1701 Lexington Ave Springfield, OH 45505
- Retail space
- 6,468 SF
- 0.17 lot acres
Current Use by Public Records
- Mills & Co. Real Estate LLC / Real Estate Developer
Property Details for 1701 Lexington Ave
- Year built
- 1891
- Construction
- FRAME
- Lot size
- 0.17 lot acres
- Property size
- 6,468 SF
- Property type
- Retail space
- APN
- 340-07-00028-222-001
- APU
- 3400700028222001
Description
This newly renovated Springfield, OH commercial property offers a unique investment opportunity. Located in the Brain All subdivision, this 6,468 sq ft duplex features nine fully equipped salon suites on the main level, each with shampoo bowls and stylish fixtures, currently boasting a low 5% vacancy rate and generating substantial weekly cash flow (ranging from $5637 to $6425 depending on the number of Fridays in a month, with one suite currently vacant). The main level also includes two handicap-accessible bathrooms, a large waiting area, and an 11x11 office suite with a private entrance. A shared 9x10 laundry/washroom adds convenience for salon suite tenants. The upper level comprises three fully rented apartments, each featuring updated cabinetry, hard surface flooring, and neutral paint. One apartment offers two bedrooms, one bath, a kitchen, and a living room. A shared laundry area serves the upper-level apartments. The property sits on a 0.17-acre lot with off-street parking in a graveled lot and includes a back door exit. Significant recent improvements include new flooring throughout, updated plumbing, a new flat roof, and a new HVAC system. This turnkey operation is ready for immediate income generation. The property's strong rental history and diverse income streams make it an attractive investment.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Springfield
- County
- Clark
- State
- Ohio
- Longitude
- -83.7841
- Latitude
- 39.9173
- CBSA code
- 44220
- CBSA name
- SPRINGFIELD, OH METROPOLITAN STATISTICAL AREA
