Renovated Mixed-Use
For Sale
$690,000
1701 Lexington Avenue, Springfield, OH 45505
Commercial Sale, Springfield, OH
Property Size6,468 SF
Lot Size0.17 Acres
Price / SF$106.68
Days on Market703
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
Forced Air, Natural Gas
Cooling system
Central Air
Amenities
shampoo bowls
handicap accessible bathrooms
community laundry/washroom
off street parking
entry waiting space
Building Details
Year built
1891
Flooring type
Wood
Building materials
Vinyl Siding
Architectural style
Neoclassical
Listing Agency:
Real Estate II, Inc.
Listed By:
Alva Fulk · License #267155
(937) 390-3119
Added: Oct 10, 2024
Changed: Sep 2
Last Checked: Sep 12 at 4:06AM
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.
Located at 1701 Lexington Avenue in Springfield, Ohio, this 6,468-square-foot mixed-use property combines a salon suite operation with residential units. The main level includes 9 salon suites, shampoo bowls, two handicap-accessible bathrooms, an entry waiting area, an 11x11 office suite with private entry, and a 9x10 shared laundry and washroom area. One salon suite is currently available. The upper level has an exterior entrance and contains 3 apartments, including one with 2 bedrooms, 1 bath, a kitchen, and a living room. The apartments feature updated cabinetry, hard-surface flooring, and neutral paint.
Set on 0.17 acres, the property includes a gravel parking lot behind the building and a rear-door exit. Improvements include new flooring throughout the units, updated plumbing, a new flat roof, and a new HVAC system. Additional features include public sewer, forced-air natural-gas heat, central air, and wood flooring. The building was constructed in 1891 and has vinyl siding with a Neoclassical architectural style.
Set on 0.17 acres, the property includes a gravel parking lot behind the building and a rear-door exit. Improvements include new flooring throughout the units, updated plumbing, a new flat roof, and a new HVAC system. Additional features include public sewer, forced-air natural-gas heat, central air, and wood flooring. The building was constructed in 1891 and has vinyl siding with a Neoclassical architectural style.
Key Highlights
- 6,468‑square‑foot mixed‑use building on 0.17 acres
- 9 salon suites with shampoo bowls and one suite currently available
- 3 apartments on the upper level with exterior access
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
Mixed Use
$956.3K
$836.8K – $1.12M
NOI $66,944 @ 7.0% cap · market cap 9.70%
Second Best
Multifamily LT 5
$313.6K
$274.4K – $365.9K
NOI $21,953 @ 7.0% cap · market cap 3.18%
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
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Current Use
Lease Details
3
Residential 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
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Salon suites, apartments, and rear off-street parking occupy a two-level commercial building.
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 building on 0.17 acres; 9 salon suites with shampoo bowls and one suite currently available; 3 apartments on the upper level with exterior access
