Four-Unit Multifamily
New
For Sale
$385,000
2400-2406 Red Coach Dr, Springfield, OH 45503
Fully leased residential income property near retail, dining, groceries, and highway connections.
Property Size3,322 SF
Price / SF$115.89
Days on Market4
Property Features for 2400-2406 Red Coach Dr
General Information
Standard status
Active
Size
3,322 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
4
Building Details
Year Built
1971
Listing Agency:
Brian Thompson, Howard Hanna Real Estate Svcs
Listed By:
The Daniel Team
(614) 402-5212
Source:
Newdirectionsrealtyltd
Added: Sep 1
Changed: Sep 3
Last Checked: Sep 2 at 5:17PM
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 Brian Thompson, Howard Hanna Real Estate Svcs
Investment Insights
Based on property information with market context.
This four-unit multifamily property is fully occupied and contains 3,322 square feet across its residential improvements. Built in 1971, the asset offers an established income-property configuration with all four units currently leased. Tenant privacy is requested; showings should be coordinated accordingly.
The property is located at 2400-2406 Red Coach Dr in Springfield, Ohio, with shopping, restaurants, grocery stores, and major highway access within a short drive. Its proximity to everyday retail and transportation routes supports convenient access for residents.
The property is located at 2400-2406 Red Coach Dr in Springfield, Ohio, with shopping, restaurants, grocery stores, and major highway access within a short drive. Its proximity to everyday retail and transportation routes supports convenient access for residents.
Key Highlights
- Four‑unit multifamily property with 3,322 square feet
- Fully occupied with all four units leased
- Built in 1971
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
$11,275
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
2.93%
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%
$225,500
$225.5K
Cap Rate 7%
$161,071
$161.1K
Cap Rate 9%
$125,278
$125.3K
Market Conditions
NOI Build-Up for 3,322 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
$17.5K $5.28/SF
− Vacancy
−$1.4K −$0.43/SF
EGI
$16.1K $4.85/SF
− OpEx
−$4.8K −$1.45/SF
NOI
$11.3K $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%
$225,500
Cap Rate 7%
$161,071
Cap Rate 9%
$125,278
Alternative Uses
Best Use
Multifamily LT 5
$161.1K
$140.9K – $187.9K
NOI $11,275 @ 7.0% cap · market cap 2.93%
Second Best
Apartment 5plus
$139.6K
$122.1K – $162.8K
NOI $9,769 @ 7.0% cap · market cap 2.54%
Theoretical Best
Specialty Retail
$926.6K
$810.8K – $1.08M
NOI $64,862 @ 7.0% cap · market cap 16.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
415
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully leased residential income property near retail, dining, groceries, and highway connections.
Where is this quadplex located?
The property is located at 2400-2406 Red Coach Dr Springfield, OH.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Four‑unit multifamily property with 3,322 square feet; Fully occupied with all four units leased; Built in 1971
