Renovated 4-Unit Apartment
For Sale
Contact for pricing
113 GLENRIDGE PL, Cincinnati, OH 45217
New roof and updated units comprise a fully occupied four-unit building with separate heat, gas, and electric.
Property Size2,772 SF
Price / SF$143.94
Days on Market56
Property Features for 113 GLENRIDGE PL
General Information
Standard status
Active
Size
2,772 SF
Class
C
Total Parking Spaces
4
Property subtype
Retail, Multifamily
Occupancy
100%
Lease Type
Modified Gross
Investment Type
Stabilized
Additional Details
Multifamily Units
4
Building Details
Year Built
1946
Year Renovated
2024
Buildings
1
Stories
2
Units
4
Listing Agency:
Robert Louis Group
Listed By:
David Hornberger · License #OH 2013000574
Source:
Crexi
Added: Jul 5
Changed: Aug 23
Last Checked: Aug 25 at 11:30PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Robert Louis Group
Investment Insights
Based on property information with market context.
This newly renovated 4-unit apartment building is 100% occupied and features two bedrooms and one bathroom in each unit. Improvements include a new roof, completely renovated units, new windows, and new main sewer lines.
Tenants are responsible for their own heat, gas, and electric, while the landlord pays water.
For purchase with an additional nearby 4-unit building at 130 Glenridge Place, the seller notes a combined total price for all 8 units; however, this listing is for the 4-unit property at 113 Glenridge Pl.
Tenants are responsible for their own heat, gas, and electric, while the landlord pays water.
For purchase with an additional nearby 4-unit building at 130 Glenridge Place, the seller notes a combined total price for all 8 units; however, this listing is for the 4-unit property at 113 Glenridge Pl.
Key Highlights
- 4‑unit apartment building built in 1946, with all units currently 100% occupied
- Each unit has 2 bedrooms and 1 bathroom
- Recent upgrades include a new roof, new windows, and new main sewer lines
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
$23,226
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
5.82%
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%
$464,520
$464.5K
Cap Rate 7%
$331,800
$331.8K
Cap Rate 9%
$258,067
$258.1K
Market Conditions
NOI Build-Up for 2,772 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
$35.3K $12.72/SF
− Vacancy
−$2.1K −$0.75/SF
EGI
$33.2K $11.97/SF
− OpEx
−$10.0K −$3.59/SF
NOI
$23.2K $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%
$464,520
Cap Rate 7%
$331,800
Cap Rate 9%
$258,067
Alternative Uses
Best Use
Multifamily LT 5
$331.8K
$290.3K – $387.1K
NOI $23,226 @ 7.0% cap · market cap 5.82%
Second Best
Apartment 5plus
$294.2K
$257.5K – $343.3K
NOI $20,596 @ 7.0% cap · market cap 5.16%
Theoretical Best
Office A
$551.0K
$482.2K – $642.9K
NOI $38,572 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
247
Businesses Nearby
Explore this area
Business Placement
Demographics for 45217, OH
6,177
Population
2,852
Households
2.2
Avg Household Size
39
Median Age
34%
College-Educated
94%
High-School Grad
2.2 sq mi
ZIP Area
2,808
Density / Sq Mi
$67,974
Median Household Income
$45,789
Median Earnings
$923
Median Rent
$149,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - New roof and updated units comprise a fully occupied four-unit building with separate heat, gas, and electric.
Where is this quadplex located?
The property is located at 113 GLENRIDGE PL Cincinnati, OH.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 4‑unit apartment building built in 1946, with all units currently 100% occupied; Each unit has 2 bedrooms and 1 bathroom; Recent upgrades include a new roof, new windows, and new main sewer lines
