Duplex with Detached
For Sale
$175,000
509-511 E Northern Avenue, Springfield, OH 45503
MULTI_FAMILY - Other - Springfield, OH
Property Size2,384 SF
Lot Size0.16 Acres
Price / SF$73.41
Days on Market59
Property Features for 509-511 E Northern Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 5, Bedroom 6, Bedroom 2, Bedroom 4, Bedroom 1, Bathroom 1
Patio and Porch features
Porch
Interior features
Attic, No Window Coverings
Fireplace
1
Basement
Full, Unfinished
Subdivision
Northern Heights
Lot features
Residential Lot
Elementary school district
1206 Springfield CSD
Middle school district
1206 Springfield CSD
High school district
1206 Springfield CSD
Directions
E McCreight to right on Olive St to right on Northern.
Standard status
Active
APN
3400700035208007
Size
2,384 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Building Details
Year built
1921
Floors in Building
2
Number of units
2
Flooring type
Wood, Laminate
Building materials
Wood Siding
Architectural style
Other
Listing Agency:
Roost Real Estate Co.
(937) 390-3715
Listed By:
Tina Bleything · License #2016002796
(937) 390-3715
Added: Jun 24
Changed: Aug 5
Last Checked: Aug 21 at 3:06PM
MLS# 1046616
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 at 509-511 E Northern Avenue offers two tenant-occupied sides and an income-producing residential layout. Each unit includes 3 bedrooms and 1 full bathroom upstairs. Interior features include a porch, fireplace, attic, and mixed flooring with wood and laminate, along with heating served by forced air natural gas. The property also includes public sewer service.
The home’s exterior is wood sided and includes a decent-sized yard and a detached garage. Built in 1921, the configuration includes a main level with a large living room and dining area, plus a mudroom for additional storage. Tenant rights apply.
The property sits on a 0.16-acre lot and totals 2,384 square feet.
The home’s exterior is wood sided and includes a decent-sized yard and a detached garage. Built in 1921, the configuration includes a main level with a large living room and dining area, plus a mudroom for additional storage. Tenant rights apply.
The property sits on a 0.16-acre lot and totals 2,384 square feet.
Key Highlights
- Tenant‑occupied duplex with both sides currently rented; tenant rights apply
- Two units, each with 3 bedrooms and 1 full bathroom upstairs
- Built in 1921; wood siding and public sewer
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
$8,091
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
4.62%
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%
$161,820
$161.8K
Cap Rate 7%
$115,586
$115.6K
Cap Rate 9%
$89,900
$89.9K
Market Conditions
NOI Build-Up for 2,384 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
$12.6K $5.28/SF
− Vacancy
−$1.0K −$0.43/SF
EGI
$11.6K $4.85/SF
− OpEx
−$3.5K −$1.45/SF
NOI
$8.1K $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%
$161,820
Cap Rate 7%
$115,586
Cap Rate 9%
$89,900
Alternative Uses
Best Use
Multifamily LT 5
$115.6K
$101.1K – $134.9K
NOI $8,091 @ 7.0% cap · market cap 4.62%
Second Best
Apartment 5plus
$100.2K
$87.6K – $116.9K
NOI $7,011 @ 7.0% cap · market cap 4.01%
Theoretical Best
Specialty Retail
$665.0K
$581.9K – $775.8K
NOI $46,548 @ 7.0% cap · market cap 26.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
578
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 - Tenant-occupied duplex with two 3-bedroom units, porch, and detached garage on a 0.16-acre lot.
Where is this duplex located?
The property is located at 509-511 E Northern Avenue Springfield, OH.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: Tenant‑occupied duplex with both sides currently rented; tenant rights apply; Two units, each with 3 bedrooms and 1 full bathroom upstairs; Built in 1921; wood siding and public sewer
