Brick Triplex with River
For Sale
$575,000
2515 Hackberry Street, Cincinnati, OH 45206
Residential Income, Cincinnati, OH
Property Size3,830 SF
Lot Size0.21 Acres
Price / SF$150.13
Days on Market36
Property Features for 2515 Hackberry Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Off Street
Window features
Vinyl Frames
Patio and Porch features
Deck, Porch
Interior features
Storage Area
Exterior features
Deck, Porch, Fire Escape, Tiered Deck
Fireplace
1
View
River
High school district
Cincinnati City SD
Directions
McMillan to N on Hackberry, property on Left
Subdivision
Hamilton-E01
Standard status
Active
APN
062-0002-0083-00
Size
3,830 SF
Lot size
0.21 Acres
Utilities
Heating system
Forced Air, Baseboard, Electric (Heating), Natural Gas
Building Details
Year built
1925
Number of units
3
Building materials
Brick
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
Keller Williams Advisors · Keller Williams Realty
(513) 766-9200
Listed By:
Kristen Carter · License #2017004048
(614) 932-2000
Added: Jul 31
Changed: Sep 3
Last Checked: Sep 4 at 10:06PM
MLS# 1888467
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 3,830-square-foot brick triplex at 2515 Hackberry Street contains three apartments with updated interiors, natural light, storage, and a combination of deck and porch areas. The property was built in 1925 and includes a shingle roof, fire escape, fireplace, and off-street parking on a 0.209-acre lot. Heating systems include natural gas forced air, electric heating, and baseboard units.
The property is in East Walnut Hills with river views and convenient access to downtown Cincinnati, hospitals, universities, restaurants, and entertainment. Its configuration supports either an investment property or an owner-occupied arrangement, as stated in the property information.
The property is in East Walnut Hills with river views and convenient access to downtown Cincinnati, hospitals, universities, restaurants, and entertainment. Its configuration supports either an investment property or an owner-occupied arrangement, as stated in the property information.
Key Highlights
- Three‑apartment triplex with 3,830 square feet of building area
- Brick construction completed in 1925
- 0.209‑acre lot with off‑street parking
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
$32,090
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
5.58%
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%
$641,800
$641.8K
Cap Rate 7%
$458,429
$458.4K
Cap Rate 9%
$356,556
$356.6K
Market Conditions
NOI Build-Up for 3,830 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
$48.7K $12.72/SF
− Vacancy
−$2.9K −$0.75/SF
EGI
$45.8K $11.97/SF
− OpEx
−$13.8K −$3.59/SF
NOI
$32.1K $8.38/SF
Area
Cincinnati, OH
Vacancy
5.90%
Lease Rate
$12.72 /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%
$641,800
Cap Rate 7%
$458,429
Cap Rate 9%
$356,556
Alternative Uses
Best Use
Multifamily LT 5
$458.4K
$401.1K – $534.8K
NOI $32,090 @ 7.0% cap · market cap 5.58%
Second Best
Apartment 5plus
$406.5K
$355.7K – $474.3K
NOI $28,456 @ 7.0% cap · market cap 4.95%
Theoretical Best
Office A
$761.3K
$666.2K – $888.2K
NOI $53,294 @ 7.0% cap · market cap 9.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,072
Businesses Nearby
Explore this area
Business Placement
Demographics for 45206, OH
10,670
Population
7,191
Households
1.5
Avg Household Size
37
Median Age
49%
College-Educated
87%
High-School Grad
2.0 sq mi
ZIP Area
5,335
Density / Sq Mi
$51,128
Median Household Income
$44,936
Median Earnings
$849
Median Rent
$269,900
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?
Triplex - Three apartments offer updated interiors, off-street parking, and access to decks and a porch.
Where is this triplex located?
The property is located at 2515 Hackberry Street Cincinnati, OH.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Three‑apartment triplex with 3,830 square feet of building area; Brick construction completed in 1925; 0.209‑acre lot with off‑street parking
