Turnkey Fourplex with Off-Street
For Sale
Contact for pricing
1246 Quebec Road, Cincinnati, OH 45205
Fully occupied fourplex with four spacious 1-bedroom units, recent major mechanical upgrades, and dedicated tenant off-street parking.
Property Size2,269 SF
Price / SF$125
Days on Market52
Property Features for 1246 Quebec Road
General Information
Standard status
Active
Size
2,269 SF
Class
B
Total Parking Spaces
3
Property subtype
Multifamily, Land
Occupancy
100%
Net Operating Income
$28,115
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
4
Building Details
Year Built
1890
Year Renovated
2024
Stories
2
Units
4
Listing Agency:
eXp Realty
(866) 212-4991
Listed By:
Luana King · License #2024005617
Source:
Crexi
Added: Jun 21
Changed: Aug 8
Last Checked: Aug 11 at 3:16PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This fully occupied fourplex includes four spacious one-bedroom units designed with comfortable layouts and exceptionally large rooms. Recent major upgrades provide added operational reliability, including new water heaters and furnaces installed in 2024, along with a brand-new gas line installed in 2025. The property also supports straightforward utility management with separate tenant utilities for gas and electric, while the owner covers water and sewer.
The building sits on a prominent corner lot and includes dedicated off-street parking spots for tenants. The property is located conveniently with access to I-75 just minutes away, and downtown Cincinnati is about 15 minutes from the site.
With all units currently in place, the asset offers immediate occupancy for an owner-operator or investor seeking a stabilized residential income property. Tenant utility separation can also simplify monthly operations by clearly allocating gas and electric to residents. The combination of four one-bedroom units, dedicated parking, and recent mechanical improvements supports practical day-to-day management.
The building sits on a prominent corner lot and includes dedicated off-street parking spots for tenants. The property is located conveniently with access to I-75 just minutes away, and downtown Cincinnati is about 15 minutes from the site.
With all units currently in place, the asset offers immediate occupancy for an owner-operator or investor seeking a stabilized residential income property. Tenant utility separation can also simplify monthly operations by clearly allocating gas and electric to residents. The combination of four one-bedroom units, dedicated parking, and recent mechanical improvements supports practical day-to-day management.
Key Highlights
- Fully occupied fourplex with four 1‑bedroom units and spacious layouts
- Major mechanical upgrades: new water heaters and furnaces installed in 2024
- New gas line installed in 2025
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
$19,011
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
6.65%
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%
$380,220
$380.2K
Cap Rate 7%
$271,586
$271.6K
Cap Rate 9%
$211,233
$211.2K
Market Conditions
NOI Build-Up for 2,269 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
$28.9K $12.72/SF
− Vacancy
−$1.7K −$0.75/SF
EGI
$27.2K $11.97/SF
− OpEx
−$8.1K −$3.59/SF
NOI
$19.0K $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%
$380,220
Cap Rate 7%
$271,586
Cap Rate 9%
$211,233
Alternative Uses
Best Use
Multifamily LT 5
$271.6K
$237.6K – $316.9K
NOI $19,011 @ 7.0% cap · market cap 6.65%
Second Best
Apartment 5plus
$240.8K
$210.7K – $281.0K
NOI $16,858 @ 7.0% cap · market cap 5.90%
Theoretical Best
Office A
$451.0K
$394.7K – $526.2K
NOI $31,573 @ 7.0% cap · market cap 11.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
419
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied fourplex with four spacious 1-bedroom units, recent major mechanical upgrades, and dedicated tenant off-street parking.
Where is this quadplex located?
The property is located at 1246 Quebec Road Cincinnati, OH.
What is the asking price?
The asking price for this property is $285,888.
What are key features of this property?
This property features: Fully occupied fourplex with four 1‑bedroom units and spacious layouts; Major mechanical upgrades: new water heaters and furnaces installed in 2024; New gas line installed in 2025
