Building Details

Year built 1919

Number of units 3

Building materials Brick, Vinyl Siding

Roof type Shingle

Listing Agency: Ring Real Estate Co., Georgeto j***@ring-realestate.com Show Phone

Listed By: Brittany Howard Show Phone

Added: Jun 15 Changed: Aug 1 Last Checked: Aug 6 at 11:06AM

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MLS# 1883209

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 fully occupied three-unit triplex offers two one-bedroom units downstairs and a larger two-bedroom unit upstairs. Units 206 and 208 have been recently updated and both include their own laundry hook up. The property also features a porch and off-street parking.

Recent improvements include a new roof and gutters in 2020, along with window and water heater replacements in 24. Constructed in 1919 with brick and vinyl siding, the home is served by electric heating with forced air and baseboard.

With three separate units and documented updates, this is a practical income-producing property for buyers seeking a multi-unit asset in New Richmond.

Key Highlights

• Fully occupied three‑unit triplex with two one‑bedroom units and one two‑bedroom unit
• Units 206 and 208 recently updated with their own laundry hook up
• New roof and gutters completed in 2020

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

$23,870

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

8.38%

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%

$477,400 $477.4K

Cap Rate 7%

$341,000 $341.0K

Cap Rate 9%

$265,222 $265.2K

Market Conditions

NOI Build-Up for 2,538 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

$45.7K $18.00/SF

− Vacancy

−$2.3K −$0.90/SF

EGI

$43.4K $17.10/SF

− OpEx

−$19.5K −$7.69/SF

NOI

$23.9K $9.41/SF

Area

Clermont County, OH

Vacancy

5.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

45.00%

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%

$477,400

Cap Rate 7%

$341,000

Cap Rate 9%

$265,222

Alternative Uses

Best Use

Multifamily LT 5

$391.6K

$342.7K – $456.9K (±1% cap)

NOI $27,414 @ 7.0% cap · market cap 9.62%

Second Best

Apartment 5plus

$341.0K

$298.4K – $397.8K (±1% cap)

NOI $23,870 @ 7.0% cap · market cap 8.38%

Theoretical Best

Office A

$455.0K

$398.1K – $530.9K (±1% cap)

NOI $31,851 @ 7.0% cap · market cap 11.18%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Triplexes

Suggested Use

Top Pick Building Supply Real Estate Agency Electrical Service Hair Salon (Bike/Boat/Book/etc) Store Law Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

186

Businesses Nearby

Explore this area Business Placement

Demographics for 45157, OH

9,705

Population

4,069

Households

2.4

Avg Household Size

42

Median Age

25%

College-Educated

91%

High-School Grad

41.1 sq mi

ZIP Area

236

Density / Sq Mi

$96,875

Median Household Income

$43,651

Median Earnings

$874

Median Rent

$232,700

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Triplex - Fully occupied three-unit triplex with updated units and in-unit laundry hookups for two lower apartments.

Where is this triplex located?

The property is located at 204 Washington Street New Richmond, OH.

What is the asking price?

The asking price for this property is $285,000.

What are key features of this property?

This property features: Fully occupied three‑unit triplex with two one‑bedroom units and one two‑bedroom unit; Units 206 and 208 recently updated with their own laundry hook up; New roof and gutters completed in 2020