Renovated Duplex with Central
For Sale
$279,000
1817 Sherman Avenue, Norwood, OH 45212
Residential Income, Norwood, OH
Property Size1,838 SF
Lot Size0.08 Acres
Price / SF$151.80
Days on Market98
Property Features for 1817 Sherman Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Off Street
Window features
Vinyl Frames
Patio and Porch features
Porch
Exterior features
Porch, Balcony, Metal Fence
Fencing
Fenced
Fireplace
1
View
City
High school district
Norwood City SD
Directions
71 to 562 to Norwood, Exit 3 to Montgomery, Turn L on Norwood Ave, L on Montgomery Rd, R to Sherman Ave, house on left.
Subdivision
Hamilton-E02
Standard status
Active
APN
651-0050-0007-00
Size
1,838 SF
Lot size
0.08 Acres
Utilities
Heating system
Natural Gas
Amenities
central air and heat
new appliances
hardwood floors
updated bathrooms
private access to the backyard
Building Details
Year built
1927
Number of units
2
Building materials
Wood Siding
Roof type
Shingle
Listing Agency:
Plum Tree Realty
(513) 443-5060
Listed By:
K Lynne Engel
(513) 378-4663
Added: May 18
Changed: Aug 22
Last Checked: Aug 23 at 5:06AM
MLS# 1879588
Copyright © 2026 MLS of Greater Cincinnati, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,838-square-foot duplex contains two residential units: a one-bedroom, one-bath apartment and a three-bedroom, two-bath apartment. Both residences have been renovated with central air and heat, new appliances, refinished hardwood flooring, and refreshed bathrooms. Each unit also has private access to the backyard, while the property includes a porch, balcony, fenced outdoor area, and off-street parking.
Built in 1927 on approximately 0.075 acres, the property has wood siding, a shingle roof, natural-gas heating, and a fireplace. Major plumbing work was completed with permitted lines extended to the street. The duplex is located in Norwood, Ohio, within Hamilton County, near dining, shopping, entertainment, major highways, and Xavier University.
Built in 1927 on approximately 0.075 acres, the property has wood siding, a shingle roof, natural-gas heating, and a fireplace. Major plumbing work was completed with permitted lines extended to the street. The duplex is located in Norwood, Ohio, within Hamilton County, near dining, shopping, entertainment, major highways, and Xavier University.
Key Highlights
- 1,838‑square‑foot duplex with one 1‑bedroom, 1‑bath unit and one 3‑bedroom, 2‑bath unit
- Renovated interiors include central air and heat, new appliances, refinished hardwood floors, and updated bathrooms
- Major plumbing improvements completed with permitted lines extended to the street
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
$17,342
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
6.22%
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%
$346,840
$346.8K
Cap Rate 7%
$247,743
$247.7K
Cap Rate 9%
$192,689
$192.7K
Market Conditions
NOI Build-Up for 1,838 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
$26.2K $14.28/SF
− Vacancy
−$1.5K −$0.80/SF
EGI
$24.8K $13.48/SF
− OpEx
−$7.4K −$4.04/SF
NOI
$17.3K $9.44/SF
Area
Hamilton County, OH
Vacancy
5.61%
Lease Rate
$14.28 /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%
$346,840
Cap Rate 7%
$247,743
Cap Rate 9%
$192,689
Alternative Uses
Best Use
Multifamily LT 5
$247.7K
$216.8K – $289.0K
NOI $17,342 @ 7.0% cap · market cap 6.22%
Second Best
Apartment 5plus
$226.7K
$198.3K – $264.5K
NOI $15,867 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$329.5K
$288.3K – $384.4K
NOI $23,066 @ 7.0% cap · market cap 8.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,123
Businesses Nearby
Explore this area
Business Placement
Demographics for 45212, OH
21,885
Population
11,027
Households
2
Avg Household Size
33
Median Age
38%
College-Educated
90%
High-School Grad
3.7 sq mi
ZIP Area
5,915
Density / Sq Mi
$63,698
Median Household Income
$43,413
Median Earnings
$932
Median Rent
$229,400
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 - Two units offer updated interiors, private backyard access, and off-street parking.
Where is this duplex located?
The property is located at 1817 Sherman Avenue Norwood, OH.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: 1,838‑square‑foot duplex with one 1‑bedroom, 1‑bath unit and one 3‑bedroom, 2‑bath unit; Renovated interiors include central air and heat, new appliances, refinished hardwood floors, and updated bathrooms; Major plumbing improvements completed with permitted lines extended to the street
