Renovated 2-Unit
115 Ehrman Avenue, Cincinnati, OH 45220
For Sale
New
$450,000
Each residence has central air, in-unit laundry, a porch, backyard access and off-street parking.
Property Size3,296 SF
Price / SF$136.53
Days on Market2
Property Features for 115 Ehrman Avenue
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Amenities
central air
in-unit laundry
off-street parking
backyard
porch
Building Details
Year Built
Listing Agency:
Horan Rosenhagen Real Estate
Listed By:
Jessica Kirkpatrick · License OH #217548
Source:
Searchnorthernkentucky
Added: Nov 12
Last Checked: Nov 12 at 2:51PM
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 Horan Rosenhagen Real Estate
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Investment Insights
Based on property information with market context.
This duplex in Cincinnati contains two vacant residences. The first has 2 bedrooms, 1 bathroom and approximately 1,016 square feet; the second offers 5 bedrooms, 2 bathrooms and approximately 1,930 square feet. Both units have central air, in-unit laundry, a porch, backyard access and off-street parking.
Renovation work included plumbing, electrical, HVAC, kitchens, bathrooms, windows, appliances, flooring and insulation, along with work extending from the floor joists to the roof. The property is near hospitals, universities and the zoo. The area is also expected to see a future expansion of Wasson Way.
Renovation work included plumbing, electrical, HVAC, kitchens, bathrooms, windows, appliances, flooring and insulation, along with work extending from the floor joists to the roof. The property is near hospitals, universities and the zoo. The area is also expected to see a future expansion of Wasson Way.
Key Highlights
- Two vacant residences: one with 2 bedrooms and 1 bathroom; the other with 5 bedrooms and 2 bathrooms
- Approximately 1,016 square feet in the first unit and 1,930 square feet in the second
- Renovations included plumbing, electrical, HVAC, kitchens, bathrooms, windows, appliances and insulation
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,616
Cap Rate
6.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$552,320
$552.3K
Cap Rate 7%
$394,514
$394.5K
Cap Rate 9%
$306,844
$306.8K
Market Conditions
NOI Build-Up for 3,296 SF
Gross rent
$41.9K $12.72/SF
− Vacancy
−$2.5K −$0.75/SF
EGI
$39.5K $11.97/SF
− OpEx
−$11.8K −$3.59/SF
NOI
$27.6K $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 Rate 5%
$552,320
Cap Rate 7%
$394,514
Cap Rate 9%
$306,844
Alternative Uses
Best Use
Multifamily LT 5
$394.5K
$345.2K – $460.3K
NOI $27,616 @ 7.0% cap · market cap 6.14%
Second Best
Apartment 5plus
$349.8K
$306.1K – $408.2K
NOI $24,489 @ 7.0% cap · market cap 5.44%
Theoretical Best
Office A
$655.2K
$573.3K – $764.4K
NOI $45,864 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
389
Businesses Nearby
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Business Placement
Demographics for 45220, OH
15,466
Population
7,400
Households
2.1
Avg Household Size
28
Median Age
63%
College-Educated
96%
High-School Grad
2.9 sq mi
ZIP Area
5,333
Density / Sq Mi
$51,404
Median Household Income
$26,866
Median Earnings
$954
Median Rent
$385,200
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Cincinnati, OH
Properties on Market for Duplexes in Cincinnati
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Each residence has central air, in-unit laundry, a porch, backyard access and off-street parking.
Where is this duplex located?
The property is located at 115 Ehrman Avenue Cincinnati, OH.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two vacant residences: one with 2 bedrooms and 1 bathroom; the other with 5 bedrooms and 2 bathrooms; Approximately 1,016 square feet in the first unit and 1,930 square feet in the second; Renovations included plumbing, electrical, HVAC, kitchens, bathrooms, windows, appliances and insulation
