Historic Brick
For Sale
$725,000
428 Elizabeth Street, Cincinnati, OH 45203
Residential Income, Cincinnati, OH
Property Size4,359 SF
Lot Size0.09 Acres
Price / SF$166.32
Days on Market178
Property Features for 428 Elizabeth Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Off Street
Patio and Porch features
Patio
Exterior features
Wood Fence, Enclosed Patio
Fencing
Wood
View
City
High school district
Cincinnati City SD
Directions
Central to Elizabeth
Subdivision
Hamilton-E01
Standard status
Active
APN
134-0005-0318-00
Size
4,359 SF
Lot size
0.09 Acres
Utilities
Heating system
Natural Gas, Forced Air
Amenities
private street entrance
master suite
private yard
deck
exposed brick
open floor plans
spiral staircase
natural light
Building Details
Year built
1875
Number of units
4
Building materials
Brick
Roof type
Membrane
Listing Agency:
Keller Williams Advisors · Keller Williams Realty
(513) 766-9200
Listed By:
Gillian Barnes
(513) 766-9200
Added: Mar 4
Changed: Aug 22
Last Checked: Aug 29 at 7:06PM
MLS# 1870023
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.
Built in 1875, this 4,359-square-foot brick quadplex includes four apartments and an owner’s unit with modern finishes, a private entrance, primary suite, private yard, deck, and reserved parking. The apartments feature exposed brick, open layouts, spiral staircases, and natural light. Each unit has its own HVAC system, with water paid by the owner.
The property occupies 0.09 acres at 428 Elizabeth Street in Cincinnati’s Betts Longworth Historic District. It is located near FC Stadium, Findlay Market, and Washington Park, with off-street parking and an enclosed patio. An additional lot is included and may offer future development or expansion potential, subject to verification of zoning and buildability.
The property occupies 0.09 acres at 428 Elizabeth Street in Cincinnati’s Betts Longworth Historic District. It is located near FC Stadium, Findlay Market, and Washington Park, with off-street parking and an enclosed patio. An additional lot is included and may offer future development or expansion potential, subject to verification of zoning and buildability.
Key Highlights
- 4,359 square feet on 0.09 acres
- Four‑unit brick property built in 1875
- Individual HVAC systems serving each unit
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
$36,523
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
5.04%
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%
$730,460
$730.5K
Cap Rate 7%
$521,757
$521.8K
Cap Rate 9%
$405,811
$405.8K
Market Conditions
NOI Build-Up for 4,359 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
$55.4K $12.72/SF
− Vacancy
−$3.3K −$0.75/SF
EGI
$52.2K $11.97/SF
− OpEx
−$15.7K −$3.59/SF
NOI
$36.5K $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%
$730,460
Cap Rate 7%
$521,757
Cap Rate 9%
$405,811
Alternative Uses
Best Use
Multifamily LT 5
$521.8K
$456.5K – $608.7K
NOI $36,523 @ 7.0% cap · market cap 5.04%
Second Best
Apartment 5plus
$462.7K
$404.8K – $539.8K
NOI $32,387 @ 7.0% cap · market cap 4.47%
Theoretical Best
Office A
$866.5K
$758.2K – $1.01M
NOI $60,656 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,644
Businesses Nearby
Explore this area
Business Placement
Demographics for 45203, OH
2,365
Population
1,283
Households
1.8
Avg Household Size
34
Median Age
40%
College-Educated
88%
High-School Grad
1.2 sq mi
ZIP Area
1,971
Density / Sq Mi
$33,798
Median Household Income
$50,893
Median Earnings
$749
Median Rent
$296,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit property with individual HVAC systems, off-street parking, and an additional lot.
Where is this quadplex located?
The property is located at 428 Elizabeth Street Cincinnati, OH.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 4,359 square feet on 0.09 acres; Four‑unit brick property built in 1875; Individual HVAC systems serving each unit
