Duplex With Oversized
For Sale
$229,500
1501 E High Street, Springfield, OH 45505
MULTI_FAMILY - Springfield, OH
Property Size4,000 SF
Lot Size0.17 Acres
Price / SF$57.38
Days on Market115
Property Features for 1501 E High Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Rooms
Bedroom 3, Bedroom 1, Bedroom 2
Parking
8
Elementary school district
SPRINGFIELD CSD 1206 CLA CO.
Middle school district
SPRINGFIELD CSD 1206 CLA CO.
High school district
SPRINGFIELD CSD 1206 CLA CO.
Standard status
Active
APN
3400700028204001
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2468
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1901
Number of units
2
Listing Agency:
Red 1 Realty
(614) 585-9020
Listed By:
Kelvin Hernandez · License #2025000877
(614) 779-4621
Added: Apr 17
Changed: Aug 9
Last Checked: Aug 9 at 3:06PM
MLS# 226012601
Copyright © 2026 Columbus and Central Ohio Multiple Listing Service. 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 duplex features two oversized units in functional condition. Unit 1501 offers three bedrooms and one bathroom, and Unit 202 offers four bedrooms and 1.5 bathrooms. Each unit is described by the seller as having approximately 2,000 square feet of living space. The property is served by forced-air heating and central air conditioning.
The duplex includes a spacious parking area accommodating 8 vehicles. Tenants are currently in place on month-to-month arrangements, and the seller indicates the current occupancy and rental history support stable operations.
The property is located at 1501 E High Street in Springfield, Ohio (Clark County). Utilities include public water and public sewer service.
The duplex includes a spacious parking area accommodating 8 vehicles. Tenants are currently in place on month-to-month arrangements, and the seller indicates the current occupancy and rental history support stable operations.
The property is located at 1501 E High Street in Springfield, Ohio (Clark County). Utilities include public water and public sewer service.
Key Highlights
- Two‑unit duplex with Unit 1501 (3 bed, 1 bath) and Unit 202 (4 bed, 1.5 bath)
- Seller‑described approx 2,000 SF living space per unit
- Forced‑air heating with central air conditioning
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
$13,576
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
5.92%
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%
$271,520
$271.5K
Cap Rate 7%
$193,943
$193.9K
Cap Rate 9%
$150,844
$150.8K
Market Conditions
NOI Build-Up for 4,000 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
$21.1K $5.28/SF
− Vacancy
−$1.7K −$0.43/SF
EGI
$19.4K $4.85/SF
− OpEx
−$5.8K −$1.45/SF
NOI
$13.6K $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%
$271,520
Cap Rate 7%
$193,943
Cap Rate 9%
$150,844
Alternative Uses
Best Use
Multifamily LT 5
$193.9K
$169.7K – $226.3K
NOI $13,576 @ 7.0% cap · market cap 5.92%
Second Best
Apartment 5plus
$168.0K
$147.0K – $196.1K
NOI $11,763 @ 7.0% cap · market cap 5.13%
Theoretical Best
Specialty Retail
$1.12M
$976.3K – $1.30M
NOI $78,100 @ 7.0% cap · market cap 34.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,299
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 - Fully occupied duplex with oversized unit layouts, central air, and public water and sewer services.
Where is this duplex located?
The property is located at 1501 E High Street Springfield, OH.
What is the asking price?
The asking price for this property is $229,500.
What are key features of this property?
This property features: Two‑unit duplex with Unit 1501 (3 bed, 1 bath) and Unit 202 (4 bed, 1.5 bath); Seller‑described approx 2,000 SF living space per unit; Forced‑air heating with central air conditioning
