Former Sorority House with
501 N Wittenberg Ave Springfield, OH 45504
501 N Wittenberg Ave, Springfield, OH, 45504
Contact for pricing
For Sale
Contact for pricing
Institutionally built former sorority house with 14 bedrooms and an on-site commercial kitchen.
Property Size8,430 SF
Price / SF$68.21
Days on Market98
Property Features for 501 N Wittenberg Ave
General Information
- Standard status
- Active
- Size
- 8,430 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1962
Listing agency
Coldwell Banker Commercial Heritage
(937) 504-6375
Listed by
Patrick Williams · License #OH
Source
Crexi
Added: Apr 15 Updated: Jul 21 at 7:05AM Checked: Jul 21 at 7:05AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Commercial Heritage
Investment Insights
Based on property information with market context.
Located at 501 N. Wittenberg Ave in Springfield, Ohio, this former sorority house offers a distinctive, institutionally built layout totaling 8,430 square feet. The building features a mid-century modern entry and a main floor anchored by a formal living and social room, creating substantial communal space.
The property includes 14 bedrooms and also has an on-site commercial kitchen, which can support food-service or hospitality-focused concepts. With its combination of bedroom count, large gathering areas, and existing kitchen infrastructure, the building is well suited for users seeking a character-forward structure with flexible interior configuration.
This is a rare, single-asset offering with both residential scale and commercial kitchen amenities already in place.
The property includes 14 bedrooms and also has an on-site commercial kitchen, which can support food-service or hospitality-focused concepts. With its combination of bedroom count, large gathering areas, and existing kitchen infrastructure, the building is well suited for users seeking a character-forward structure with flexible interior configuration.
This is a rare, single-asset offering with both residential scale and commercial kitchen amenities already in place.
Key Highlights
- 8,430 SF former sorority house at 501 N. Wittenberg Avenue in Springfield, Ohio
- Built in 1962 and institutionally built with mid‑century modern entry
- 14 bedrooms across the building, offering flexibility for residential, group living, or conversion uses
Local Financial Insights For Industrial
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $54.0k | $6.41 |
| − Vacancy | −$4.5k | −$0.54 |
| EGI | $49.5k | $5.87 |
| − OpEx | −$14.8k | −$1.76 |
| NOI | $34.6k | $4.11 |
8,430 SF · lease $6.41/SF/yr · vacancy 8.42% · expense 30.00%
Alternative Uses
Best Use
Specialty Retail
$2.35M
$2.06M – $2.74M
NOI $164,596 @ 7.0% cap · market cap 28.63%
Second Best
Industrial
$494.9K
$433.0K – $577.4K
NOI $34,641 @ 7.0% cap · market cap 6.02%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Fountain of Life Church
Church
Delta Gamma Sorority
Charitable Organization
Springfield Sports Academy
High School
SERVEatSCS
Nursing Home
Inside Out Youth
Child Welfare Organization
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FAQs
What type of property is this?
Residential income property - Institutionally built former sorority house with 14 bedrooms and an on-site commercial kitchen.
Where is this residential income property located?
The property is located at 501 N Wittenberg Ave Springfield, OH.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 8,430 SF former sorority house at 501 N. Wittenberg Avenue in Springfield, Ohio; Built in 1962 and institutionally built with mid‑century modern entry; 14 bedrooms across the building, offering flexibility for residential, group living, or conversion uses
