Renovated Side-by-Side
For Sale
$134,900
131 E Southern Ave, Springfield, OH 45505
Two units offer separate utilities, covered front porches, and distinct bedroom and bathroom configurations.
Property Size3,242 SF
Price / SF$41.61
Days on Market15
Property Features for 131 E Southern Ave
General Information
Standard status
Active
Size
3,242 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 4BR/2BA, 1 x 3BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
covered front porches
Building Details
Year Built
1890
Listing Agency:
Coldwell Banker Heritage
(937) 429-4500
Listed By:
Arthur A Solomon
Source:
Centralohiohomeguide
Added: Aug 16
Changed: Aug 29
Last Checked: Aug 29 at 2:59PM
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 side-by-side duplex contains approximately 3,242 square feet with a combined seven bedrooms and three full bathrooms. The larger residence at 131 E Southern includes four bedrooms and two baths, while 133 E Southern provides three bedrooms and one bath. The smaller unit has been comprehensively updated, and the adjoining residence has received substantial improvements. Both sides feature tall ceilings, generous room sizes, backyard access, and covered front porches.
Major property upgrades include a brand-new roof, two high-efficiency furnaces, vinyl windows throughout, and fresh exterior paint with aluminum siding repairs. Each unit has its own 100-amp electrical service, with gas and electric separately metered. The owner pays water, while occupants pay their separately metered gas and electric. Built in 1890, the property is near South Limestone Street, downtown Springfield, and I-70.
Major property upgrades include a brand-new roof, two high-efficiency furnaces, vinyl windows throughout, and fresh exterior paint with aluminum siding repairs. Each unit has its own 100-amp electrical service, with gas and electric separately metered. The owner pays water, while occupants pay their separately metered gas and electric. Built in 1890, the property is near South Limestone Street, downtown Springfield, and I-70.
Key Highlights
- Approximately 3,242 square feet with 7 bedrooms and 3 full baths
- Side‑by‑side layout includes a 4‑bedroom, 2‑bath unit and a 3‑bedroom, 1‑bath unit
- 133 E Southern features a new kitchen, bathroom, flooring, doors, LED lighting, switches, and outlets
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
$11,003
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
8.16%
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%
$220,060
$220.1K
Cap Rate 7%
$157,186
$157.2K
Cap Rate 9%
$122,256
$122.3K
Market Conditions
NOI Build-Up for 3,242 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
$17.1K $5.28/SF
− Vacancy
−$1.4K −$0.43/SF
EGI
$15.7K $4.85/SF
− OpEx
−$4.7K −$1.45/SF
NOI
$11.0K $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%
$220,060
Cap Rate 7%
$157,186
Cap Rate 9%
$122,256
Alternative Uses
Best Use
Multifamily LT 5
$157.2K
$137.5K – $183.4K
NOI $11,003 @ 7.0% cap · market cap 8.16%
Second Best
Apartment 5plus
$136.2K
$119.2K – $158.9K
NOI $9,534 @ 7.0% cap · market cap 7.07%
Theoretical Best
Specialty Retail
$904.3K
$791.3K – $1.06M
NOI $63,300 @ 7.0% cap · market cap 46.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
321
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two units offer separate utilities, covered front porches, and distinct bedroom and bathroom configurations.
Where is this duplex located?
The property is located at 131 E Southern Ave Springfield, OH.
What is the asking price?
The asking price for this property is $134,900.
What are key features of this property?
This property features: Approximately 3,242 square feet with 7 bedrooms and 3 full baths; Side‑by‑side layout includes a 4‑bedroom, 2‑bath unit and a 3‑bedroom, 1‑bath unit; 133 E Southern features a new kitchen, bathroom, flooring, doors, LED lighting, switches, and outlets
