Updated 2-Unit
For Sale
$154,900
1832 Warder St, Springfield, OH 45503
Fully occupied duplex with refreshed interiors and separately metered tenant-paid utilities.
Property Size2,116 SF
Price / SF$73.20
Days on Market9
Property Features for 1832 Warder St
General Information
Standard status
Active
Size
2,116 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1908
Tenancy
Multi
Listing Agency:
Eb Real Estate
(937) 548-4663
Listed By:
Streetlight Realty
(937) 626-4181
Source:
Streetlightrealtors
Added: Sep 15
Changed: Sep 23
Last Checked: Sep 22 at 4:32PM
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 Eb Real Estate
Investment Insights
Based on property information with market context.
Built in 1908, this 2,116-square-foot duplex contains two upstairs bedrooms and one bathroom in each unit. The property is fully occupied, with interior improvements that include new flooring, a kitchen update, a water heater, and a furnace. The house and garage received a new roof and gutters approximately 1 year ago.
Tenants pay gas, electric, and trash services, while the landlord covers water. The property is located at 1832 Warder St in Springfield, Ohio, and showings require a minimum of 48 hours' notice.
Tenants pay gas, electric, and trash services, while the landlord covers water. The property is located at 1832 Warder St in Springfield, Ohio, and showings require a minimum of 48 hours' notice.
Key Highlights
- Fully occupied duplex with two bedrooms and one bathroom in each unit
- 2,116 square feet across two residential units
- Updated kitchen, flooring, water heater, and furnace
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
$7,182
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
4.64%
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%
$143,640
$143.6K
Cap Rate 7%
$102,600
$102.6K
Cap Rate 9%
$79,800
$79.8K
Market Conditions
NOI Build-Up for 2,116 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
$11.2K $5.28/SF
− Vacancy
−$913 −$0.43/SF
EGI
$10.3K $4.85/SF
− OpEx
−$3.1K −$1.45/SF
NOI
$7.2K $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%
$143,640
Cap Rate 7%
$102,600
Cap Rate 9%
$79,800
Alternative Uses
Best Use
Multifamily LT 5
$102.6K
$89.8K – $119.7K
NOI $7,182 @ 7.0% cap · market cap 4.64%
Second Best
Apartment 5plus
$88.9K
$77.8K – $103.7K
NOI $6,223 @ 7.0% cap · market cap 4.02%
Theoretical Best
Specialty Retail
$590.2K
$516.4K – $688.6K
NOI $41,315 @ 7.0% cap · market cap 26.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
567
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
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?
Duplex - Fully occupied duplex with refreshed interiors and separately metered tenant-paid utilities.
Where is this duplex located?
The property is located at 1832 Warder St Springfield, OH.
What is the asking price?
The asking price for this property is $154,900.
What are key features of this property?
This property features: Fully occupied duplex with two bedrooms and one bathroom in each unit; 2,116 square feet across two residential units; Updated kitchen, flooring, water heater, and furnace
