Flexible-Layout Flex
For Sale
Contact for pricing
1605 Western Ave, Cincinnati, OH 45214
Supports retail, creative office, showroom, and light industrial users.
Property Size15,200 SF
Price / SF$84.87
Days on Market202
Property Features for 1605 Western Ave
General Information
Standard status
Active
Size
15,200 SF
Property subtype
INDUSTRIAL
Site & Location
Highway Access
Yes
Road Access
Yes
Listing Agency:
Rath Equity, LTD
(513) 888-8669
Listed By:
Adam Rath · License #2016005573
Source:
Moodyscre
Added: Feb 25
Changed: Aug 15
Last Checked: Sep 15 at 7:56AM
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 Rath Equity, LTD
Investment Insights
Based on property information with market context.
Located at 1605 Western Ave in Cincinnati, this 15,200-square-foot flex space offers a flexible layout suited to retail, creative office, showroom, and light industrial uses. The property provides convenient ingress and egress and is positioned along the Western corridor, just minutes from Downtown Cincinnati and major highway access.
On-site or nearby parking options support access for users and visitors. The property is situated within an emerging mixed-use district experiencing public and private investment.
On-site or nearby parking options support access for users and visitors. The property is situated within an emerging mixed-use district experiencing public and private investment.
Key Highlights
- 15,200‑square‑foot flex space
- Flexible layout for retail, creative office, showroom, and light industrial users
- 1605 Western Ave, Cincinnati, OH 45214
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
$74,412
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
5.77%
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%
$1,488,240
$1.5M
Cap Rate 7%
$1,063,029
$1.1M
Cap Rate 9%
$826,800
$826.8K
Market Conditions
NOI Build-Up for 15,200 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
$113.1K $7.44/SF
− Vacancy
−$6.8K −$0.45/SF
EGI
$106.3K $6.99/SF
− OpEx
−$31.9K −$2.10/SF
NOI
$74.4K $4.90/SF
Area
Cincinnati, OH
Vacancy
6.00%
Lease Rate
$7.44 /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%
$1,488,240
Cap Rate 7%
$1,063,029
Cap Rate 9%
$826,800
Alternative Uses
Best Use
Office B
$2.59M
$2.27M – $3.02M
NOI $181,413 @ 7.0% cap · market cap 14.06%
Second Best
Retail
$2.50M
$2.19M – $2.92M
NOI $175,241 @ 7.0% cap · market cap 13.58%
Theoretical Best
Office A
$3.02M
$2.64M – $3.53M
NOI $211,508 @ 7.0% cap · market cap 16.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
925
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 45214, OH
8,901
Population
5,028
Households
1.8
Avg Household Size
32
Median Age
23%
College-Educated
88%
High-School Grad
2.7 sq mi
ZIP Area
3,297
Density / Sq Mi
$26,348
Median Household Income
$27,243
Median Earnings
$762
Median Rent
$102,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Cincinnati, OH
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Frequently Asked Questions
What type of property is this?
Flex space - Supports retail, creative office, showroom, and light industrial users.
Where is this flex space located?
The property is located at 1605 Western Ave Cincinnati, OH.
What is the asking price?
The asking price for this property is $1,290,000.
What are key features of this property?
This property features: 15,200‑square‑foot flex space; Flexible layout for retail, creative office, showroom, and light industrial users; 1605 Western Ave, Cincinnati, OH 45214
