Historic Quadplex
New
For Sale
$679,000
1637 Hughes Street, Cincinnati, OH 45202
Advanced plans support four townhome-style rental residences with gated off-street parking.
Property Size6,501 SF
Price / SF$104.45
Days on Market5
Property Features for 1637 Hughes Street
General Information
Standard status
Active
Size
6,501 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Building Details
Year Built
1900
Listing Agency:
Comey & Shepherd
Listed By:
Tim Roberts · License #2014003132
(513) 237-4982
Source:
Trulyremarkableservice.kw
Added: Sep 11
Changed: Sep 13
Last Checked: Sep 14 at 5:25AM
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 Comey & Shepherd
Investment Insights
Based on property information with market context.
This 1900 historic building is being repositioned as a four-residence rental project with townhome-style layouts. The existing structure contains approximately 8,400 SF, while plans call for approximately 6,835 SF of finished living space. Substantial pre-development work has been completed, and the adjacent vacant parcel at 209 Schiller Street is included for planned gated parking.
The project is located in Cincinnati’s urban core near downtown. Planned parking provides approximately two spaces per residence. The current historic tax-credit structure requires the completed residences to remain rentals, and the project includes anticipated Federal and Ohio historic tax credits.
The project is located in Cincinnati’s urban core near downtown. Planned parking provides approximately two spaces per residence. The current historic tax-credit structure requires the completed residences to remain rentals, and the project includes anticipated Federal and Ohio historic tax credits.
Key Highlights
- 1900 historic building with approximately 8,400 SF
- Plans call for four townhome‑style rental residences
- Approximately 6,835 SF of proposed finished living 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
$54,467
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
8.02%
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%
$1,089,340
$1.1M
Cap Rate 7%
$778,100
$778.1K
Cap Rate 9%
$605,189
$605.2K
Market Conditions
NOI Build-Up for 6,501 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
$82.7K $12.72/SF
− Vacancy
−$4.9K −$0.75/SF
EGI
$77.8K $11.97/SF
− OpEx
−$23.3K −$3.59/SF
NOI
$54.5K $8.38/SF
Area
Cincinnati, OH
Vacancy
5.90%
Lease Rate
$12.72 /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%
$1,089,340
Cap Rate 7%
$778,100
Cap Rate 9%
$605,189
Alternative Uses
Best Use
Multifamily LT 5
$778.1K
$680.8K – $907.8K
NOI $54,467 @ 7.0% cap · market cap 8.02%
Second Best
Apartment 5plus
$690.0K
$603.7K – $805.0K
NOI $48,299 @ 7.0% cap · market cap 7.11%
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,456 @ 7.0% cap · market cap 13.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,977
Businesses Nearby
Explore this area
Business Placement
Demographics for 45202, OH
16,883
Population
11,432
Households
1.5
Avg Household Size
34
Median Age
63%
College-Educated
91%
High-School Grad
2.7 sq mi
ZIP Area
6,253
Density / Sq Mi
$87,930
Median Household Income
$63,901
Median Earnings
$1,524
Median Rent
$444,000
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?
Quadplex - Advanced plans support four townhome-style rental residences with gated off-street parking.
Where is this quadplex located?
The property is located at 1637 Hughes Street Cincinnati, OH.
What is the asking price?
The asking price for this property is $679,000.
What are key features of this property?
This property features: 1900 historic building with approximately 8,400 SF; Plans call for four townhome‑style rental residences; Approximately 6,835 SF of proposed finished living space
