15-Unit Apartment
For Sale
Contact for pricing
1668 Glen Parker Ave, Cincinnati, OH 45223
Fully occupied multifamily property with one- and two-bedroom units and multiple recent capital improvements.
Property Size11,200 SF
Price / SF$111.61
Days on Market161
Property Features for 1668 Glen Parker Ave
General Information
Standard status
Active
Size
11,200 SF
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$88,849
Units
Unit Mix
7 x 2BR/1BA, 8 x 1BR/1BA
Multifamily Units
15
Building Details
Year Built
1966
Buildings
1
Stories
3
Units
15
Listing Agency:
KW Commercial Keller Williams Advisor's Realty
(513) 766-9200
Listed By:
Jennifer Donathan · License #NV #2004004706
Source:
Crexi
Added: Mar 25
Changed: Aug 29
Last Checked: Sep 1 at 2:08AM
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 KW Commercial Keller Williams Advisor's Realty
Investment Insights
Based on property information with market context.
This 11,200-square-foot apartment building at 1668 Glen Parker Avenue in Cincinnati contains 15 units, including 7 two-bedroom/one-bath residences and 8 one-bedroom/one-bath residences. Constructed in 1966, the property has received several capital improvements, including a boiler installed approximately 2 years ago, replacement windows and doors within the last 8 years, exterior painting last year, and a new water service line from the street to the building about 2 years ago.
The property is 100% occupied. Ownership pays for heat and water, while tenants are responsible for their own electric service. Located in Cincinnati’s Northside neighborhood, the building offers an established multifamily configuration with a documented unit mix and recent updates to key building components.
The property is 100% occupied. Ownership pays for heat and water, while tenants are responsible for their own electric service. Located in Cincinnati’s Northside neighborhood, the building offers an established multifamily configuration with a documented unit mix and recent updates to key building components.
Key Highlights
- 15‑unit apartment building with 7 two‑bedroom/one‑bath and 8 one‑bedroom/one‑bath units
- 11,200 SF building constructed in 1966
- 100% occupancy
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
$83,215
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
6.66%
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%
$1,664,300
$1.7M
Cap Rate 7%
$1,188,786
$1.2M
Cap Rate 9%
$924,611
$924.6K
Market Conditions
NOI Build-Up for 11,200 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
$159.9K $14.28/SF
− Vacancy
−$8.6K −$0.77/SF
EGI
$151.3K $13.51/SF
− OpEx
−$68.1K −$6.08/SF
NOI
$83.2K $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%
$1,664,300
Cap Rate 7%
$1,188,786
Cap Rate 9%
$924,611
Alternative Uses
Best Use
Apartment 5plus
$1.19M
$1.04M – $1.39M
NOI $83,215 @ 7.0% cap · market cap 6.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.23M
$1.95M – $2.60M
NOI $155,848 @ 7.0% cap · market cap 12.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
474
Businesses Nearby
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
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 occupied multifamily property with one- and two-bedroom units and multiple recent capital improvements.
Where is this apartment building located?
The property is located at 1668 Glen Parker Ave Cincinnati, OH.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 15‑unit apartment building with 7 two‑bedroom/one‑bath and 8 one‑bedroom/one‑bath units; 11,200 SF building constructed in 1966; 100% occupancy
