Four-Unit Apartment
For Sale
$199,000
1606-1608 W High Street, Springfield, OH 45506
Multi-Family, Springfield, OH
Property Size2,816 SF
Lot Size0.22 Acres
Price / SF$70.67
Days on Market143
Property Features for 1606-1608 W High Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bathroom 1, Bedroom 3, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 4
Patio and Porch features
Porch, Deck
Basement
Unfinished, Block
Appliances
Gas Water Heater
Lot features
Residential Lot
Elementary school district
1206 Springfield CSD
Middle school district
1206 Springfield CSD
High school district
1206 Springfield CSD
Directions
West High St to address
Subdivision
014 S OF MAIN / W OF LIMESTONE
Standard status
Active
APN
3400600010206017
Size
2,816 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Building Details
Year built
1900
Floors in Building
2
Number of units
4
Flooring type
Vinyl, Hardwood
Building materials
Vinyl Siding
Architectural style
Other
Listing Agency:
Roost Real Estate Co.
Listed By:
Tina Bleything · License #2016002796
(937) 390-3715
Added: May 4
Changed: Sep 13
Last Checked: Sep 23 at 11:06PM
MLS# 1045449
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 four-unit apartment property includes 1-bedroom, 1-bath residences within a building constructed in 1900. Two upper-level units are vacant, while the occupied units are under yearly leases extending through 2/2027 and 3/2027. Interior finishes include hardwood flooring in the bedrooms and living areas, wood plank flooring in the kitchens, vinyl bathroom flooring, and large windows that bring natural light into each residence.
The lower units have private front porches, and the upper units include rear decks. Each apartment is accompanied by a one-car detached garage. The property sits on 0.22 acres at 1606-1608 W High Street in Springfield, Ohio, with vinyl siding, natural-gas forced-air heating, a gas water heater, and public sewer service.
The lower units have private front porches, and the upper units include rear decks. Each apartment is accompanied by a one-car detached garage. The property sits on 0.22 acres at 1606-1608 W High Street in Springfield, Ohio, with vinyl siding, natural-gas forced-air heating, a gas water heater, and public sewer service.
Key Highlights
- Four 1‑bedroom, 1‑bath apartment units
- Two upper units currently vacant
- Yearly leases extend through 2/2027 and 3/2027
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
$9,558
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
4.80%
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%
$191,160
$191.2K
Cap Rate 7%
$136,543
$136.5K
Cap Rate 9%
$106,200
$106.2K
Market Conditions
NOI Build-Up for 2,816 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
$14.9K $5.28/SF
− Vacancy
−$1.2K −$0.43/SF
EGI
$13.7K $4.85/SF
− OpEx
−$4.1K −$1.45/SF
NOI
$9.6K $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%
$191,160
Cap Rate 7%
$136,543
Cap Rate 9%
$106,200
Alternative Uses
Best Use
Multifamily LT 5
$136.5K
$119.5K – $159.3K
NOI $9,558 @ 7.0% cap · market cap 4.80%
Second Best
Apartment 5plus
$118.3K
$103.5K – $138.0K
NOI $8,281 @ 7.0% cap · market cap 4.16%
Theoretical Best
Specialty Retail
$785.5K
$687.3K – $916.4K
NOI $54,983 @ 7.0% cap · market cap 27.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
252
Businesses Nearby
Explore this area
Business Placement
Demographics for 45506, OH
13,330
Population
6,613
Households
2
Avg Household Size
39
Median Age
13%
College-Educated
87%
High-School Grad
12.2 sq mi
ZIP Area
1,093
Density / Sq Mi
$40,132
Median Household Income
$34,774
Median Earnings
$800
Median Rent
$101,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Quadplex - Quadplex with four one-bedroom residences, private outdoor areas, and a detached garage assigned to each unit.
Where is this quadplex located?
The property is located at 1606-1608 W High Street Springfield, OH.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Four 1‑bedroom, 1‑bath apartment units; Two upper units currently vacant; Yearly leases extend through 2/2027 and 3/2027
