Three-Building Investment Property
For Sale
Contact for pricing
Pending
250-254 S Douglas Ave, Springfield, OH 45505
Three buildings with restored details, generating $8010 monthly income.
Property Size8,536 SF
Days on Market180
Property Features for 250-254 S Douglas Ave
General Information
Standard status
Pending
Size
8,536 SF
Property subtype
Multifamily
Occupancy
100%
Investment Type
Owner/User
Building Details
Year Built
1923
Year Renovated
2015
Listing Agency:
Real Estate II
(937) 390-3119
Listed By:
Julie Broghamer · License #2021005106
Source:
Crexi
Added: Feb 13
Changed: Aug 8
Last Checked: Jul 24 at 10:23AM
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 Real Estate II
Investment Insights
Based on property information with market context.
This package includes three buildings, collectively generating $8010 per month. The owner is responsible for water and yard work only. The properties feature restored original details, including stained woodwork, hardwood floors, and classic architectural elements. The Douglas Avenue properties each have three units, each featuring a large, inviting porch. The exteriors showcase pillars, a stone foundation, and preserved historic detailing. Unit 250, remodeled in 2023, blends modern convenience with original character, featuring an updated kitchen with a dishwasher, stove, microwave, upgraded plumbing, a breakfast nook, original built-in cabinetry, a large pantry, and a coffee station. It includes a private porch, a first-floor bathroom with a tiled tub/shower surround, an updated vanity, toilet, and flooring. The unit also has a dining room, living room, restored hardwood floors, woodwork, a decorative fireplace, a first-floor bedroom with French doors, decorative lighting, and ceiling fans. The unit has two additional bedrooms, a linen closet, and an unfinished attic. Unit 254 features hardwood floors, woodwork, spacious rooms, a kitchen, dining room, living room, four bedrooms, a full bath, and an attic with stair access. Lead abatement has been performed, and knob and tube wiring has been replaced where visible. The Kenilworth property is a renovated duplex with updated lighting, refreshed kitchens, updated baths, replacement windows, improved mechanicals, storage, a front porch, outdoor space, and off-street parking. Unit 2111 has a long-term tenant and features hardwood floors, a decorative fireplace, a bedroom, and an eat-in kitchen. Unit 2115 spans the second floor and finished attic level, offering hardwood floors, an eat-in kitchen with pantry, two bedrooms, closets, a finished attic with a third bedroom, a walk-in closet, and an unfinished area. A two-car garage is located to the rear of the property. The Arlington property brings in $2,400 per month. Unit 400 features fresh paint, new lighting, updated appliances, and a new dedicated outlet for the bedroom AC. Unit 402 has been updated within the last 18 months, including a refrigerator and stove. Both units offer hardwood floors, architectural charm, and a covered porch. The first floor includes a living room, dining room, kitchen, and sunroom. The second floor has two bedrooms and a full bath. The basement provides private storage and laundry hookups. Each tenant receives one side of the garage for storage. The property also has a shared side yard. Water averages under $75 per month, and tenants pay for electricity, gas, and trash.
Key Highlights
- Strong income‑producing property package generating $8010/month with low operating expenses.
- Completely remodeled unit (250 Douglas AVE) blending modern convenience with original character, ideal for owner‑occupant.**
- Significant upside potential through rent increases; one unit (2111 Kenilworth) is currently rented well below market value, and another (2115 Kenilworth) will be listed at a higher rate upon vacancy.
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
$28,971
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
4.17%
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%
$579,420
$579.4K
Cap Rate 7%
$413,871
$413.9K
Cap Rate 9%
$321,900
$321.9K
Market Conditions
NOI Build-Up for 8,536 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
$45.1K $5.28/SF
− Vacancy
−$3.7K −$0.43/SF
EGI
$41.4K $4.85/SF
− OpEx
−$12.4K −$1.45/SF
NOI
$29.0K $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%
$579,420
Cap Rate 7%
$413,871
Cap Rate 9%
$321,900
Alternative Uses
Best Use
Multifamily LT 5
$413.9K
$362.1K – $482.9K
NOI $28,971 @ 7.0% cap · market cap 4.17%
Second Best
Apartment 5plus
$358.6K
$313.8K – $418.4K
NOI $25,103 @ 7.0% cap · market cap 3.61%
Theoretical Best
Specialty Retail
$2.38M
$2.08M – $2.78M
NOI $166,666 @ 7.0% cap · market cap 23.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
690
Businesses Nearby
Explore this area
Business Placement
Demographics for 45505, OH
19,708
Population
9,365
Households
2.1
Avg Household Size
38
Median Age
10%
College-Educated
84%
High-School Grad
13.6 sq mi
ZIP Area
1,449
Density / Sq Mi
$42,409
Median Household Income
$30,322
Median Earnings
$802
Median Rent
$87,500
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?
Multifamily property - Three buildings with restored details, generating $8010 monthly income.
Where is this multifamily property located?
The property is located at 250-254 S Douglas Ave Springfield, OH.
What is the asking price?
The asking price for this property is $694,900.
What are key features of this property?
This property features: Strong income‑producing property package generating $8010/month with low operating expenses.; Completely remodeled unit (250 Douglas AVE) blending modern convenience with original character, ideal for owner‑occupant.**; Significant upside potential through rent increases; one unit (2111 Kenilworth) is currently rented well below market value, and another (2115 Kenilworth) will be listed at a higher rate upon vacancy.
