Renovated Multifamily
For Sale
$625,000
1669 Blue Rock St, Cincinnati, OH 45223
Three leased residences plus an available office-efficiency support a flexible small-scale rental configuration.
Property Size3,059 SF
Price / SF$204.32
Days on Market9
Property Features for 1669 Blue Rock St
General Information
Standard status
Active
Size
3,059 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x 2BR, 1 x Office/Efficiency
Multifamily Units
4
Additional Details
Cap Rate
8%
Building Details
Year Built
1895
Listing Agency:
Keller Williams Advisors
(513) 325-2245
Listed By:
Jerry T. Garrison · License #433588
Source:
Lovdalgroup
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 28 at 7:31AM
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 Keller Williams Advisors
Investment Insights
Based on property information with market context.
This 3,059-square-foot multifamily property contains three leased two-bedroom residences along with an office-efficiency space currently available. The building dates to 1895 and has undergone extensive renovation, including new roofing, electrical, plumbing, windows, HVAC systems, kitchens, appliances, and bathrooms. Exterior brick tuckpointing and painting were also completed, with required permits obtained for the work.
Residents pay their own utilities, including heat and air conditioning, while the property’s reported operating profile includes an 8% CAP rate. The property is located at 1669 Blue Rock St in Cincinnati, Ohio, near Urban Artifacts Brewery. Its compact unit count and updated building systems provide a straightforward configuration for continued multifamily operation.
Residents pay their own utilities, including heat and air conditioning, while the property’s reported operating profile includes an 8% CAP rate. The property is located at 1669 Blue Rock St in Cincinnati, Ohio, near Urban Artifacts Brewery. Its compact unit count and updated building systems provide a straightforward configuration for continued multifamily operation.
Key Highlights
- 3,059 SF multifamily property
- Three 2 bedroom leased units
- Office/Efficiency available
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
$25,630
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
4.10%
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%
$512,600
$512.6K
Cap Rate 7%
$366,143
$366.1K
Cap Rate 9%
$284,778
$284.8K
Market Conditions
NOI Build-Up for 3,059 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
$38.9K $12.72/SF
− Vacancy
−$2.3K −$0.75/SF
EGI
$36.6K $11.97/SF
− OpEx
−$11.0K −$3.59/SF
NOI
$25.6K $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%
$512,600
Cap Rate 7%
$366,143
Cap Rate 9%
$284,778
Alternative Uses
Best Use
Multifamily LT 5
$366.1K
$320.4K – $427.2K
NOI $25,630 @ 7.0% cap · market cap 4.10%
Second Best
Apartment 5plus
$324.7K
$284.1K – $378.8K
NOI $22,728 @ 7.0% cap · market cap 3.64%
Theoretical Best
Office A
$608.1K
$532.1K – $709.4K
NOI $42,566 @ 7.0% cap · market cap 6.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
884
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?
Multifamily property - Three leased residences plus an available office-efficiency support a flexible small-scale rental configuration.
Where is this multifamily property located?
The property is located at 1669 Blue Rock St Cincinnati, OH.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 3,059 SF multifamily property; Three 2 bedroom leased units; Office/Efficiency available
