8-Unit Ranch Apartment
New
For Sale
$649,900
101 115 Race St, Hamilton, OH 45011
Single-bedroom residences feature separated utilities, with off-street parking serving the property.
Property Size4,480 SF
Price / SF$145.07
Days on Market4
Property Features for 101 115 Race St
General Information
Standard status
Active
Size
4,480 SF
Units
Unit Mix
8 x 1BR
Multifamily Units
8
Building Details
Year Built
1973
Buildings
1
Construction
ranch style
Listing Agency:
Combs Group DC Realty
Listed By:
Courtney E Combs
(513) 236-0798
Source:
Lovdalgroup
Added: Sep 28
Last Checked: Sep 30 at 3:57PM
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 Combs Group DC Realty
Investment Insights
Based on property information with market context.
This 8-unit ranch-style apartment building contains 8 single-bedroom apartments across 4,480 square feet. Utilities are separated by apartment, and the property includes off-street parking. Built in 1973, the building has received kitchen and bathroom updates: 6 kitchens and 5 bathrooms are new.
The property is at 101 115 Race St in Hamilton, Ohio, along a river and within German Village.
The property is at 101 115 Race St in Hamilton, Ohio, along a river and within German Village.
Key Highlights
- 8 single‑bedroom apartments in a 4,480‑square‑foot building
- Utilities separated by apartment
- 6 new kitchens and 5 new bathrooms
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
$40,205
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
6.19%
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%
$804,100
$804.1K
Cap Rate 7%
$574,357
$574.4K
Cap Rate 9%
$446,722
$446.7K
Market Conditions
NOI Build-Up for 4,480 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
$79.0K $17.64/SF
− Vacancy
−$5.9K −$1.32/SF
EGI
$73.1K $16.32/SF
− OpEx
−$32.9K −$7.34/SF
NOI
$40.2K $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%
$804,100
Cap Rate 7%
$574,357
Cap Rate 9%
$446,722
Alternative Uses
Best Use
Apartment 5plus
$574.4K
$502.6K – $670.1K
NOI $40,205 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$885.8K
$775.1K – $1.03M
NOI $62,005 @ 7.0% cap · market cap 9.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,087
Businesses Nearby
Explore this area
Business Placement
Demographics for 45011, OH
73,596
Population
28,470
Households
2.6
Avg Household Size
38
Median Age
31%
College-Educated
88%
High-School Grad
60.4 sq mi
ZIP Area
1,218
Density / Sq Mi
$90,360
Median Household Income
$45,147
Median Earnings
$1,005
Median Rent
$272,000
Median Home Value
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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?
Apartment building - Single-bedroom residences feature separated utilities, with off-street parking serving the property.
Where is this apartment building located?
The property is located at 101 115 Race St Hamilton, OH.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: 8 single‑bedroom apartments in a 4,480‑square‑foot building; Utilities separated by apartment; 6 new kitchens and 5 new bathrooms
