Updated Duplex with Detached
For Sale
$100,000
Pending
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
Days on Market53
Property Features for 302 E Northern Ave
General Information
Standard status
Pending
Size
1,884 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1886
Listing Agency:
West Fork Realty Group LLC
(513) 936-9110
Listed By:
Streetlight Realty
(937) 626-4181
Source:
Streetlightrealtors
Added: Sep 7
Changed: Oct 28
Last Checked: Oct 28 at 7:43AM
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 West Fork Realty Group LLC
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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 / Yr
$6,394
Cap Rate
6.39%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
607
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
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
