Renovated Duplex with
For Sale
Under Contract
$185,000
457-459 E Madison Avenue, Springfield, OH 45503
Multi-Family, Springfield, OH
Property Size3,212 SF
Lot Size0.17 Acres
Price / SF$57.60
Days on Market87
Property Features for 457-459 E Madison Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
6
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 5, Bedroom 1, Bathroom 3, Bathroom 1, Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 6
Parking features
None
Interior features
Attic
Fireplace
1
Basement
Unfinished, Full
Subdivision
Rodgers Place
Lot features
Residential Lot
Elementary school district
1206 Springfield CSD
Middle school district
1206 Springfield CSD
High school district
1206 Springfield CSD
Directions
N. Limestone to right on E Madison Ave
Standard status
Active Under Contract
APN
3400700035222004
Size
3,212 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Amenities
front porch
decorative fireplace
built-in seating
bay window
renovated kitchens
Building Details
Year built
1913
Floors in Building
2
Number of units
2
Flooring type
Wood
Building materials
Aluminum Siding, Vinyl Siding
Architectural style
Other
Listing Agency:
Roost Real Estate Co.
Listed By:
Tina Bleything · License #2016002796
(937) 390-3715
Added: Jun 20
Changed: Sep 13
Last Checked: Sep 14 at 6:06AM
MLS# 1046562
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 1913 duplex contains 3,212 square feet across two residences on a 0.17-acre lot. The larger unit includes three bedrooms, one-and-a-half bathrooms, and an attic that may serve as an additional bedroom. The second residence has three bedrooms and one bathroom. Both units feature living and dining areas with wood flooring and interior woodwork, along with large windows and built-in bay-window seating with storage.
Kitchen improvements include new cabinetry and countertops in each unit. The property also has a substantial front porch, aluminum and vinyl siding, forced-air heating, natural gas service, public sewer, and no designated parking. A decorative fireplace with a gas hookup is present; the fireplace is not warranted.
Kitchen improvements include new cabinetry and countertops in each unit. The property also has a substantial front porch, aluminum and vinyl siding, forced-air heating, natural gas service, public sewer, and no designated parking. A decorative fireplace with a gas hookup is present; the fireplace is not warranted.
Key Highlights
- Duplex with 3,212 square feet on a 0.17‑acre lot
- Two residences with three bedrooms each
- Larger unit includes 1.5 bathrooms and an attic
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
$10,902
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
5.89%
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%
$218,040
$218.0K
Cap Rate 7%
$155,743
$155.7K
Cap Rate 9%
$121,133
$121.1K
Market Conditions
NOI Build-Up for 3,212 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
$17.0K $5.28/SF
− Vacancy
−$1.4K −$0.43/SF
EGI
$15.6K $4.85/SF
− OpEx
−$4.7K −$1.45/SF
NOI
$10.9K $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%
$218,040
Cap Rate 7%
$155,743
Cap Rate 9%
$121,133
Alternative Uses
Best Use
Multifamily LT 5
$155.7K
$136.3K – $181.7K
NOI $10,902 @ 7.0% cap · market cap 5.89%
Second Best
Apartment 5plus
$134.9K
$118.1K – $157.4K
NOI $9,446 @ 7.0% cap · market cap 5.11%
Theoretical Best
Specialty Retail
$895.9K
$783.9K – $1.05M
NOI $62,714 @ 7.0% cap · market cap 33.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
703
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
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?
Duplex - Two separate residences offer flexible owner-occupant or rental use with updated kitchens and original wood details.
Where is this duplex located?
The property is located at 457-459 E Madison Avenue Springfield, OH.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Duplex with 3,212 square feet on a 0.17‑acre lot; Two residences with three bedrooms each; Larger unit includes 1.5 bathrooms and an attic
