Brick Duplex with
For Sale
$199,999
Pending
549 Prospect Place, Cincinnati, OH 45229
Residential Income, Cincinnati, OH
Property Size2,016 SF
Lot Size0.08 Acres
Days on Market97
Property Features for 549 Prospect Place
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Driveway, Garage
Window features
Wood Frames
Fireplace
1
High school district
Cincinnati City SD
Directions
Reading Rd to West on Prospect Place. House is on the left.
Subdivision
Hamilton-E01
Standard status
Pending
APN
107-0008-0099-00
Size
2,016 SF
Lot size
0.08 Acres
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1923
Number of units
2
Building materials
Brick
Roof type
Shingle
Listing Agency:
Keller Williams Advisors · Keller Williams Realty
(513) 874-3300
Listed By:
Zondra Brown
(513) 766-9200
Added: Jun 8
Changed: Sep 12
Last Checked: Sep 12 at 4:06PM
MLS# 1880399
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 1923 brick duplex contains 2,016 square feet and is configured as two separate residences. The larger unit includes three bedrooms and one full bathroom, while the second residence has one bedroom and one full bathroom and is currently tenant occupied. The property has forced-air heating powered by natural gas, a shingle roof, a fireplace, a garage, and a driveway.
Located in Cincinnati’s 45229 ZIP Code, the property is within 4 miles of two local universities and near shopping, dining, and commuter routes. Both on-street and off-street parking are available. The sale is offered in as-is, where-is condition, with cash or conventional financing specified.
Located in Cincinnati’s 45229 ZIP Code, the property is within 4 miles of two local universities and near shopping, dining, and commuter routes. Both on-street and off-street parking are available. The sale is offered in as-is, where-is condition, with cash or conventional financing specified.
Key Highlights
- 2,016‑square‑foot duplex on a 0.077‑acre lot
- Unit mix includes 3 bedrooms/1 bath and 1 bedroom/1 bath
- Second residence is currently tenant occupied
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
$16,891
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
8.45%
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%
$337,820
$337.8K
Cap Rate 7%
$241,300
$241.3K
Cap Rate 9%
$187,678
$187.7K
Market Conditions
NOI Build-Up for 2,016 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
$25.6K $12.72/SF
− Vacancy
−$1.5K −$0.75/SF
EGI
$24.1K $11.97/SF
− OpEx
−$7.2K −$3.59/SF
NOI
$16.9K $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%
$337,820
Cap Rate 7%
$241,300
Cap Rate 9%
$187,678
Alternative Uses
Best Use
Multifamily LT 5
$241.3K
$211.1K – $281.5K
NOI $16,891 @ 7.0% cap · market cap 8.45%
Second Best
Apartment 5plus
$214.0K
$187.2K – $249.7K
NOI $14,979 @ 7.0% cap · market cap 7.49%
Theoretical Best
Office A
$400.8K
$350.7K – $467.6K
NOI $28,053 @ 7.0% cap · market cap 14.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
5,174
Businesses Nearby
Explore this area
Business Placement
Demographics for 45229, OH
12,540
Population
7,813
Households
1.6
Avg Household Size
37
Median Age
31%
College-Educated
87%
High-School Grad
2.7 sq mi
ZIP Area
4,644
Density / Sq Mi
$30,829
Median Household Income
$25,772
Median Earnings
$831
Median Rent
$316,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with one tenant-occupied residence, driveway parking, and convenient access to universities, shopping, dining, and commuter routes.
Where is this duplex located?
The property is located at 549 Prospect Place Cincinnati, OH.
What is the asking price?
The asking price for this property is $199,999.
What are key features of this property?
This property features: 2,016‑square‑foot duplex on a 0.077‑acre lot; Unit mix includes 3 bedrooms/1 bath and 1 bedroom/1 bath; Second residence is currently tenant occupied
