Renovated Duplex with Rental
For Sale
$279,900
540 Grand Avenue, Cincinnati, OH 45205
Residential Income, Cincinnati, OH
Property Size3,456 SF
Lot Size0.08 Acres
Price / SF$80.99
Days on Market24
Property Features for 540 Grand Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Window features
Vinyl Frames
Fireplace
1
High school district
Cincinnati City SD
Directions
Elberon to Phillips to Grand
Subdivision
Hamilton-W04
Standard status
Active
APN
1780030001700
Size
3,456 SF
Lot size
0.08 Acres
Utilities
Heating system
Natural Gas
Building Details
Year built
1895
Number of units
2
Building materials
Vinyl Siding
Roof type
Composition, Shingle
Listing Agency:
eXp Realty
(216) 242-2322
Listed By:
Arthur Greenlee · License #2021000929
(866) 212-4991
Added: Aug 5
Changed: Aug 20
Last Checked: Aug 28 at 7:06PM
MLS# 1889490
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 renovated duplex at 540 Grand Avenue contains 3,456 square feet on a 0.08-acre lot. The vacant residence offers five bedrooms and two bathrooms, while the second unit includes two bedrooms and one bathroom and is leased through October 2026. Major updates have been completed, and the property includes vinyl siding, composition shingle roofing, natural gas heat, a fireplace, and on-street parking.
Built in 1895, the property is located in Cincinnati’s 45205 ZIP code in Hamilton County. The two-unit configuration supports an owner-occupant arrangement with an additional leased residence, or continued operation as a residential income property.
Built in 1895, the property is located in Cincinnati’s 45205 ZIP code in Hamilton County. The two-unit configuration supports an owner-occupant arrangement with an additional leased residence, or continued operation as a residential income property.
Key Highlights
- Renovated duplex with 3,456 square feet of building area
- Two units: a vacant 5‑bedroom, 2‑bath residence and a leased 2‑bedroom, 1‑bath unit
- Existing lease runs through October 2026
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
$25,678
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
9.17%
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%
$513,560
$513.6K
Cap Rate 7%
$366,829
$366.8K
Cap Rate 9%
$285,311
$285.3K
Market Conditions
NOI Build-Up for 3,456 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
$49.4K $14.28/SF
− Vacancy
−$2.7K −$0.77/SF
EGI
$46.7K $13.51/SF
− OpEx
−$21.0K −$6.08/SF
NOI
$25.7K $7.43/SF
Area
Cincinnati, OH
Vacancy
5.40%
Lease Rate
$14.28 /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%
$513,560
Cap Rate 7%
$366,829
Cap Rate 9%
$285,311
Alternative Uses
Best Use
Multifamily LT 5
$413.7K
$362.0K – $482.6K
NOI $28,957 @ 7.0% cap · market cap 10.35%
Second Best
Apartment 5plus
$366.8K
$321.0K – $428.0K
NOI $25,678 @ 7.0% cap · market cap 9.17%
Theoretical Best
Office A
$687.0K
$601.1K – $801.5K
NOI $48,090 @ 7.0% cap · market cap 17.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
546
Businesses Nearby
Explore this area
Business Placement
Demographics for 45205, OH
19,517
Population
7,874
Households
2.5
Avg Household Size
31
Median Age
17%
College-Educated
82%
High-School Grad
2.8 sq mi
ZIP Area
6,970
Density / Sq Mi
$41,357
Median Household Income
$32,537
Median Earnings
$855
Median Rent
$112,600
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?
Duplex - Updated two-unit property with one vacant residence and a second unit leased through October 2026.
Where is this duplex located?
The property is located at 540 Grand Avenue Cincinnati, OH.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: Renovated duplex with 3,456 square feet of building area; Two units: a vacant 5‑bedroom, 2‑bath residence and a leased 2‑bedroom, 1‑bath unit; Existing lease runs through October 2026
