Updated Duplex with Detached
For Sale
$100,000
302 E Northern Ave, Springfield, OH 45503
Two-unit residential property with refreshed kitchens, separate heating systems, and a two-car garage accessed from the rear alley.
Property Size1,884 SF
Price / SF$53.08
Days on Market8
Property Features for 302 E Northern Ave
General Information
Standard status
Active
Size
1,884 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1886
Listing Agency:
Red 1 Realty
(937) 469-7552
Listed By:
Streetlight Realty
(937) 626-4181
Source:
Streetlightrealtors
Added: Sep 7
Changed: Sep 13
Last Checked: Sep 13 at 8:38AM
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 Red 1 Realty
Investment Insights
Based on property information with market context.
This duplex contains 1,884 square feet and was built in 1886. The lower apartment includes kitchen improvements, a range and refrigerator, and gas forced-air heat; it is currently occupied through SMHA’s Section 8 program. The upper apartment also has updated kitchen and bathroom areas, along with its own range and refrigerator. A single-unit washer and dryer serve the upper residence, which uses a large wall-mounted space heater in the living room and is currently vacant.
A detached two-car garage sits off the rear alley and is not currently rented separately. The property is located at 302 E Northern Ave in Springfield, Ohio.
A detached two-car garage sits off the rear alley and is not currently rented separately. The property is located at 302 E Northern Ave in Springfield, Ohio.
Key Highlights
- 1,884‑square‑foot duplex built in 1886
- Lower unit includes kitchen updates, range, refrigerator, and gas forced‑air heat
- Lower unit is currently rented through SMHA - Sec 8
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
$6,394
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
6.39%
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%
$127,880
$127.9K
Cap Rate 7%
$91,343
$91.3K
Cap Rate 9%
$71,044
$71.0K
Market Conditions
NOI Build-Up for 1,884 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
$9.9K $5.28/SF
− Vacancy
−$813 −$0.43/SF
EGI
$9.1K $4.85/SF
− OpEx
−$2.7K −$1.45/SF
NOI
$6.4K $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%
$127,880
Cap Rate 7%
$91,343
Cap Rate 9%
$71,044
Alternative Uses
Best Use
Multifamily LT 5
$91.3K
$79.9K – $106.6K
NOI $6,394 @ 7.0% cap · market cap 6.39%
Second Best
Apartment 5plus
$79.1K
$69.3K – $92.3K
NOI $5,540 @ 7.0% cap · market cap 5.54%
Theoretical Best
Specialty Retail
$525.5K
$459.8K – $613.1K
NOI $36,785 @ 7.0% cap · market cap 36.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
607
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?
Duplex - Two-unit residential property with refreshed kitchens, separate heating systems, and a two-car garage accessed from the rear alley.
Where is this duplex located?
The property is located at 302 E Northern Ave Springfield, OH.
What is the asking price?
The asking price for this property is $100,000.
What are key features of this property?
This property features: 1,884‑square‑foot duplex built in 1886; Lower unit includes kitchen updates, range, refrigerator, and gas forced‑air heat; Lower unit is currently rented through SMHA - Sec 8
