Renovated Salon Suites
1701 Lexington Avenue Springfield, OH 45505
For Sale
$690,000
COMMERCIAL - Neoclassical - Springfield, OH
Property Size6,468 SF
Lot Size0.17 Acres
Price / SF$106.68
Days on Market658
Property Features for 1701 Lexington Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Parking Lot
Window features
Window Coverings
Interior features
Attic
Basement
Block
Appliances
Dryer, Gas Water Heater, Range, Refrigerator, Washer
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
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
(937) 390-3119
Added: Oct 10, 2024
Changed: Jul 24
Last Checked: Jul 29 at 3:06AM
MLS# 1034980
Copyright © 2026 West Metro Board of REALTORS®. 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 For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $34.2k | $5.28 |
| − Vacancy | −$2.8k | −$0.43 |
| EGI | $31.4k | $4.85 |
| − OpEx | −$9.4k | −$1.45 |
| NOI | $22.0k | $3.39 |
6,468 SF · lease $5.28/SF/yr · vacancy 8.17% · expense 30.00%
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
Location Intelligence
Current Use
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
