Two-Story
For Sale
$100,000
657 W Jefferson St, Springfield, OH 45506
Duplex with month-to-month leases and water and trash paid by the seller.
Property Size2,264 SF
Price / SF$44.17
Days on Market9
Property Features for 657 W Jefferson St
General Information
Standard status
Active
Size
2,264 SF
Property subtype
Multi-Family
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Building Details
Year Built
1881
Buildings
1
Stories
2
Listing Agency:
Collins Real Estate Services
(937) 626-4181
Listed By:
Streetlight Realty
(937) 626-4181
Source:
Streetlightrealtors
Added: Aug 23
Changed: Aug 30
Last Checked: Aug 30 at 7:01PM
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 Collins Real Estate Services
Investment Insights
Based on property information with market context.
This two-story duplex contains 2,264 square feet and was built in 1881. The property includes four bedrooms and two full bathrooms across the two units, providing a straightforward residential income configuration.
Located at 657 W Jefferson St in Springfield, Ohio, the duplex is leased on a month-to-month basis. One side is currently occupied, while the other is scheduled for occupancy at the beginning of the month. The seller pays water and trash service. Showings require 24 hours’ notice to accommodate tenants’ rights.
Located at 657 W Jefferson St in Springfield, Ohio, the duplex is leased on a month-to-month basis. One side is currently occupied, while the other is scheduled for occupancy at the beginning of the month. The seller pays water and trash service. Showings require 24 hours’ notice to accommodate tenants’ rights.
Key Highlights
- 2,264‑square‑foot duplex built in 1881
- Two‑story layout with four bedrooms and two full bathrooms
- Month‑to‑month lease structure
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
$7,684
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
7.68%
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%
$153,680
$153.7K
Cap Rate 7%
$109,771
$109.8K
Cap Rate 9%
$85,378
$85.4K
Market Conditions
NOI Build-Up for 2,264 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
$12.0K $5.28/SF
− Vacancy
−$977 −$0.43/SF
EGI
$11.0K $4.85/SF
− OpEx
−$3.3K −$1.45/SF
NOI
$7.7K $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%
$153,680
Cap Rate 7%
$109,771
Cap Rate 9%
$85,378
Alternative Uses
Best Use
Multifamily LT 5
$109.8K
$96.1K – $128.1K
NOI $7,684 @ 7.0% cap · market cap 7.68%
Second Best
Apartment 5plus
$95.1K
$83.2K – $111.0K
NOI $6,658 @ 7.0% cap · market cap 6.66%
Theoretical Best
Specialty Retail
$631.5K
$552.6K – $736.8K
NOI $44,205 @ 7.0% cap · market cap 44.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
789
Businesses Nearby
Explore this area
Business Placement
Demographics for 45506, OH
13,330
Population
6,613
Households
2
Avg Household Size
39
Median Age
13%
College-Educated
87%
High-School Grad
12.2 sq mi
ZIP Area
1,093
Density / Sq Mi
$40,132
Median Household Income
$34,774
Median Earnings
$800
Median Rent
$101,000
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 - Duplex with month-to-month leases and water and trash paid by the seller.
Where is this duplex located?
The property is located at 657 W Jefferson St Springfield, OH.
What is the asking price?
The asking price for this property is $100,000.
What are key features of this property?
This property features: 2,264‑square‑foot duplex built in 1881; Two‑story layout with four bedrooms and two full bathrooms; Month‑to‑month lease structure
