Five-Unit Apartment
For Sale
$345,000
409 S Fountain Avenue, Springfield, OH 45506
Multi-Family, Springfield, OH
Property Size5,802 SF
Lot Size0.18 Acres
Price / SF$59.46
Days on Market141
Property Features for 409 S Fountain Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 5, Bedroom 3, Bedroom 1, Bathroom 4, Bathroom 2, Bedroom 8, Bedroom 4, Bedroom 7, Bedroom 6, Bedroom 9, Bathroom 1, Bedroom 2, Bathroom 5, Bedroom 10, Bathroom 3
Parking features
None
Basement
Full
Subdivision
Kenneys
Lot features
Residential Lot
Elementary school district
1206 Springfield CSD
Middle school district
1206 Springfield CSD
High school district
1206 Springfield CSD
Directions
S. Fountain Ave
Standard status
Active
APN
3400700034129008
Size
5,802 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Building Details
Year built
1910
Floors in Building
2
Number of units
5
Building materials
Brick
Listing Agency:
Always Sunny Realty, LLC
Listed By:
Sunny R Dhingra · License #2015003696
(937) 308-1122
Added: May 20
Changed: Sep 14
Last Checked: Oct 7 at 12:06AM
MLS# 1045790
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 5,802-square-foot multifamily property includes a four-unit brick building and an additional single-family house positioned at the rear of the lot. All five units provide two bedrooms and one bathroom. The property was built in 1910 and includes natural gas heating, central air, and public sewer service. Four garages are attached to the rear building.
Set on 0.18 acres at 409 S Fountain Avenue in Springfield, the property is near the city’s downtown district, with dining, shopping, entertainment, and ongoing development in the surrounding area. The five-unit configuration combines apartment units with a detached residential component, creating a varied rental layout within one property.
Set on 0.18 acres at 409 S Fountain Avenue in Springfield, the property is near the city’s downtown district, with dining, shopping, entertainment, and ongoing development in the surrounding area. The five-unit configuration combines apartment units with a detached residential component, creating a varied rental layout within one property.
Key Highlights
- Five total units: four apartments plus one rear single‑family house
- All 5 units include 2 bedrooms and 1 bathroom
- 5,802 square feet on a 0.18‑acre lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,062
Cap Rate
4.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$341,240
$341.2K
Cap Rate 7%
$243,743
$243.7K
Cap Rate 9%
$189,578
$189.6K
Market Conditions
NOI Build-Up for 5,802 SF
Gross rent
$33.9K $5.85/SF
− Vacancy
−$2.9K −$0.50/SF
EGI
$31.0K $5.35/SF
− OpEx
−$14.0K −$2.41/SF
NOI
$17.1K $2.94/SF
Area
Clark County, OH
Vacancy
8.60%
Lease Rate
$5.85 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$341,240
Cap Rate 7%
$243,743
Cap Rate 9%
$189,578
Alternative Uses
Best Use
Apartment 5plus
$243.7K
$213.3K – $284.4K
NOI $17,062 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.62M
$1.42M – $1.89M
NOI $113,284 @ 7.0% cap · market cap 32.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,029
Businesses Nearby
Explore this area
Business Placement
Demographics for 45506, OH
13,330
Population
6,613
Households
2
Avg Household Size
39
Median Age
13%
College-Educated
87%
High-School Grad
12.2 sq mi
ZIP Area
1,093
Density / Sq Mi
$40,132
Median Household Income
$34,774
Median Earnings
$800
Median Rent
$101,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Brick rental property with four apartments, a rear house, and attached garages near Springfield’s downtown district.
Where is this apartment building located?
The property is located at 409 S Fountain Avenue Springfield, OH.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Five total units: four apartments plus one rear single‑family house; All 5 units include 2 bedrooms and 1 bathroom; 5,802 square feet on a 0.18‑acre lot
