Building Details

Year built 1910

Building materials Block

Roof type Metal

Listing Agency: Honnerlaw Real Estate Services h***@gmail.com Show Phone

Listed By: Sue Walker Show Phone

Added: Aug 11 Last Checked: Aug 11 at 11:06PM

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MLS# 1890165

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 1,071-square-foot multifamily property at 11 E Washington Street in Sabina has been gutted, creating an open starting point for redevelopment. The building dates to 1910 and features block construction, a metal roof installed as a new improvement, and natural gas heating.

The property is located in Sabina, Ohio, within Clinton County. Its existing building area and structural components provide a defined framework for planning the next interior configuration while retaining the flexibility of a cleared interior.

Key Highlights

• 1,071 SF multifamily property at 11 E Washington Street, Sabina, OH 45385
• Interior has been gutted for a new buildout
• New metal roof

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

$7,601

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

7.60%

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%

$152,020 $152.0K

Cap Rate 7%

$108,586 $108.6K

Cap Rate 9%

$84,456 $84.5K

Market Conditions

NOI Build-Up for 1,071 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

$14.8K $13.80/SF

− Vacancy

−$961 −$0.90/SF

EGI

$13.8K $12.90/SF

− OpEx

−$6.2K −$5.81/SF

NOI

$7.6K $7.10/SF

Area

Clinton County, OH

Vacancy

6.50%

Lease Rate

$13.80 /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%

$152,020

Cap Rate 7%

$108,586

Cap Rate 9%

$84,456

Alternative Uses

Best Use

Apartment 5plus

$108.6K

$95.0K – $126.7K (±1% cap)

NOI $7,601 @ 7.0% cap · market cap 7.60%

Second Best

—

—

no second resolved use

Theoretical Best

Retail

$278.8K

$244.0K – $325.3K (±1% cap)

NOI $19,517 @ 7.0% cap · market cap 19.52%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Multifamily properties

Suggested Use

Top Pick Real Estate Agency Hair Salon HVAC Service Plumbing Service Nail Salon Spa & Massage Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

135

Businesses Nearby

Explore this area Business Placement

Demographics for 45385, OH

39,446

Population

17,097

Households

2.3

Avg Household Size

42

Median Age

31%

College-Educated

92%

High-School Grad

137.2 sq mi

ZIP Area

288

Density / Sq Mi

$75,327

Median Household Income

$45,396

Median Earnings

$899

Median Rent

$197,300

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Multifamily property - Gutted multifamily building offers a clean interior for a new buildout.

Where is this multifamily property located?

The property is located at 11 E Washington Street Sabina, OH.

What is the asking price?

The asking price for this property is $100,000.

What are key features of this property?

This property features: 1,071 SF multifamily property at 11 E Washington Street, Sabina, OH 45385; Interior has been gutted for a new buildout; New metal roof