Office Building with
For Sale
$215,000
1810 N Limestone Street, Springfield, OH 45503
Office property with central air, on-site parking, and a detached amenity building featuring meeting and hospitality areas.
Property Size1,344 SF
Price / SF$159.97
Days on Market275
Property Features for 1810 N Limestone Street
General Information
Standard status
Active
Size
1,344 SF
Total Parking Spaces
6
Property subtype
General Commercial
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$980
Amenities
wet bar
full bath
bar seating
large conference area
covered patio
fire pit
outdoor seating
Central Air
3
6 Parking Spaces.
62x294
Out Building.
Building Details
Year Built
1921
Construction
concrete block
Listing Agency:
(937) 322-0352
Listed By:
Coldwell Banker Heritage
(937) 322-0352
Source:
Xome
Added: Nov 29, 2025
Changed: Aug 31
Last Checked: Aug 31 at 1:05PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Heritage
Investment Insights
Based on property information with market context.
This 1,344-square-foot office property dates to 1921 and includes central air, a front porch, and at least six parking spaces. A detached 18x35 concrete-block building expands the offering with full insulation, updated plumbing with hot and cold water, a wet bar, full bath, bar seating, and a substantial conference area. The building also has a covered rear patio that is framed for potential future finished space.
The property is located at 1810 N Limestone Street in Springfield, Ohio. Exterior features include a rear yard with a fire pit and outdoor seating, along with an additional parcel positioned behind the privacy fence. The 62x294 dimensions are also provided for the property. Together, the office, detached building, outdoor areas, and additional parcel create a flexible commercial setting with dedicated meeting and gathering space.
The property is located at 1810 N Limestone Street in Springfield, Ohio. Exterior features include a rear yard with a fire pit and outdoor seating, along with an additional parcel positioned behind the privacy fence. The 62x294 dimensions are also provided for the property. Together, the office, detached building, outdoor areas, and additional parcel create a flexible commercial setting with dedicated meeting and gathering space.
Key Highlights
- 1,344‑square‑foot office property built in 1921
- Detached 18x35 concrete‑block building with full insulation
- At least 6 parking spaces and central air
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
$17,901
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
8.33%
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%
$358,020
$358.0K
Cap Rate 7%
$255,729
$255.7K
Cap Rate 9%
$198,900
$198.9K
Market Conditions
NOI Build-Up for 1,344 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
$29.5K $21.93/SF
− Vacancy
−$5.6K −$4.17/SF
EGI
$23.9K $17.76/SF
− OpEx
−$6.0K −$4.44/SF
NOI
$17.9K $13.32/SF
Area
Clark County, OH
Vacancy
19.02%
Lease Rate
$21.93 /SF/Yr
Expense Ratio
25.00%
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%
$358,020
Cap Rate 7%
$255,729
Cap Rate 9%
$198,900
Alternative Uses
Best Use
Office B
$255.7K
$223.8K – $298.4K
NOI $17,901 @ 7.0% cap · market cap 8.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$374.9K
$328.0K – $437.4K
NOI $26,242 @ 7.0% cap · market cap 12.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Explore this area
Business Placement
Demographics for 45503, OH
32,870
Population
15,458
Households
2.1
Avg Household Size
44
Median Age
17%
College-Educated
89%
High-School Grad
17.5 sq mi
ZIP Area
1,878
Density / Sq Mi
$54,561
Median Household Income
$36,761
Median Earnings
$871
Median Rent
$153,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office property with central air, on-site parking, and a detached amenity building featuring meeting and hospitality areas.
Where is this office building located?
The property is located at 1810 N Limestone Street Springfield, OH.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: 1,344‑square‑foot office property built in 1921; Detached 18x35 concrete‑block building with full insulation; At least 6 parking spaces and central air
