Renovated Quadplex with Leased
New
For Sale
$625,000
1669 Blue Rock Street, Cincinnati, OH 45223
Residential Income, Cincinnati, OH
Property Size3,059 SF
Lot Size0.07 Acres
Price / SF$204.32
Days on Market3
Property Features for 1669 Blue Rock Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Window features
Vinyl Frames
Fireplace
1
High school district
Cincinnati City SD
Directions
Just a few blocks down the street from Urban Artifacts!
Subdivision
Hamilton-W05
Standard status
Active
APN
194-0042-0102-00
Size
3,059 SF
Lot size
0.07 Acres
Utilities
Heating system
Forced Air
Building Details
Year built
1895
Number of units
4
Building materials
Brick
Roof type
Asbestos Shingle
Listing Agency:
Keller Williams Advisors · Keller Williams Realty
(513) 766-9200
Listed By:
Jerry Garrison · License #433588
(513) 766-9200
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 20 at 5:06PM
MLS# 1890904
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 3,059-square-foot quadplex, built in 1895, has undergone extensive renovation while retaining its brick construction. The improvements include a new roof, electrical and plumbing systems, windows, HVAC, kitchens with granite counters and new appliances, fully updated bathrooms, and exterior brick tuckpointing and painting. Work was completed with required permits. The property also includes forced-air heating, a fireplace, and on-street parking.
Three two-bedroom units are leased, while an office/efficiency space is available. Tenants pay their individual utility costs, including heating and air conditioning. The property occupies 0.07 acres at 1669 Blue Rock Street in Cincinnati, Ohio, and the stated actual cap rate is 8%.
Three two-bedroom units are leased, while an office/efficiency space is available. Tenants pay their individual utility costs, including heating and air conditioning. The property occupies 0.07 acres at 1669 Blue Rock Street in Cincinnati, Ohio, and the stated actual cap rate is 8%.
Key Highlights
- 3,059 SF quadplex on 0.07 acres
- Three leased 2‑bedroom units plus an available office/efficiency
- Renovations include roof, electrical, plumbing, windows, HVAC, kitchens, and baths
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit income property with three leased two-bedroom apartments and an available office/efficiency space.
Where is this quadplex located?
The property is located at 1669 Blue Rock Street 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 quadplex on 0.07 acres; Three leased 2‑bedroom units plus an available office/efficiency; Renovations include roof, electrical, plumbing, windows, HVAC, kitchens, and baths
