Brick Triplex with Furnished
New
For Sale
$335,000
115 Parker Street, Cincinnati, OH 45219
Residential Income, Cincinnati, OH
Property Size2,640 SF
Lot Size0.04 Acres
Price / SF$126.89
Days on Market6
Property Features for 115 Parker Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Window features
Vinyl Frames
Fireplace
1
High school district
Cincinnati City SD
Directions
South on W. Clifton, left on Parker
Subdivision
Hamilton-E01
Standard status
Active
APN
095-0004-0028-00
Size
2,640 SF
Lot size
0.04 Acres
Utilities
Heating system
Forced Air, Natural Gas
Amenities
washer and dryer in basement
central air
Building Details
Year built
1880
Number of units
3
Building materials
Brick
Roof type
Membrane
Listing Agency:
TREO REALTORS
(513) 731-8736
Listed By:
Michael Tekulve
(513) 225-1790
Added: Aug 17
Changed: Aug 19
Last Checked: Aug 22 at 7:06AM
MLS# 1890720
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 brick triplex contains three one-bedroom apartments within a 2,640-square-foot building constructed in 1880. Two apartments are furnished mid-term units, while the third is unfurnished. Each unit has separate gas and electric service, along with its own furnace and central air conditioning. A basement laundry area includes a washer and dryer, and the property has a membrane roof, forced-air heating, natural gas, and on-street parking.
The 0.042-acre property is located in Cincinnati, Ohio, within ZIP Code 45219. Current lease terms include furnished occupancy for Unit 1 through September 5th and Unit 2 through September 19th; Unit 3 has a lease beginning August 22nd. The flexible furnished and unfurnished configuration accommodates multiple rental formats.
The 0.042-acre property is located in Cincinnati, Ohio, within ZIP Code 45219. Current lease terms include furnished occupancy for Unit 1 through September 5th and Unit 2 through September 19th; Unit 3 has a lease beginning August 22nd. The flexible furnished and unfurnished configuration accommodates multiple rental formats.
Key Highlights
- Three one‑bedroom units in a 2,640‑square‑foot triplex
- Two furnished mid‑term units and one unfurnished apartment
- Separate gas and electric service with individual furnaces and central air
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
2,634
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 - Three one-bedroom apartments with separate gas and electric service, individual furnaces, and central air conditioning.
Where is this triplex located?
The property is located at 115 Parker Street 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 apartment; Separate gas and electric service with individual furnaces and central air
