Renovated Salon Suites
For Sale
$690,000
1701 Lexington Avenue, Springfield, OH 45505
COMMERCIAL - Neoclassical - Springfield, OH
Property Size6,468 SF
Lot Size0.17 Acres
Price / SF$106.68
Days on Market669
Property Features for 1701 Lexington Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Business, Multiple
Parking features
Parking Lot
Window features
Window Coverings
Interior features
Attic
Basement
Block
Appliances
Dryer, Gas Water Heater, Range, Refrigerator, Washer
Subdivision
Brain
Lot features
Plat, Residential Lot
Directions
E High St to Ludlow to corner of Lexington.
Standard status
Active
APN
3400700028222001
Size
6,468 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Amenities
communal laundry
off-street parking
Building Details
Year built
1891
Flooring type
Wood
Building materials
Vinyl Siding
Architectural style
Neoclassical
Listing Agency:
Real Estate II, Inc.
(937) 390-3119
Listed By:
Alva Fulk · License #267155
(937) 390-3119
Added: Oct 10, 2024
Changed: Aug 5
Last Checked: Aug 9 at 11:06AM
MLS# 1034980
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.
Newly renovated and re-imagined duplex configured as a self-care beauty multi-plex on the main level, with an outside-entry upper level featuring apartments. The main level includes 9 fully equipped salon suites with shampoo bowls, white trim, sleek doors, contemporary hard-surface flooring, and ample lighting. Suite layouts average 9x11 with two 11x11 suites, plus two handicap accessible bathrooms and a large entry waiting area. An on-site 11x11 office suite with a private entry is also included, along with a 9x10 community laundry/washroom for suite owners.
The upper level has three fully rented apartments with an outside entry, including one unit with 2 bedrooms, 1 bath, and kitchen and living room areas. The stairway leads to a common area used for communal laundry facilities.
The property offers off-street parking behind the building in a gravel lot and includes a back door exit accessible for operations. Reported improvements include new flooring in all units, updated plumbing, a new flat roof, and a new HVAC system intended to support a turn-key setup.
The upper level has three fully rented apartments with an outside entry, including one unit with 2 bedrooms, 1 bath, and kitchen and living room areas. The stairway leads to a common area used for communal laundry facilities.
The property offers off-street parking behind the building in a gravel lot and includes a back door exit accessible for operations. Reported improvements include new flooring in all units, updated plumbing, a new flat roof, and a new HVAC system intended to support a turn-key setup.
Key Highlights
- Self‑care beauty multi‑plex with 9 fully equipped salon suites on the main level, with all but 1 suite currently rented on a weekly basis
- Upper level has 3 fully rented apartments (2 bed/1 bath unit plus other units) with new cabinetry and hard surface flooring
- Income details provided: main‑level weekly cash flow of 4 Fridays at $5,637 or 5 Fridays at $6,425 (with 1 suite vacancy); upper‑level income of $2,050/month
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
$21,953
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
3.18%
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%
$439,060
$439.1K
Cap Rate 7%
$313,614
$313.6K
Cap Rate 9%
$243,922
$243.9K
Market Conditions
NOI Build-Up for 6,468 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
$34.2K $5.28/SF
− Vacancy
−$2.8K −$0.43/SF
EGI
$31.4K $4.85/SF
− OpEx
−$9.4K −$1.45/SF
NOI
$22.0K $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%
$439,060
Cap Rate 7%
$313,614
Cap Rate 9%
$243,922
Alternative Uses
Best Use
Multifamily LT 5
$313.6K
$274.4K – $365.9K
NOI $21,953 @ 7.0% cap · market cap 3.18%
Second Best
Apartment 5plus
$271.7K
$237.8K – $317.0K
NOI $19,021 @ 7.0% cap · market cap 2.76%
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.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
95%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
554
Businesses Nearby
Under-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Merek Ramirez — 363 S Burnett Rd, Springfield, OH 45505
Frequently Asked Questions
What type of property is this?
Spa & wellness property - Newly renovated corner duplex offering 9 salon suites with weekly rental and 3 upper apartments with outside entry.
Where is this spa & wellness 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: Self‑care beauty multi‑plex with 9 fully equipped salon suites on the main level, with all but 1 suite currently rented on a weekly basis; Upper level has 3 fully rented apartments (2 bed/1 bath unit plus other units) with new cabinetry and hard surface flooring; Income details provided: main‑level weekly cash flow of 4 Fridays at $5,637 or 5 Fridays at $6,425 (with 1 suite vacancy); upper‑level income of $2,050/month
