Retail Building with Lodge Gathering
For Sale
$799,000
309 E Leffel Ln, Springfield, OH 45505
Large retail building on 5 acres with extensive paved parking and a lodge-style gathering area.
Property Size14,180 SF
Days on Market50
Property Features for 309 E Leffel Ln
General Information
Standard status
Active
Size
14,180 SF
Property subtype
Other
Building Details
Building Size
14,180 SF
Listing Agency:
Coldwell Banker Heritage
(937) 504-6375
Listed By:
Patrick Williams
Source:
Commercialcafe
Added: Jul 13
Changed: Aug 28
Last Checked: Aug 31 at 1:21PM
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 Coldwell Banker Heritage
Investment Insights
Based on property information with market context.
This for-sale retail property includes a large 14,000± SF facility situated on 5± acres. The building features a spacious lodge-style gathering area that can support membership use, events, retail, training/classroom, or other commercial concepts, subject to buyer verification of zoning and permits. The site also includes a commercial sign and a private billboard.
The property is positioned along Interstate 70 frontage near Exit 54 (SR 72) in Springfield, Ohio, with extensive paved parking for customers, groups, and events.
For buyers evaluating retail or mixed commercial uses, the combination of an on-site gathering space, roadside visibility via signage and billboard, and ample paved parking provides a flexible foundation for multiple operating plans, pending approvals.
The property is positioned along Interstate 70 frontage near Exit 54 (SR 72) in Springfield, Ohio, with extensive paved parking for customers, groups, and events.
For buyers evaluating retail or mixed commercial uses, the combination of an on-site gathering space, roadside visibility via signage and billboard, and ample paved parking provides a flexible foundation for multiple operating plans, pending approvals.
Key Highlights
- 14,000± SF commercial facility on 5± acres with Interstate 70 frontage at Exit 54 (SR 72) in Springfield, Ohio
- Extensive paved parking for customers, groups, and events
- On‑site commercial sign and private billboard
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
$55,510
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
6.95%
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%
$1,110,200
$1.1M
Cap Rate 7%
$793,000
$793.0K
Cap Rate 9%
$616,778
$616.8K
Market Conditions
NOI Build-Up for 14,180 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
$82.2K $5.80/SF
− Vacancy
−$2.9K −$0.21/SF
EGI
$79.3K $5.59/SF
− OpEx
−$23.8K −$1.68/SF
NOI
$55.5K $3.91/SF
Area
Clark County, OH
Vacancy
3.58%
Lease Rate
$5.80 /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%
$1,110,200
Cap Rate 7%
$793,000
Cap Rate 9%
$616,778
Alternative Uses
Best Use
Retail
$793.0K
$693.9K – $925.2K
NOI $55,510 @ 7.0% cap · market cap 6.95%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.96M
$3.46M – $4.61M
NOI $276,865 @ 7.0% cap · market cap 34.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
189
Businesses Nearby
206k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 66%
Shops & Services 23%
Hotels & Casinos 6%
Superstores 5%
McDonald's
Dining
35,923 visits/mo
0.3 miles
Cracker Barrel Old Country Store
Dining
24,827 visits/mo
0.3 miles
Shell
Shops & Services
18,956 visits/mo
0.3 miles
Marathon
Shops & Services
14,254 visits/mo
0.4 miles
Chipotle Mexican Grill
Dining
14,092 visits/mo
0.3 miles
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Large retail building on 5 acres with extensive paved parking and a lodge-style gathering area.
Where is this retail space located?
The property is located at 309 E Leffel Ln Springfield, OH.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 14,000± SF commercial facility on 5± acres with Interstate 70 frontage at Exit 54 (SR 72) in Springfield, Ohio; Extensive paved parking for customers, groups, and events; On‑site commercial sign and private billboard
