Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1108 Vester Ave Springfield, OH 45503-1302

    • Medical offices
    • 5,412 SF
    • 0.32 lot acres
    OFF-MARKET
    Last Sale
    Apr 12, 2023
    $732,700
    Value Estimations
    $825,000
    Show details
    Cap Rate Potential
    7.5%
    Medical offices
    Location Intelligence
    Property ID
    US66-1622450
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Mercy Health - Springfield Obstetrics and Gynecology / Physician
    • Moroz Louise MD / Physician
    • Shawn Osterholt, MD, FACOG / Physician
    • Curtis Orr, MD, FACOG / Physician
    • Richard McNeely, DO, FACOOG / Physician

    Property Details for 1108 Vester Ave

    Year built
    1985
    Construction
    BRICK
    Lot size
    0.32 lot acres
    Property size
    5,412 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    340-03-00025-130-001
    APU
    3400300025130001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $870,000
      ML approach
      $800,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,080,000
      6.5%
      $995,000
      7%
      $925,000

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $910,000
      OFFICE BUILDING
      $500,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Clark
    State
    Ohio
    Longitude
    -83.7878
    Latitude
    39.9641
    CBSA code
    44220
    CBSA name
    SPRINGFIELD, OH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $8,175
    $9,660
    $103,000
    $112,660
    -
    $27,600
    $294,280
    $321,880

    Comparable in this City

    • Value Estimation by Request
      1,512 SF

      1721 Limestone St

      MEDICAL BUILDING • 1,512 SF
      1721 Limestone St, Springfield, OH 45503-2625
      View Details
    • Value Estimation by Request
      2,310 SF

      2131 Limestone St

      MEDICAL BUILDING • 2,310 SF
      2131 Limestone St, Springfield, OH 45503-2676
      View Details
    • Value Estimation
      $960,000
      5,245 SF

      1674 Limestone St

      MEDICAL BUILDING • 5,245 SF
      1674 Limestone St, Springfield, OH 45503-2652
      View Details
    • Value Estimation by Request
      1,868 SF

      218 Northparke Dr

      MEDICAL BUILDING • 1,868 SF
      218 Northparke Dr, Springfield, OH 45503-1118
      View Details
    • Value Estimation
      $900,000
      9,190 SF

      280 Red Coach Dr

      MEDICAL BUILDING • 9,190 SF
      280 Red Coach Dr, Springfield, OH 45503-1297
      View Details
    • Value Estimation by Request
      3,036 SF

      2221 Grube St

      MEDICAL BUILDING • 3,036 SF
      2221 Grube St, Springfield, OH 45503-2642
      View Details

    Similar Nearby for Sale

    • $525,000
      10,098 SF

      Multi-Tenant Office Building For Sale

      Multi-tenant office building in Springfield, OH, near Wittenberg University.
      1240 E Main St, Springfield, OH 45503
      View Details
    • $89,900
      1.52 Acres

      Springfield Land on Mitchell Boulevard

      1.52 acre commercial land for sale in Springfield, Ohio.
      Mitchell Blvd, Springfield, OH 45503
      View Details
    • Contact for pricing

      Commercial Land Across From Kroger

      Approximately 1.677 acres of commercial land for sale.
      2731 E Main St, Springfield, OH 45503
      View Details
    • Contact for pricing

      Commercial Lot on Mitchell Blvd

      1.87-acre commercial lot zoned CC-2, ideal for fast food.
      1710 Mitchell Blvd, Springfield, OH 45503
      View Details
    • $105,000
      Pending

      Springfield Duplex with Rental Income

      Fully rented duplex in Springfield, Ohio, with month-to-month tenants.
      726 E Madison Ave, Springfield, OH 45503
      View Details
    • $157,500
      2,373 SF

      Solid Duplex on Corner Lot

      Duplex with parking lot, long-term tenant, and flexible main level.
      1223 Lagonda Ave, Springfield, OH 45503
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      21,748 SF

      Limestone Center: Medical Office Space

      Springfield, OH Medical Office Suites Available
      2200 Limestone St, Springfield, OH 45503
      View Details
    • $15 SF/Yr
      10,296 SF

      Springfield Medical Office Opportunity

      10,296 SF Medical Office Space Available
      435 Columbia St, Springfield, OH 45503
      View Details
    • $14 SF/Yr
      12,107 SF

      Retail Space Available For Lease

      Retail space available for lease in Springfield, OH.
      402-634 S Burnett Rd, Springfield, OH 45503
      View Details
    • $1.00 SF/Yr
      18,731 SF

      Commercial Land for Lease

      Commercial property for lease, fenced on three sides.
      Larch St, Springfield, OH 45503
      View Details
    • Contact for pricing
      5,550 SF

      Springfield Retail Center Opportunity

      High-traffic retail center, 3 spaces available
      2953 Derr Rd, Springfield, OH 45503
      View Details
    • Contact for pricing
      200 SF

      Retail Space in Springfield, OH

      Retail space available for lease in Springfield, Ohio.
      2214 N Limestone St, Springfield, OH 45503
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1108 Vester Ave
    Springfield, OH 45503-1302
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!