Vacant Duplex with New
For Sale
$89,000
1908 W Washington Street, Springfield, OH 45506
Multi-Family, Springfield, OH
Property Size1,702 SF
Lot Size0.12 Acres
Price / SF$52.29
Days on Market52
Property Features for 1908 W Washington Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 2
Basement
Partial
Subdivision
Sigler
Lot features
Residential Lot
Elementary school district
1206 Springfield CSD
Middle school district
1206 Springfield CSD
High school district
1206 Springfield CSD
Directions
GPS
Standard status
Active
APN
3400600010207018
Size
1,702 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Building Details
Year built
1881
Floors in Building
2
Number of units
2
Building materials
Asbestos
Listing Agency:
Glasshouse Realty Group
Listed By:
KD Nave
(937) 949-0006
Added: Jul 25
Changed: Sep 13
Last Checked: Sep 14 at 5:06AM
MLS# 1047291
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.
This duplex contains upper and lower units, both currently vacant, allowing flexible occupancy or leasing arrangements. The property includes a brand-new roof, a backyard, and a two-car garage reached from the alley. Interior rooms include 3 bedrooms and 2 bathrooms, with natural gas and forced-air heating. The building was constructed in 1881 and has public sewer service.
The property occupies 0.12 acres in Springfield, Ohio, near shopping, dining, and everyday amenities. Highway access is also nearby, providing a convenient connection to the surrounding area. Construction materials are identified as asbestos.
The property occupies 0.12 acres in Springfield, Ohio, near shopping, dining, and everyday amenities. Highway access is also nearby, providing a convenient connection to the surrounding area. Construction materials are identified as asbestos.
Key Highlights
- Upper and lower units are both vacant
- Brand‑new roof
- 2‑car garage with alley 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
$5,777
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
6.49%
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%
$115,540
$115.5K
Cap Rate 7%
$82,529
$82.5K
Cap Rate 9%
$64,189
$64.2K
Market Conditions
NOI Build-Up for 1,702 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
$9.0K $5.28/SF
− Vacancy
−$734 −$0.43/SF
EGI
$8.3K $4.85/SF
− OpEx
−$2.5K −$1.45/SF
NOI
$5.8K $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%
$115,540
Cap Rate 7%
$82,529
Cap Rate 9%
$64,189
Alternative Uses
Best Use
Multifamily LT 5
$82.5K
$72.2K – $96.3K
NOI $5,777 @ 7.0% cap · market cap 6.49%
Second Best
Apartment 5plus
$71.5K
$62.6K – $83.4K
NOI $5,005 @ 7.0% cap · market cap 5.62%
Theoretical Best
Specialty Retail
$474.7K
$415.4K – $553.9K
NOI $33,232 @ 7.0% cap · market cap 37.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
200
Businesses Nearby
Explore this area
Business Placement
Demographics for 45506, OH
13,330
Population
6,613
Households
2
Avg Household Size
39
Median Age
13%
College-Educated
87%
High-School Grad
12.2 sq mi
ZIP Area
1,093
Density / Sq Mi
$40,132
Median Household Income
$34,774
Median Earnings
$800
Median Rent
$101,000
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Upper and lower units are vacant, with a two-car garage, alley access, and a backyard.
Where is this duplex located?
The property is located at 1908 W Washington Street Springfield, OH.
What is the asking price?
The asking price for this property is $89,000.
What are key features of this property?
This property features: Upper and lower units are both vacant; Brand‑new roof; 2‑car garage with alley access
