Turnkey Renovated 5-Unit
For Sale
Contact for pricing
1589 Summit Road, Cincinnati, OH 45237
Fully renovated 5-unit building with four 1-bedroom units and one efficiency unit, with tenants paying utilities except water.
Property Size2,798 SF
Price / SF$142.92
Days on Market58
Property Features for 1589 Summit Road
General Information
Standard status
Active
Size
2,798 SF
Property subtype
Multifamily
Zoning
401 APARTMENT, 4-19 UNITS
Occupancy
80%
Net Operating Income
$30,861
Additional Details
Business Included
Yes
Multifamily Units
5
Building Details
Year Built
1942
Year Renovated
2021
Buildings
1
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
Coldwell Banker West Shell West Chester
Listed By:
Dustin Walters · License #SAL.2015002973
Source:
Crexi
Added: Jun 16
Changed: Aug 7
Last Checked: Aug 11 at 1:00PM
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 Coldwell Banker West Shell West Chester
Investment Insights
Based on property information with market context.
This fully renovated, turnkey 5-unit apartment building offers four 1-bedroom units and one efficiency unit. The property is constructed as a solid brick building and has been extensively improved within the past 3 years, including new drywall, electrical, plumbing, windows, roof, gutters, and updated interior finishes. Each unit is equipped with its own furnace, along with central A/C units. Kitchens have been remodeled with updated appliances, and bathrooms feature marble and tile finishes. Exterior and building systems upgrades include brickwork maintained in excellent condition, and the property includes two sump pumps for added protection. A basement efficiency unit is included with two separate entrances/exits. One unit is intentionally vacant to support easy showings and immediate leasing.
The asset is located at 1589 Summit Road in Cincinnati, OH 45237. Tenants pay all utilities except water, which helps keep operating costs more predictable. A basement efficiency configuration with two exits can also support tenant convenience and access.
For prospective owners or operators, this property presents a turnkey multifamily option with recent capital improvements and a unit available for prompt leasing. The four 1-bedroom units combined with an efficiency layout provide mix-and-match flexibility for occupancy planning, while the tenant-paid utilities structure supports more controlled expenses. Taxes are currently reported under $6k annually.
The asset is located at 1589 Summit Road in Cincinnati, OH 45237. Tenants pay all utilities except water, which helps keep operating costs more predictable. A basement efficiency configuration with two exits can also support tenant convenience and access.
For prospective owners or operators, this property presents a turnkey multifamily option with recent capital improvements and a unit available for prompt leasing. The four 1-bedroom units combined with an efficiency layout provide mix-and-match flexibility for occupancy planning, while the tenant-paid utilities structure supports more controlled expenses. Taxes are currently reported under $6k annually.
Key Highlights
- Fully renovated 5‑unit multifamily (built 1942) with four 1‑bedroom units and one efficiency unit
- Gross rental income of $4,400/month; tenants pay all utilities except water
- Renovations completed within the past 3 years: new drywall, electrical, plumbing, windows, roof, and gutters
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
$20,789
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
5.20%
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%
$415,780
$415.8K
Cap Rate 7%
$296,986
$297.0K
Cap Rate 9%
$230,989
$231.0K
Market Conditions
NOI Build-Up for 2,798 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
$40.0K $14.28/SF
− Vacancy
−$2.2K −$0.77/SF
EGI
$37.8K $13.51/SF
− OpEx
−$17.0K −$6.08/SF
NOI
$20.8K $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%
$415,780
Cap Rate 7%
$296,986
Cap Rate 9%
$230,989
Alternative Uses
Best Use
Apartment 5plus
$297.0K
$259.9K – $346.5K
NOI $20,789 @ 7.0% cap · market cap 5.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$556.2K
$486.7K – $648.9K
NOI $38,934 @ 7.0% cap · market cap 9.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
80%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
694
Businesses Nearby
Explore this area
Business Placement
Demographics for 45237, OH
21,029
Population
10,976
Households
1.9
Avg Household Size
41
Median Age
29%
College-Educated
88%
High-School Grad
6.1 sq mi
ZIP Area
3,447
Density / Sq Mi
$43,598
Median Household Income
$34,276
Median Earnings
$863
Median Rent
$158,700
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 - Fully renovated 5-unit building with four 1-bedroom units and one efficiency unit, with tenants paying utilities except water.
Where is this apartment building located?
The property is located at 1589 Summit Road Cincinnati, OH.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Fully renovated 5‑unit multifamily (built 1942) with four 1‑bedroom units and one efficiency unit; Gross rental income of $4,400/month; tenants pay all utilities except water; Renovations completed within the past 3 years: new drywall, electrical, plumbing, windows, roof, and gutters
