Triplex with Separate
For Sale
$99,900
1223 Lagonda Avenue, Springfield, OH 45503
MULTI_FAMILY - Springfield, OH
Property Size2,373 SF
Lot Size0.06 Acres
Price / SF$42.10
Days on Market176
Property Features for 1223 Lagonda Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
3
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 3, Bathroom 2, Bathroom 1, Bathroom 3, Bedroom 2, Bedroom 1
Parking features
None
Patio and Porch features
Porch
Basement
Partial, Crawl Space
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
Lagonda to address. On the corner of Farlow and Lagonda.
Standard status
Active
APN
3400700029306010
Size
2,373 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air, Space Heater
Cooling system
Window Unit(s)
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Carpet, Laminate, Vinyl
Building materials
Vinyl Siding
Listing Agency:
Roost Real Estate Co.
(937) 390-3715
Listed By:
Priscilla L. McNamee
(937) 390-3715
Added: Feb 14
Changed: Aug 5
Last Checked: Aug 9 at 1:06PM
MLS# 1043773
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 three-unit triplex includes three separate entrances designed to provide privacy and flexibility for each unit. The property is being offered as a two-parcel sale that includes an additional parcel at 0 Farlow, currently utilized for off-street parking. The upper apartment offers two bedrooms and is leased on a long-term basis. A separate office-style unit includes one office/bedroom, a storage room, and a half bath, and is leased on a six-month lease. The spacious main level apartment currently functions as a large one-bedroom unit, with room to reconfigure into a two- or possibly three-bedroom layout.
Built in 1920, the home is on a 0.06-acre lot and contains 2,373 square feet. Updates include replacement windows, vinyl siding, updated electric panels, and a complete tear-off roof completed in 2004. Heating is provided by natural gas forced air along with space heaters, and cooling is via window unit(s). Gas is serviced by one meter, with the owner paying gas plus water, sewer, and trash. Sewer service is public sewer, and there is a porch.
The combination of multiple separate entrances, an additional parking parcel, and adaptable unit configuration supports a variety of tenant and layout options for a future reconfiguration of the main level unit.
Built in 1920, the home is on a 0.06-acre lot and contains 2,373 square feet. Updates include replacement windows, vinyl siding, updated electric panels, and a complete tear-off roof completed in 2004. Heating is provided by natural gas forced air along with space heaters, and cooling is via window unit(s). Gas is serviced by one meter, with the owner paying gas plus water, sewer, and trash. Sewer service is public sewer, and there is a porch.
The combination of multiple separate entrances, an additional parking parcel, and adaptable unit configuration supports a variety of tenant and layout options for a future reconfiguration of the main level unit.
Key Highlights
- Three separate entrances supporting privacy and flexibility for each unit
- Two‑parcel sale at a corner location, including an additional off‑street parking parcel at 0 Farlow
- Upper apartment with two bedrooms leased on a long‑term basis
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
$8,054
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
8.06%
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%
$161,080
$161.1K
Cap Rate 7%
$115,057
$115.1K
Cap Rate 9%
$89,489
$89.5K
Market Conditions
NOI Build-Up for 2,373 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
$12.5K $5.28/SF
− Vacancy
−$1.0K −$0.43/SF
EGI
$11.5K $4.85/SF
− OpEx
−$3.5K −$1.45/SF
NOI
$8.1K $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%
$161,080
Cap Rate 7%
$115,057
Cap Rate 9%
$89,489
Alternative Uses
Best Use
Multifamily LT 5
$115.1K
$100.7K – $134.2K
NOI $8,054 @ 7.0% cap · market cap 8.06%
Second Best
Apartment 5plus
$99.7K
$87.2K – $116.3K
NOI $6,979 @ 7.0% cap · market cap 6.99%
Theoretical Best
Specialty Retail
$661.9K
$579.2K – $772.2K
NOI $46,333 @ 7.0% cap · market cap 46.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit triplex on two parcels at a corner location, with separate entrances and an additional off-street parking parcel.
Where is this triplex located?
The property is located at 1223 Lagonda Avenue Springfield, OH.
What is the asking price?
The asking price for this property is $99,900.
What are key features of this property?
This property features: Three separate entrances supporting privacy and flexibility for each unit; Two‑parcel sale at a corner location, including an additional off‑street parking parcel at 0 Farlow; Upper apartment with two bedrooms leased on a long‑term basis
