Duplex with Updated Front
For Sale
$129,000
Pending
306-308 E Northern Avenue, Springfield, OH 45503
Multi-Family, Springfield, OH
Property Size1,484 SF
Lot Size0.12 Acres
Days on Market92
Property Features for 306-308 E Northern Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 4, Bedroom 3
Parking features
None
Basement
Full
Subdivision
Northern Estate
Lot features
Residential Lot
Elementary school district
1206 Springfield CSD
Middle school district
1206 Springfield CSD
High school district
1206 Springfield CSD
Directions
LIMESTONE TO NORTHERN
Standard status
Pending
APN
3400700035201032
Size
1,484 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Building Details
Year built
1919
Floors in Building
2
Number of units
2
Building materials
Wood Siding
Listing Agency:
Client's Choice Realty
(937) 528-1928
Listed By:
Robert (Mike) Wade
(937) 528-1928
Added: Jun 2
Changed: Aug 19
Last Checked: Sep 1 at 1:06PM
MLS# 1046085
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 duplex property in Springfield includes 1,484 square feet on a 0.12-acre lot. The home provides four bedrooms and two bathrooms, with one bedroom located on the main level and additional sleeping areas created within the former attic space. Newer carpet has been installed, and the front porch features composite decking. A fenced backyard adds defined outdoor space.
Constructed in 1919 with wood siding, the property is served by public sewer and heated by a natural gas forced-air system. The property is located at 306-308 E Northern Avenue in Springfield, Ohio, within Clark County.
Constructed in 1919 with wood siding, the property is served by public sewer and heated by a natural gas forced-air system. The property is located at 306-308 E Northern Avenue in Springfield, Ohio, within Clark County.
Key Highlights
- Four‑bedroom, two‑bathroom layout within 1,484 square feet
- 0.12‑acre lot at 306‑308 E Northern Avenue, Springfield, OH 45503
- Attic space converted to additional bedrooms
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
$5,037
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
3.90%
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%
$100,740
$100.7K
Cap Rate 7%
$71,957
$72.0K
Cap Rate 9%
$55,967
$56.0K
Market Conditions
NOI Build-Up for 1,484 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
$7.8K $5.28/SF
− Vacancy
−$640 −$0.43/SF
EGI
$7.2K $4.85/SF
− OpEx
−$2.2K −$1.45/SF
NOI
$5.0K $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%
$100,740
Cap Rate 7%
$71,957
Cap Rate 9%
$55,967
Alternative Uses
Best Use
Multifamily LT 5
$72.0K
$63.0K – $84.0K
NOI $5,037 @ 7.0% cap · market cap 3.90%
Second Best
Apartment 5plus
$62.3K
$54.6K – $72.7K
NOI $4,364 @ 7.0% cap · market cap 3.38%
Theoretical Best
Specialty Retail
$413.9K
$362.2K – $482.9K
NOI $28,975 @ 7.0% cap · market cap 22.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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-story rental property with four bedrooms, two bathrooms, natural gas heat, and a fenced rear yard.
Where is this duplex located?
The property is located at 306-308 E Northern Avenue Springfield, OH.
What is the asking price?
The asking price for this property is $129,000.
What are key features of this property?
This property features: Four‑bedroom, two‑bathroom layout within 1,484 square feet; 0.12‑acre lot at 306‑308 E Northern Avenue, Springfield, OH 45503; Attic space converted to additional bedrooms
