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    Property profile & analytics

    2187 1st St Springfield, OH 45504-1928

    • Manufacturing properties
    • 21,065 SF
    • 2.47 lot acres
    OFF-MARKET
    Last Sale
    Feb 22, 2022
    $1,195,000
    Value Estimations
    $1,055,000
    Show details
    Cap Rate Potential
    8.3%
    Manufacturing properties
    Location Intelligence
    Property ID
    US66-2251685
    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

    • Carr Supply - Springfield / Wholesaler

    Property Details for 2187 1st St

    Year built
    1968
    Construction
    BRICK
    Lot size
    2.47 lot acres
    Property size
    21,065 SF
    Zone code
    I-2
    Property type
    Manufacturing properties
    APN
    300-06-00012-000-152
    APU
    3000600012000152

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,045,000
      ML approach
      $1,340,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,445,000
      6.5%
      $1,330,000
      7%
      $1,235,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $912,000
      Market price range: $288k - $1.19M
      AI Estimate
      $895,000
      Market price range: $347k - $1.36M

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Clark
    State
    Ohio
    Longitude
    -83.845
    Latitude
    39.9422
    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
    $10,788
    $52,720
    $116,540
    $169,260
    -
    $150,630
    $332,970
    $483,600

    Comparable in this City

    • Value Estimation
      $280,000
      13,300 SF

      1805 Commerce Rd

      MANUFACTURING (LIGHT) • 13,300 SF
      1805 Commerce Rd, Springfield, OH 45504-2019
      View Details
    • Value Estimation
      $290,000
      2,842 SF

      1101 Main St

      MANUFACTURING (LIGHT) • 2,842 SF
      1101 Main St, Springfield, OH 45504-2811
      View Details
    • Value Estimation
      $3,750,000
      20,627 SF

      1941 Commerce Cir

      FOOD PROCESSING • 20,627 SF
      1941 Commerce Cir, Springfield, OH 45504-2011
      View Details
    • Value Estimation
      $280,000
      18,792 SF

      18 Bechtle Ave

      MANUFACTURING (LIGHT) • 18,792 SF
      18 Bechtle Ave, Springfield, OH 45504-2841
      View Details
    • Value Estimation
      $830,000
      222,810 SF

      2975 Saint Paris Pike

      FOUNDRY, INDUSTRIAL PLANT • 222,810 SF
      2975 Saint Paris Pike, Springfield, OH 45504-4627
      View Details
    • Value Estimation
      $380,000
      15,405 SF

      508 Main St

      FOOD PROCESSING • 15,405 SF
      508 Main St, Springfield, OH 45504-2662
      View Details

    Similar Nearby for Sale

    • $2,100,000
      17,298 SF

      Industrial Building with Expansion Land

      High-quality industrial building suitable for manufacturing and warehouse use.
      1600 Commerce Rd, Springfield, OH 45504
      View Details
    • $800,000
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      Versatile Manufacturing/Warehouse Facility Available

      Spacious industrial property with cranes, expandable land, and modern amenities.
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    • $1,950,000
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      Springfield Warehouse - Investment Opportunity

      60,500 SF Warehouse, High Cap Rate
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    • $795,000
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      Springfield, OH Special Purpose Property

      Historic 45,000 SF building, 8 acres
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      Renovated Condo in 55+ Community

      Updated condo in Green Lawn Village, a 55+ community.
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    • $300,000

      Land Available for Sale

      Land available for sale at 745 N Bechtle Ave, Springfield, OH.
      745 N Bechtle Ave, Springfield, OH 45504
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      80,548 SF

      Warehouse Space with HVAC

      Remaining 396,314 SF warehouse space with full HVAC.
      1475 Upper Valley Pike, Springfield, OH 45504
      View Details
    • $24 SF/Yr
      19,727 SF

      Prime Restaurant Space, Las Vegas

      1,600 SF Available in Multi-Tenant Building
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      View Details
    • Contact for pricing
      49,930 SF

      Retail Space in Springfield, OH

      Retail opportunity with high traffic and strong tenant mix.
      1390-1476 Upper Valley Pike, Springfield, OH 45504
      View Details
    • $22 SF/Yr
      1,440 SF

      Retail Space Available For Lease

      Retail space available for lease in Springfield, OH.
      1985-2075 N Bechtle Ave, Springfield, OH 45504
      View Details
    • Contact for pricing
      2,200 SF

      Retail Space Near Major Retailers

      Retail spaces available near major retailers and a hospital.
      1500 Upper Valley Pike, Springfield, OH 45504
      View Details
    • $18 SF/Yr
      215,113 SF

      Springfield Retail Center Investment Opportunity

      Prime Springfield retail space, 10,500 sq ft available.
      1590 Bechtle Ave, Springfield, OH 45504
      View Details
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    2187 1st St
    Springfield, OH 45504-1928
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    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
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