024 and 2025.
The property is located at 1143 Cedarview Dr, Springfield, OH 45503. Tenants are responsible for gas, electric, cable, and internet service. Ownership pays water, sewer, and trash expenses.
The property is located at 1143 Cedarview Dr, Springfield, OH 45503. Tenants are responsible for gas, electric, cable, and internet service. Ownership pays water, sewer, and trash expenses.
Key Highlights
- Two‑unit brick duplex with 1,728 SF
- Matching floor plan for both units
- Each unit has 2 bedrooms and 1 bathroom upstairs
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
$5,865
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
3.59%
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%
$117,300
$117.3K
Cap Rate 7%
$83,786
$83.8K
Cap Rate 9%
$65,167
$65.2K
Market Conditions
NOI Build-Up for 1,728 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
$9.1K $5.28/SF
− Vacancy
−$745 −$0.43/SF
EGI
$8.4K $4.85/SF
− OpEx
−$2.5K −$1.45/SF
NOI
$5.9K $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%
$117,300
Cap Rate 7%
$83,786
Cap Rate 9%
$65,167
Alternative Uses
Best Use
Multifamily LT 5
$83.8K
$73.3K – $97.8K
NOI $5,865 @ 7.0% cap · market cap 3.59%
Second Best
Apartment 5plus
$72.6K
$63.5K – $84.7K
NOI $5,082 @ 7.0% cap · market cap 3.11%
Theoretical Best
Specialty Retail
$482.0K
$421.7K – $562.3K
NOI $33,739 @ 7.0% cap · market cap 20.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
289
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 - Two matching units include refreshed flooring, full unfinished basement space, and laundry hookups.
Where is this duplex located?
The property is located at 1143 Cedarview Dr Springfield, OH.
What is the asking price?
The asking price for this property is $163,500.
What are key features of this property?
This property features: Two‑unit brick duplex with 1,728 SF; Matching floor plan for both units; Each unit has 2 bedrooms and 1 bathroom upstairs
