Renovated Mixed-Use
1701 Lexington Avenue, Springfield, OH 45505
For Sale
$690,000
Multi-Family, Springfield, OH
Property Size6,468 SF
Price / SF$106.68
Days on Market759
Property Features for 1701 Lexington Avenue
General Information
Property type
Property subtype
Zoning description
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking features
Window features
Interior features
Basement
Appliances
Subdivision
Lot features
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Size
Tenancy & Operations
Currently Operating
Tenant in Place
Business Included
Site & Location
Corner Location
Mixed-Use Components
Additional Details
Property Use
Condition
Taxes and HOA fees
Tax Year
Utilities
Sewer type
Heating system
Cooling system
Amenities
handicap accessible bathrooms
entry waiting space
office suite
community laundry
off street parking
Building Details
Year built
Floors in Building
Number of units
Building materials
Architectural style
Buildings
Listing Agency:
Real Estate II, Inc.
Listed By:
Alva Fulk · License #267155
(937) 390-3119
Added: Oct 10, 2024
Changed: Oct 24
Last Checked: Nov 7 at 11:06PM
MLS# 1034977
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.
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Investment Insights
Based on property information with market context.
Located at 1701 Lexington Avenue in Springfield, Ohio, this 6,468-square-foot mixed-use property combines a salon-focused commercial operation with residential space. The main floor contains 9 salon suites, an 11x11 office with private entry, two handicap-accessible bathrooms, a large reception area, and a 9x10 shared laundry and washroom. Suite improvements include shampoo bowls, hard-surface flooring, updated trim, and contemporary doors and lighting. One suite is currently vacant, and the property carries a reported 5% vacancy rate.
The upper floor is separately accessed and contains 3 apartments, including a two-bedroom, one-bath unit with a kitchen and living room. The residential units feature updated cabinetry, hard-surface flooring, and neutral paint. Additional improvements include updated plumbing, a new flat roof, new HVAC, public sewer service, natural-gas forced-air heat, and central air conditioning. Built in 1891 with Neoclassical architecture and aluminum siding, the property also includes shared laundry facilities and a rear gravel area.
The upper floor is separately accessed and contains 3 apartments, including a two-bedroom, one-bath unit with a kitchen and living room. The residential units feature updated cabinetry, hard-surface flooring, and neutral paint. Additional improvements include updated plumbing, a new flat roof, new HVAC, public sewer service, natural-gas forced-air heat, and central air conditioning. Built in 1891 with Neoclassical architecture and aluminum siding, the property also includes shared laundry facilities and a rear gravel area.
Key Highlights
- 6,468‑square‑foot mixed‑use property at 1701 Lexington Avenue, Springfield, OH 45505
- Main level includes 9 salon suites, an 11x11 private‑entry office, and 2 handicap‑accessible bathrooms
- Upper level contains 3 fully rented apartments with separate outside access
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,320
Cap Rate
3.67%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$506,400
$506.4K
Cap Rate 7%
$361,714
$361.7K
Cap Rate 9%
$281,333
$281.3K
Market Conditions
NOI Build-Up for 6,468 SF
Gross rent
$37.5K $5.80/SF
− Vacancy
−$1.3K −$0.21/SF
EGI
$36.2K $5.59/SF
− OpEx
−$10.9K −$1.68/SF
NOI
$25.3K $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 Rate 5%
$506,400
Cap Rate 7%
$361,714
Cap Rate 9%
$281,333
Alternative Uses
Best Use
Mixed Use
$956.3K
$836.8K – $1.12M
NOI $66,944 @ 7.0% cap · market cap 9.70%
Second Best
Retail
$361.7K
$316.5K – $422.0K
NOI $25,320 @ 7.0% cap · market cap 3.67%
Theoretical Best
Specialty Retail
$1.80M
$1.58M – $2.10M
NOI $126,288 @ 7.0% cap · market cap 18.30%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
1
Office units
95%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
492
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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level property combines salon suites, apartments, office space, and shared service areas in a renovated commercial setting.
Where is this mixed-use property located?
The property is located at 1701 Lexington Avenue Springfield, OH.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: 6,468‑square‑foot mixed‑use property at 1701 Lexington Avenue, Springfield, OH 45505; Main level includes 9 salon suites, an 11x11 private‑entry office, and 2 handicap‑accessible bathrooms; Upper level contains 3 fully rented apartments with separate outside access
