Four-Unit Multifamily
For Sale
$144,900
707 High St, Springfield, OH 45506
Income-producing residential asset near downtown Springfield with owner-paid utilities and three occupied units.
Property Size2,546 SF
Price / SF$56.91
Days on Market132
Property Features for 707 High St
General Information
Standard status
Active
Size
2,546 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
4
Listing Agency:
Real Estate II Inc.
(937) 206-2343
Listed By:
Ryan King
(937) 206-2343
Source:
Exprealty
Added: Apr 21
Changed: Aug 29
Last Checked: Aug 29 at 11:08PM
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 Real Estate II Inc.
Investment Insights
Based on property information with market context.
This four-unit multifamily property at 707 High St in Springfield, Ohio, contains 2,546 square feet of residential space. Three of the four units are currently rented, while the seller pays all utilities.
The property is located close to downtown Springfield, providing an established urban setting for a residential income asset. Its four-unit configuration offers a defined small-scale multifamily format for an owner or investor evaluating occupied rental housing.
The property is located close to downtown Springfield, providing an established urban setting for a residential income asset. Its four-unit configuration offers a defined small-scale multifamily format for an owner or investor evaluating occupied rental housing.
Key Highlights
- Four‑unit multifamily property at 707 High St, Springfield, OH
- 2,546 square feet of property size
- 3 of 4 units currently rented
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
$8,641
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
5.96%
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%
$172,820
$172.8K
Cap Rate 7%
$123,443
$123.4K
Cap Rate 9%
$96,011
$96.0K
Market Conditions
NOI Build-Up for 2,546 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
$13.4K $5.28/SF
− Vacancy
−$1.1K −$0.43/SF
EGI
$12.3K $4.85/SF
− OpEx
−$3.7K −$1.45/SF
NOI
$8.6K $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%
$172,820
Cap Rate 7%
$123,443
Cap Rate 9%
$96,011
Alternative Uses
Best Use
Multifamily LT 5
$123.4K
$108.0K – $144.0K
NOI $8,641 @ 7.0% cap · market cap 5.96%
Second Best
Apartment 5plus
$107.0K
$93.6K – $124.8K
NOI $7,487 @ 7.0% cap · market cap 5.17%
Theoretical Best
Specialty Retail
$710.2K
$621.4K – $828.5K
NOI $49,711 @ 7.0% cap · market cap 34.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
521
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?
Quadplex - Income-producing residential asset near downtown Springfield with owner-paid utilities and three occupied units.
Where is this quadplex located?
The property is located at 707 High St Springfield, OH.
What is the asking price?
The asking price for this property is $144,900.
What are key features of this property?
This property features: Four‑unit multifamily property at 707 High St, Springfield, OH; 2,546 square feet of property size; 3 of 4 units currently rented
