Six-Unit Garden Style Apartment
For Sale
$699,000
3607 Parfore Ct, Cincinnati, OH 45245
Six garden-style units offer ground-level access, dedicated parking, patios, and in-unit laundry within a golf course setting.
Property Size5,688 SF
Days on Market21
Property Features for 3607 Parfore Ct
General Information
Standard status
Active
Size
5,688 SF
Total Parking Spaces
12
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$58,133
Additional Details
Multifamily Units
6
Amenities
outside storage locker
vaulted ceilings
laundry room
private patio
Building Details
Building Size
5,688 SF
Year Built
1987
Tenancy
Multi
Listing Agency:
J. A. Trautmann Realtors
(513) 315-8629
Listed By:
Ben Trautmann
(513) 315-8629
Source:
Jatrealtors
Added: Jul 23
Changed: Aug 8
Last Checked: Aug 11 at 5:07AM
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 J. A. Trautmann Realtors
Investment Insights
Based on property information with market context.
For sale is a six-unit garden style apartment building in the Stillmeadow golf course community. All units are two-bedroom and one-bathroom, with a jack and jill bathroom setup. Each unit has ground level access, a private patio with views of the 13th green and 14th tee box, an outside storage locker, and two dedicated parking spaces in front of the unit. Interiors include a spacious living room with vaulted ceilings, a galley kitchen with stove/oven, refrigerator, and dishwasher, a laundry room, and large bedroom closets.
The property is situated in a private wooded setting, with grocery, restaurants, bars, medical services, shopping, and other amenities available within 3.5 miles or less. The building is currently 100% occupied and has an annual NOI of approximately $58,000.
The property is situated in a private wooded setting, with grocery, restaurants, bars, medical services, shopping, and other amenities available within 3.5 miles or less. The building is currently 100% occupied and has an annual NOI of approximately $58,000.
Key Highlights
- Six‑unit garden‑style apartment building built in 1987 in the Stillmeadow golf course community
- All units are 2‑bedroom, 1‑bath with ground‑level access and jack‑and‑jill bathroom layout
- Each unit is approximately 900 SF and includes a private patio with views of the 13th green and 14th tee box
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
$42,261
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
6.05%
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%
$845,220
$845.2K
Cap Rate 7%
$603,729
$603.7K
Cap Rate 9%
$469,567
$469.6K
Market Conditions
NOI Build-Up for 5,688 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
$81.2K $14.28/SF
− Vacancy
−$4.4K −$0.77/SF
EGI
$76.8K $13.51/SF
− OpEx
−$34.6K −$6.08/SF
NOI
$42.3K $7.43/SF
Area
Cincinnati, OH
Vacancy
5.40%
Lease Rate
$14.28 /SF/Yr
Expense Ratio
45.00%
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%
$845,220
Cap Rate 7%
$603,729
Cap Rate 9%
$469,567
Alternative Uses
Best Use
Apartment 5plus
$603.7K
$528.3K – $704.4K
NOI $42,261 @ 7.0% cap · market cap 6.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$989.4K – $1.32M
NOI $79,149 @ 7.0% cap · market cap 11.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
44
Businesses Nearby
Explore this area
Business Placement
Demographics for 45245, OH
20,249
Population
8,897
Households
2.3
Avg Household Size
43
Median Age
30%
College-Educated
92%
High-School Grad
15.8 sq mi
ZIP Area
1,282
Density / Sq Mi
$73,135
Median Household Income
$48,351
Median Earnings
$1,123
Median Rent
$259,500
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?
Apartment building - Six garden-style units offer ground-level access, dedicated parking, patios, and in-unit laundry within a golf course setting.
Where is this apartment building located?
The property is located at 3607 Parfore Ct Cincinnati, OH.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Six‑unit garden‑style apartment building built in 1987 in the Stillmeadow golf course community; All units are 2‑bedroom, 1‑bath with ground‑level access and jack‑and‑jill bathroom layout; Each unit is approximately 900 SF and includes a private patio with views of the 13th green and 14th tee box
