Six-Unit Apartment
For Sale
$295,000
411 S Limestone Street, Springfield, OH 45505
Multi-Family, Springfield, OH
Property Size3,506 SF
Lot Size0.14 Acres
Price / SF$84.14
Days on Market1171
Property Features for 411 S Limestone Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 3, Bedroom 4, Bathroom 4, Bathroom 5, Bedroom 6, Bedroom 1, Bathroom 2, Bathroom 6, Bedroom 5, Bedroom 3, Bathroom 1, Bedroom 2
Parking features
Carport
Patio and Porch features
Porch
Basement
Full, Unfinished
Appliances
Gas Water Heater
Subdivision
Bakers
Lot features
Residential Lot
Elementary school district
1206 Springfield CSD
Middle school district
1206 Springfield CSD
High school district
1206 Springfield CSD
Directions
Take N Limestone Street to S Spring Street to S Limestone Street to address.
Standard status
Active
APN
3400700034130015
Size
3,506 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Building Details
Year built
1900
Floors in Building
2
Number of units
6
Building materials
Brick
Listing Agency:
Lagonda Creek Real Estate, LLC
(937) 342-9995
Listed By:
Charlene Roberge · License #2006004954
(937) 206-2655
Added: Jul 11, 2023
Changed: Sep 13
Last Checked: Sep 23 at 10:06PM
MLS# 1026445
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.
Built in 1900, this 3,506-square-foot brick apartment property contains six units: four efficiencies and two one-bedroom residences. The building includes porches, five bathrooms, natural gas heating with forced air, and a gas water heater. Public sewer serves the property, and detached three-car carports provide on-site covered parking.
The property occupies 0.14 acres within Springfield’s Historic District at 411 S Limestone Street, Springfield, Ohio 45505. Its unit mix combines compact efficiency residences with larger one-bedroom layouts in a historic brick building.
The property occupies 0.14 acres within Springfield’s Historic District at 411 S Limestone Street, Springfield, Ohio 45505. Its unit mix combines compact efficiency residences with larger one-bedroom layouts in a historic brick building.
Key Highlights
- Six‑unit apartment building with four efficiencies and two 1‑bedroom units
- 3,506 square feet on a 0.14‑acre parcel
- Brick construction dating to 1900
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
$10,310
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
3.49%
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%
$206,200
$206.2K
Cap Rate 7%
$147,286
$147.3K
Cap Rate 9%
$114,556
$114.6K
Market Conditions
NOI Build-Up for 3,506 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
$20.5K $5.85/SF
− Vacancy
−$1.8K −$0.50/SF
EGI
$18.7K $5.35/SF
− OpEx
−$8.4K −$2.41/SF
NOI
$10.3K $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 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%
$206,200
Cap Rate 7%
$147,286
Cap Rate 9%
$114,556
Alternative Uses
Best Use
Apartment 5plus
$147.3K
$128.9K – $171.8K
NOI $10,310 @ 7.0% cap · market cap 3.49%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$977.9K
$855.7K – $1.14M
NOI $68,455 @ 7.0% cap · market cap 23.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,036
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Brick multifamily property with efficiency and one-bedroom layouts plus detached carport parking.
Where is this apartment building located?
The property is located at 411 S Limestone Street Springfield, OH.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Six‑unit apartment building with four efficiencies and two 1‑bedroom units; 3,506 square feet on a 0.14‑acre parcel; Brick construction dating to 1900
