Medical Office Building with
For Sale
$875,000
415 E Home Rd, Springfield, OH 45503
Two-unit layout includes accessible facilities, abundant daylight, and paved on-site parking.
Property Size4,606 SF
Lot Size1.50 Acres
Price / SF$176.95
Days on Market14
Property Features for 415 E Home Rd
General Information
Standard status
Active
Size
4,606 SF
Lot size
1.50 Acres
Zoning
442
Additional Details
Office Units
2
Amenities
wheelchair-accessible bathrooms
landscaped green spaces
Building Details
Year Built
1992
Buildings
2
Building Size
4,606 SF
Construction
brick
Listing Agency:
Coldwell Banker Heritage
Listed By:
Jeffrey E Horne · License #677000159
Source:
Dreamcolumbus
Added: Aug 17
Changed: Aug 30
Last Checked: Aug 25 at 4:26AM
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.
Located at 415 E Home Road, this 4,606-square-foot all-brick medical office property contains two units with separate basement areas. Both units include wheelchair-accessible parking and bathrooms, while clerestory windows and skylights bring natural light throughout the building. The property was built in 1992 and includes a separate all-brick garage for storage, equipment, parking, or business operations.
The 1.5-acre site is near Kettering Health Medical Center and includes paved parking, landscaped green areas, and outdoor space. Zoning is (442) Medical Clinics and Offices, supporting the existing medical-office configuration as well as professional or general office use. The building has an Owens Corning roof installed in 2014, and Unit 415 received new vinyl flooring in 2024.
The 1.5-acre site is near Kettering Health Medical Center and includes paved parking, landscaped green areas, and outdoor space. Zoning is (442) Medical Clinics and Offices, supporting the existing medical-office configuration as well as professional or general office use. The building has an Owens Corning roof installed in 2014, and Unit 415 received new vinyl flooring in 2024.
Key Highlights
- 4,606‑square‑foot all‑brick building on a 1.5‑acre property
- Two units with separate basement areas
- Zoned (442) Medical Clinics and Offices
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
$65,863
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
7.53%
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%
$1,317,260
$1.3M
Cap Rate 7%
$940,900
$940.9K
Cap Rate 9%
$731,811
$731.8K
Market Conditions
NOI Build-Up for 4,945 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
$108.4K $21.93/SF
− Vacancy
−$20.6K −$4.17/SF
EGI
$87.8K $17.76/SF
− OpEx
−$22.0K −$4.44/SF
NOI
$65.9K $13.32/SF
Area
Clark County, OH
Vacancy
19.02%
Lease Rate
$21.93 /SF/Yr
Expense Ratio
25.00%
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%
$1,317,260
Cap Rate 7%
$940,900
Cap Rate 9%
$731,811
Alternative Uses
Best Use
Office B
$940.9K
$823.3K – $1.10M
NOI $65,863 @ 7.0% cap · market cap 7.53%
Second Best
Healthcare Medical
$846.1K
$740.3K – $987.1K
NOI $59,227 @ 7.0% cap · market cap 6.77%
Theoretical Best
Specialty Retail
$1.38M
$1.21M – $1.61M
NOI $96,551 @ 7.0% cap · market cap 11.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
364
Businesses Nearby
Under-served
Demand for This Use
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 Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Two-unit layout includes accessible facilities, abundant daylight, and paved on-site parking.
Where is this medical office space located?
The property is located at 415 E Home Rd Springfield, OH.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 4,606‑square‑foot all‑brick building on a 1.5‑acre property; Two units with separate basement areas; Zoned (442) Medical Clinics and Offices
