Four-Unit Residential Income
For Sale
$144,500
204 W Johnny Lytle Avenue, Springfield, OH 45506
Multi-Family, Springfield, OH
Property Size3,080 SF
Lot Size0.14 Acres
Price / SF$46.92
Days on Market104
Property Features for 204 W Johnny Lytle Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 3, Bedroom 4, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 2
Basement
Full
Appliances
Range, Refrigerator
Subdivision
Lewis Link
Elementary school district
1206 Springfield CSD
Middle school district
1206 Springfield CSD
High school district
1206 Springfield CSD
Directions
Head north on S Limestone St toward Rice St Turn left onto E Johnny Lytle Ave/E State St Destination will be on the right
Standard status
Active
APN
3400700034326019
Size
3,080 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Amenities
detached garage
Building Details
Year built
1919
Floors in Building
2
Number of units
4
Flooring type
Hardwood
Listing Agency:
Chosen Real Estate Group
(330) 249-3499
Listed By:
Nicholas Huscroft · License #346906
(330) 858-5322
Added: Jun 1
Changed: Sep 7
Last Checked: Sep 12 at 3:06PM
MLS# 1046045
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 3,080-square-foot quadplex contains four one-bedroom, one-bathroom units and was built in 1919. The property is fully occupied, with tenants already in place, and includes a detached garage that may support additional rental use. Interior features include hardwood flooring, forced-air heating, central air, ranges, and refrigerators.
Set on 0.14 acres in Springfield, Ohio, the property is served by public sewer. Its four-unit configuration, existing occupancy, and separate garage provide a straightforward residential income property format.
Set on 0.14 acres in Springfield, Ohio, the property is served by public sewer. Its four-unit configuration, existing occupancy, and separate garage provide a straightforward residential income property format.
Key Highlights
- Four one‑bedroom, one‑bathroom units
- 3,080 square feet on 0.14 acres
- Fully occupied with tenants in place
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
$10,454
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
7.23%
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%
$209,080
$209.1K
Cap Rate 7%
$149,343
$149.3K
Cap Rate 9%
$116,156
$116.2K
Market Conditions
NOI Build-Up for 3,080 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
$16.3K $5.28/SF
− Vacancy
−$1.3K −$0.43/SF
EGI
$14.9K $4.85/SF
− OpEx
−$4.5K −$1.45/SF
NOI
$10.5K $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%
$209,080
Cap Rate 7%
$149,343
Cap Rate 9%
$116,156
Alternative Uses
Best Use
Multifamily LT 5
$149.3K
$130.7K – $174.2K
NOI $10,454 @ 7.0% cap · market cap 7.23%
Second Best
Apartment 5plus
$129.4K
$113.2K – $151.0K
NOI $9,058 @ 7.0% cap · market cap 6.27%
Theoretical Best
Specialty Retail
$859.1K
$751.7K – $1.00M
NOI $60,137 @ 7.0% cap · market cap 41.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
309
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?
Quadplex - Fully occupied four-unit property with one-bedroom layouts, a detached garage, and established rental operations.
Where is this quadplex located?
The property is located at 204 W Johnny Lytle Avenue Springfield, OH.
What is the asking price?
The asking price for this property is $144,500.
What are key features of this property?
This property features: Four one‑bedroom, one‑bathroom units; 3,080 square feet on 0.14 acres; Fully occupied with tenants in place
