Two-Unit Duplex with Updated
For Sale
$215,000
Pending
305 Walnut Street, Elmwood Place, OH 45216
Residential Income, Elmwood Place, OH
Property Size2,208 SF
Lot Size0.07 Acres
Days on Market64
Property Features for 305 Walnut Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Window features
Vinyl Frames, Wood Frames
Fireplace
1
High school district
St Bernard Elmwood P
Directions
75 to Paddock road to Vine Street to Walnut Street
Subdivision
Hamilton-W01
Standard status
Pending
APN
661-0002-0245-00
Size
2,208 SF
Lot size
0.07 Acres
Utilities
Heating system
Forced Air
Amenities
washer/dryer hookups
Building Details
Year built
1890
Number of units
3
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
Realty First
(513) 737-6600
Listed By:
Anne Mills
(513) 737-6600
Added: Jun 27
Changed: Aug 23
Last Checked: Aug 29 at 12:06PM
MLS# 1884820
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 1890 duplex contains two separate residences with a combined 2,208 square feet. The lower-level unit has 2 bedrooms, 1 full bath, and both front and rear entry points. The upper residence occupies the second and third floors and includes 3 bedrooms and 1 full bath. Each unit includes washer/dryer hookups, updated kitchens, and separate furnaces. New carpet has been installed in the second-floor unit, while the house also has a 4-year-old roof. Both units are currently vacant, and tenants pay all utilities other than water under the stated operating arrangement.
An additional outbuilding has separate utilities along with a kitchen and bathroom. Its conversion to an efficiency apartment would require remodeling. The property sits on a non-through street at 305 Walnut Street in Elmwood Place, with access to I-75, Reagan Highway, and the Norwood Lateral. On-street parking is available.
An additional outbuilding has separate utilities along with a kitchen and bathroom. Its conversion to an efficiency apartment would require remodeling. The property sits on a non-through street at 305 Walnut Street in Elmwood Place, with access to I-75, Reagan Highway, and the Norwood Lateral. On-street parking is available.
Key Highlights
- 2,208‑square‑foot duplex with 2‑bedroom lower and 3‑bedroom upper units
- Lower unit includes 1 full bath plus front and rear entrances
- Upper residence spans the second and third floors and includes 1 full bath
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
$19,061
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
8.87%
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%
$381,220
$381.2K
Cap Rate 7%
$272,300
$272.3K
Cap Rate 9%
$211,789
$211.8K
Market Conditions
NOI Build-Up for 2,208 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
$36.8K $16.68/SF
− Vacancy
−$2.2K −$0.98/SF
EGI
$34.7K $15.70/SF
− OpEx
−$15.6K −$7.06/SF
NOI
$19.1K $8.63/SF
Area
Hamilton County, OH
Vacancy
5.90%
Lease Rate
$16.68 /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%
$381,220
Cap Rate 7%
$272,300
Cap Rate 9%
$211,789
Alternative Uses
Best Use
Multifamily LT 5
$297.6K
$260.4K – $347.2K
NOI $20,833 @ 7.0% cap · market cap 9.69%
Second Best
Apartment 5plus
$272.3K
$238.3K – $317.7K
NOI $19,061 @ 7.0% cap · market cap 8.87%
Theoretical Best
Office A
$395.9K
$346.4K – $461.8K
NOI $27,710 @ 7.0% cap · market cap 12.89%
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
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
390
Businesses Nearby
Explore this area
Business Placement
Demographics for 45216, OH
9,667
Population
4,262
Households
2.3
Avg Household Size
37
Median Age
27%
College-Educated
87%
High-School Grad
2.8 sq mi
ZIP Area
3,453
Density / Sq Mi
$51,602
Median Household Income
$40,333
Median Earnings
$815
Median Rent
$138,200
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 - Vinyl-sided duplex with separate entrances, utility hookups, and an accessory outbuilding requiring remodeling for additional use.
Where is this duplex located?
The property is located at 305 Walnut Street Elmwood Place, OH.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: 2,208‑square‑foot duplex with 2‑bedroom lower and 3‑bedroom upper units; Lower unit includes 1 full bath plus front and rear entrances; Upper residence spans the second and third floors and includes 1 full bath
