Two-Unit Duplex with
New
For Sale
$209,900
1129 McPherson Avenue, Cincinnati, OH 45205
MULTI_FAMILY - Cincinnati, OH
Property Size1,472 SF
Lot Size0.07 Acres
Price / SF$142.60
Days on Market3
Property Features for 1129 McPherson Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Exterior features
Balcony
High school district
Cincinnati City SD
Directions
Glenway to McPherson
Subdivision
Hamilton-W04
Standard status
Active
APN
174-0008-0023-00
Size
1,472 SF
Lot size
0.07 Acres
Utilities
Heating system
Natural Gas, Forced Air
Building Details
Year built
1923
Number of units
2
Building materials
Aluminum Siding
Roof type
Shingle
Listing Agency:
Keller Williams Pinnacle Group · Keller Williams Realty
(513) 277-0996
Listed By:
Davan Gassett
(513) 277-0996
Added: Aug 6
Changed: Aug 7
Last Checked: Aug 8 at 10:06PM
MLS# 1889790
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 1923, this Cincinnati duplex contains 1,472 square feet arranged as two 2-bedroom, 1-bath units. The property is currently vacant, providing flexibility for immediate occupancy or renovation before leasing. An efficiency-style living area is also present in the basement, although it is not a legal unit and future use should be verified with the appropriate authorities.
The 0.074-acre property is located at 1129 McPherson Avenue in Cincinnati, Ohio. Exterior features include a balcony and aluminum siding, while building systems include natural gas heating with forced air. The property has a shingle roof and on-street parking.
The 0.074-acre property is located at 1129 McPherson Avenue in Cincinnati, Ohio. Exterior features include a balcony and aluminum siding, while building systems include natural gas heating with forced air. The property has a shingle roof and on-street parking.
Key Highlights
- Two 2‑bedroom, 1‑bath units
- 1,472 square feet on a 0.074‑acre lot
- Currently vacant
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
$12,333
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
5.88%
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%
$246,660
$246.7K
Cap Rate 7%
$176,186
$176.2K
Cap Rate 9%
$137,033
$137.0K
Market Conditions
NOI Build-Up for 1,472 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
$18.7K $12.72/SF
− Vacancy
−$1.1K −$0.75/SF
EGI
$17.6K $11.97/SF
− OpEx
−$5.3K −$3.59/SF
NOI
$12.3K $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%
$246,660
Cap Rate 7%
$176,186
Cap Rate 9%
$137,033
Alternative Uses
Best Use
Multifamily LT 5
$176.2K
$154.2K – $205.6K
NOI $12,333 @ 7.0% cap · market cap 5.88%
Second Best
Apartment 5plus
$156.2K
$136.7K – $182.3K
NOI $10,937 @ 7.0% cap · market cap 5.21%
Theoretical Best
Office A
$292.6K
$256.0K – $341.4K
NOI $20,483 @ 7.0% cap · market cap 9.76%
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
506
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 - Vacant duplex offering two residential units plus an efficiency-style basement area that is not a legal unit.
Where is this duplex located?
The property is located at 1129 McPherson Avenue Cincinnati, OH.
What is the asking price?
The asking price for this property is $209,900.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units; 1,472 square feet on a 0.074‑acre lot; Currently vacant
