Triplex with Salon
For Sale
$690,000
1701 Lexington Avenue, Springfield, OH 45505
MULTI_FAMILY - Neoclassical - Springfield, OH
Property Size6,468 SF
Price / SF$106.68
Days on Market669
Property Features for 1701 Lexington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Commercial, Multiple
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 4, Bathroom 3, Bedroom 2, Bedroom 1
Parking features
None
Window features
Window Coverings
Interior features
Attic
Basement
Partial, Unfinished
Appliances
Dryer, Gas Water Heater, Washer
Subdivision
Brain All
Lot features
Residential Lot
Elementary school district
1206 Springfield CSD
Middle school district
1206 Springfield CSD
High school district
1206 Springfield CSD
Directions
Corner of Lexington & Ludlow
Standard status
Active
APN
340070002822200100
Size
6,468 SF
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Amenities
handicap accessible bathrooms
community laundry
entry waiting space
Building Details
Year built
1891
Floors in Building
2
Number of units
3
Building materials
Aluminum 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 2:06PM
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.
Investment Insights
Based on property information with market context.
A newly renovated neoclassical triplex-style property presented as a self-care beauty multi-plex. The main level includes 9 fully equipped salon suites with shampoo bowls, plus a larger entry/waiting area and an office suite with a private entry. The layout also features 2 handicap accessible bathrooms and a 9x10 community laundry/washroom for suite owners. All suites are rented on a weekly basis, with 1 suite currently available.
The upper level (with an outside entry) contains 3 fully rented apartments. One unit offers 2 bedrooms, 1 bath, with a kitchen and living room, and the other units round out the second story apartments with updated finishes including new cabinetry, hard surface flooring, and neutral paint. The stairway leads to a common area used for communal laundry facilities.
Significant improvements include new flooring in all units, updated plumbing, a new flat roof, and a new HVAC system. Utilities include public sewer, and heating is natural gas forced air with central air cooling. The property includes a gravel lot and a back door exit accessible.
The upper level (with an outside entry) contains 3 fully rented apartments. One unit offers 2 bedrooms, 1 bath, with a kitchen and living room, and the other units round out the second story apartments with updated finishes including new cabinetry, hard surface flooring, and neutral paint. The stairway leads to a common area used for communal laundry facilities.
Significant improvements include new flooring in all units, updated plumbing, a new flat roof, and a new HVAC system. Utilities include public sewer, and heating is natural gas forced air with central air cooling. The property includes a gravel lot and a back door exit accessible.
Key Highlights
- 9 fully equipped salon suites on the main level, rented on a weekly basis with 1 suite currently available
- Upper level includes 3 fully rented apartments with outside entry
- 2 handicap accessible bathrooms plus a 9x10 community laundry/washroom
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
10
Office units
95%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
554
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?
Triplex - Neoclassical corner property with 9 salon suites plus 3 apartments, updated systems, and off-street parking behind the building.
Where is this triplex 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: 9 fully equipped salon suites on the main level, rented on a weekly basis with 1 suite currently available; Upper level includes 3 fully rented apartments with outside entry; 2 handicap accessible bathrooms plus a 9x10 community laundry/washroom
