Three-Unit Triplex with Central
For Sale
$335,000
115 Parker St, Cincinnati, OH 45219
Separate gas and electric service supports flexible operation across the one-bedroom units.
Property Size2,640 SF
Price / SF$126.89
Days on Market13
Property Features for 115 Parker St
General Information
Standard status
Active
Size
2,640 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x 1BR
Multifamily Units
3
Additional Details
Gross Income
$42,600
Amenities
washer/dryer in basement
Building Details
Year Built
1880
Listing Agency:
TREO REALTORS
(937) 506-8360
Listed By:
Michael T Tekulve · License #2005015284
Source:
Missyfriede
Added: Aug 19
Changed: Aug 29
Last Checked: Aug 30 at 7:34PM
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 TREO REALTORS
Investment Insights
Based on property information with market context.
Built in 1880, this 2,640-square-foot triplex contains three one-bedroom units with separate gas and electric service. Each apartment has its own furnace and central air, while a basement laundry area provides a washer and dryer. Two units are furnished for mid-term rental use, and the third is offered unfurnished, creating a mix of rental configurations within the same property.
Unit 1 is leased as a furnished mid-term rental through September 5th, and Unit 2 follows the same format through September 19th. Unit 3 is unfurnished with a lease beginning August 22nd. The property is located at 115 Parker Street in Cincinnati, near the University of Cincinnati, and the source information identifies students, traveling professionals, hospital employees, and other qualified tenants as potential occupants.
Unit 1 is leased as a furnished mid-term rental through September 5th, and Unit 2 follows the same format through September 19th. Unit 3 is unfurnished with a lease beginning August 22nd. The property is located at 115 Parker Street in Cincinnati, near the University of Cincinnati, and the source information identifies students, traveling professionals, hospital employees, and other qualified tenants as potential occupants.
Key Highlights
- Three one‑bedroom units in a 2,640‑square‑foot triplex
- Two furnished mid‑term units and one unfurnished unit
- Separate gas and electric service for the units
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
$22,120
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
6.60%
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%
$442,400
$442.4K
Cap Rate 7%
$316,000
$316.0K
Cap Rate 9%
$245,778
$245.8K
Market Conditions
NOI Build-Up for 2,640 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
$33.6K $12.72/SF
− Vacancy
−$2.0K −$0.75/SF
EGI
$31.6K $11.97/SF
− OpEx
−$9.5K −$3.59/SF
NOI
$22.1K $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%
$442,400
Cap Rate 7%
$316,000
Cap Rate 9%
$245,778
Alternative Uses
Best Use
Multifamily LT 5
$316.0K
$276.5K – $368.7K
NOI $22,120 @ 7.0% cap · market cap 6.60%
Second Best
Apartment 5plus
$280.2K
$245.2K – $326.9K
NOI $19,615 @ 7.0% cap · market cap 5.86%
Theoretical Best
Office A
$524.8K
$459.2K – $612.3K
NOI $36,736 @ 7.0% cap · market cap 10.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,565
Businesses Nearby
Explore this area
Business Placement
Demographics for 45219, OH
20,644
Population
8,023
Households
2.6
Avg Household Size
25
Median Age
50%
College-Educated
89%
High-School Grad
1.6 sq mi
ZIP Area
12,903
Density / Sq Mi
$35,936
Median Household Income
$12,462
Median Earnings
$1,166
Median Rent
$222,500
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?
Triplex - Separate gas and electric service supports flexible operation across the one-bedroom units.
Where is this triplex located?
The property is located at 115 Parker St Cincinnati, OH.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Three one‑bedroom units in a 2,640‑square‑foot triplex; Two furnished mid‑term units and one unfurnished unit; Separate gas and electric service for the units
