Two-Story Brick Flex
For Sale
$539,000
1620 Hoffner Street, Cincinnati, OH 45223
Commercial Sale, Cincinnati, OH
Property Size4,500 SF
Price / SF$119.46
Days on Market47
Property Features for 1620 Hoffner Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
On Street
Interior features
Truck Dock, Elevator, Smoke Detector
Exterior features
Sidewalks, Lights
Accessibility
Accessible Elevator Installed
Directions
Hamilton Ave north into Northside. Right on Hoffner St to 1620 on the left (just before Knowlton's Corner).
Subdivision
Hamilton-W05
Standard status
Active
APN
221-0013-0030-00
Size
4,512 SF
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1900
Flooring type
Wood, Concrete
Building materials
Brick
Roof type
Membrane
Listing Agency:
Keller Williams Advisors · Keller Williams Realty
Listed By:
Diane Runyan · License #BRKP.2011002120
(513) 766-9200
Added: Jul 27
Changed: Sep 11
Last Checked: Sep 11 at 7:06PM
MLS# 1888021
Copyright © 2026 MLS of Greater Cincinnati, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-story brick flex property combines warehouse, workshop, reception, storage, and adaptable upper-level space within an established commercial building. The ground floor includes a truck loading dock, workshop and reception areas, concrete and wood flooring, and access to a full basement. An elevator, smoke detector, accessible elevator installation, forced-air heating, and natural gas service are also in place.
Recent property improvements include electrical wiring, a furnace, membrane roofing, and glass block windows. Exterior features include sidewalks and lighting, while parking is available on the street. The property is located at 1620 Hoffner Street in Cincinnati’s Northside area, one block from Knowlton’s Corner, with access to public street parking and major thoroughfares. The upper level provides room for an office, studio, or other custom configuration.
Recent property improvements include electrical wiring, a furnace, membrane roofing, and glass block windows. Exterior features include sidewalks and lighting, while parking is available on the street. The property is located at 1620 Hoffner Street in Cincinnati’s Northside area, one block from Knowlton’s Corner, with access to public street parking and major thoroughfares. The upper level provides room for an office, studio, or other custom configuration.
Key Highlights
- Two‑story brick flex property at 1620 Hoffner Street, Cincinnati, OH 45223
- Ground‑floor warehouse with truck loading dock and workshop/reception areas
- Full basement provides additional storage space
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
$39,276
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
7.29%
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%
$785,520
$785.5K
Cap Rate 7%
$561,086
$561.1K
Cap Rate 9%
$436,400
$436.4K
Market Conditions
NOI Build-Up for 4,512 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
$65.0K $14.40/SF
− Vacancy
−$4.5K −$1.01/SF
EGI
$60.4K $13.39/SF
− OpEx
−$21.1K −$4.69/SF
NOI
$39.3K $8.70/SF
Area
Cincinnati, OH
Vacancy
7.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
35.00%
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%
$785,520
Cap Rate 7%
$561,086
Cap Rate 9%
$436,400
Alternative Uses
Best Use
Flex RnD
$561.1K
$491.0K – $654.6K
NOI $39,276 @ 7.0% cap · market cap 7.29%
Second Best
Warehouse
$377.1K
$329.9K – $439.9K
NOI $26,394 @ 7.0% cap · market cap 4.90%
Theoretical Best
Office A
$896.9K
$784.8K – $1.05M
NOI $62,785 @ 7.0% cap · market cap 11.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
1
Dock-high doors
Location Intelligence
Trade Area within ½ mile
871
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45223, OH
13,174
Population
6,765
Households
1.9
Avg Household Size
33
Median Age
43%
College-Educated
91%
High-School Grad
4.6 sq mi
ZIP Area
2,864
Density / Sq Mi
$46,930
Median Household Income
$41,482
Median Earnings
$914
Median Rent
$203,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Cincinnati, OH
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Parts & Labor — 1662 Blue Rock St, Cincinnati, OH 45223
Frequently Asked Questions
What type of property is this?
Flex space - Includes a truck dock, basement storage, and an upper level suited to office, studio, or custom configuration.
Where is this flex space located?
The property is located at 1620 Hoffner Street Cincinnati, OH.
What is the asking price?
The asking price for this property is $539,000.
What are key features of this property?
This property features: Two‑story brick flex property at 1620 Hoffner Street, Cincinnati, OH 45223; Ground‑floor warehouse with truck loading dock and workshop/reception areas; Full basement provides additional storage space
