Duplex with Renovated Kitchens and
For Sale
Under Contract
$185,000
457-459 E Madison Avenue, Springfield, OH 45503
MULTI_FAMILY - Other - Springfield, OH
Property Size3,212 SF
Lot Size0.17 Acres
Price / SF$57.60
Days on Market65
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
Bathroom 3, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 2, Bedroom 5, Bedroom 4, Bedroom 1, Bedroom 6
Parking features
None
Interior features
Attic
Fireplace
1
Basement
Full, Unfinished
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
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.
(937) 390-3715
Listed By:
Tina Bleything · License #2016002796
(937) 390-3715
Added: Jun 20
Changed: Aug 5
Last Checked: Aug 23 at 2:06AM
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 duplex offers a live-in and rental setup with two separate units at 457 and 459 E Madison Avenue. The property contains an attic in the interior features, including an attic space in the larger unit that can be used as a 4th bedroom. The larger unit (457) features 3 bedrooms and 1.5 baths, while the 459 unit includes 3 bedrooms and 1 bath. Both units include living and dining areas with woodwork and wood flooring, and the kitchens have been renovated with new cabinetry and countertops.
Built in 1913, the home is heated with forced air and natural gas, and served by public sewer. Construction materials include aluminum siding and vinyl siding. A decorative fireplace is present with a gas hookup, though the fireplace is not warranted. The property sits on a 0.17-acre lot and includes a total property size of 3,212 square feet.
Unit layout supports common tenant and occupant needs, with bedroom and bath counts across both sides and shared style elements such as woodwork and flooring in the living and dining areas.
Built in 1913, the home is heated with forced air and natural gas, and served by public sewer. Construction materials include aluminum siding and vinyl siding. A decorative fireplace is present with a gas hookup, though the fireplace is not warranted. The property sits on a 0.17-acre lot and includes a total property size of 3,212 square feet.
Unit layout supports common tenant and occupant needs, with bedroom and bath counts across both sides and shared style elements such as woodwork and flooring in the living and dining areas.
Key Highlights
- Total size 3,212 SF on 0.17‑acre lot
- Two units: 457 and 459 E Madison Avenue
- Larger unit (457): 3 bedrooms, 1.5 baths, attic that can be 4th bedroom
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
Property Profile
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
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-unit duplex with renovated kitchens, decorative fireplace with gas hookup, and attic space in the larger unit.
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: Total size 3,212 SF on 0.17‑acre lot; Two units: 457 and 459 E Madison Avenue; Larger unit (457): 3 bedrooms, 1.5 baths, attic that can be 4th bedroom
