Four-Unit
New
For Sale
$550,000
650 Leo Drive, Hamilton, OH 45013
Residential income property with consistent two-bedroom, one-bath layouts across all units.
Property Size5,600 SF
Price / SF$98.21
Days on Market2
Property Features for 650 Leo Drive
General Information
Standard status
Active
Size
5,600 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Building Details
Year Built
1989
Listing Agency:
Keller Williams Advisors (513-766-9200)
Listed By:
Tami Holmes · License #2005015284
(937) 506-8360
Source:
Tami-holmes
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 22 at 4:03PM
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 Keller Williams Advisors (513-766-9200)
Investment Insights
Based on property information with market context.
This quadplex contains 4 separate residential units within a 5,600-square-foot property built in 1989. Each unit provides 2 bedrooms, 1 full bathroom, a living room, and a kitchen, creating a consistent layout across the building.
The property is located at 650 Leo Drive in Hamilton, Ohio, within the Hamilton CSD. Its four-unit configuration and uniform floor plans provide a straightforward multifamily format for ownership or leasing use.
The property is located at 650 Leo Drive in Hamilton, Ohio, within the Hamilton CSD. Its four-unit configuration and uniform floor plans provide a straightforward multifamily format for ownership or leasing use.
Key Highlights
- 4 separate residential units
- Each unit includes 2 bedrooms and 1 full bathroom
- Living room and kitchen in every unit
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
$50,256
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
9.14%
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%
$1,005,120
$1.0M
Cap Rate 7%
$717,943
$717.9K
Cap Rate 9%
$558,400
$558.4K
Market Conditions
NOI Build-Up for 5,600 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
$98.8K $17.64/SF
− Vacancy
−$7.4K −$1.32/SF
EGI
$91.4K $16.32/SF
− OpEx
−$41.1K −$7.34/SF
NOI
$50.3K $8.97/SF
Area
Butler County, OH
Vacancy
7.50%
Lease Rate
$17.64 /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%
$1,005,120
Cap Rate 7%
$717,943
Cap Rate 9%
$558,400
Alternative Uses
Best Use
Multifamily LT 5
$780.2K
$682.7K – $910.2K
NOI $54,613 @ 7.0% cap · market cap 9.93%
Second Best
Apartment 5plus
$717.9K
$628.2K – $837.6K
NOI $50,256 @ 7.0% cap · market cap 9.14%
Theoretical Best
Office A
$1.11M
$968.8K – $1.29M
NOI $77,506 @ 7.0% cap · market cap 14.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
237
Businesses Nearby
Explore this area
Business Placement
Demographics for 45013, OH
53,911
Population
21,734
Households
2.5
Avg Household Size
41
Median Age
23%
College-Educated
92%
High-School Grad
117.7 sq mi
ZIP Area
458
Density / Sq Mi
$72,932
Median Household Income
$40,730
Median Earnings
$967
Median Rent
$217,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Residential income property with consistent two-bedroom, one-bath layouts across all units.
Where is this quadplex located?
The property is located at 650 Leo Drive Hamilton, OH.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 4 separate residential units; Each unit includes 2 bedrooms and 1 full bathroom; Living room and kitchen in every unit
