Brick Duplex with
For Sale
$279,900
1701 Sherman Avenue, Norwood, OH 45212
Residential Income, Norwood, OH
Property Size2,184 SF
Lot Size0.09 Acres
Price / SF$128.16
Days on Market48
Property Features for 1701 Sherman Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Window features
Vinyl Frames
High school district
Norwood City SD
Directions
Reading to Sherman or Montgomery to Sherman
Subdivision
Hamilton-E02
Standard status
Active
APN
651-0049-0188-00
Size
2,184 SF
Lot size
0.09 Acres
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1913
Number of units
2
Building materials
Brick
Roof type
Slate
Listing Agency:
Keller Williams Advisors · Keller Williams Realty
Listed By:
John Meade
(513) 766-9200
Added: Jul 23
Changed: Sep 3
Last Checked: Sep 8 at 7:06PM
MLS# 1888032
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 brick duplex at 1701 Sherman Avenue includes 2,184 square feet arranged as two separate residences. The first-floor unit has 1 bedroom and 1 full bath. Upstairs, a two-level unit provides 3 bedrooms, 1 bath, and a bonus loft or flex area. Hardwood flooring and exposed brick add period character, while slate roofing and forced-air natural gas heat are existing building features. The property was built in 1913.
Both units are currently tenant occupied and have separate meters and utilities. Parking is available on the street. The property is less than a mile from Xavier University, with access to I-71, Rookwood, Factory 52, Hyde Park, and Downtown Cincinnati. Showings require 24-hour notice.
Both units are currently tenant occupied and have separate meters and utilities. Parking is available on the street. The property is less than a mile from Xavier University, with access to I-71, Rookwood, Factory 52, Hyde Park, and Downtown Cincinnati. Showings require 24-hour notice.
Key Highlights
- 2,184‑square‑foot brick duplex built in 1913
- First‑floor unit with 1 bedroom and 1 full bath
- Two‑level upper unit with 3 bedrooms, 1 bath, and bonus loft/flex 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
$20,607
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
7.36%
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%
$412,140
$412.1K
Cap Rate 7%
$294,386
$294.4K
Cap Rate 9%
$228,967
$229.0K
Market Conditions
NOI Build-Up for 2,184 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
$31.2K $14.28/SF
− Vacancy
−$1.7K −$0.80/SF
EGI
$29.4K $13.48/SF
− OpEx
−$8.8K −$4.04/SF
NOI
$20.6K $9.44/SF
Area
Hamilton County, OH
Vacancy
5.61%
Lease Rate
$14.28 /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%
$412,140
Cap Rate 7%
$294,386
Cap Rate 9%
$228,967
Alternative Uses
Best Use
Multifamily LT 5
$294.4K
$257.6K – $343.5K
NOI $20,607 @ 7.0% cap · market cap 7.36%
Second Best
Apartment 5plus
$269.3K
$235.7K – $314.2K
NOI $18,854 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$391.5K
$342.6K – $456.8K
NOI $27,408 @ 7.0% cap · market cap 9.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
741
Businesses Nearby
Explore this area
Business Placement
Demographics for 45212, OH
21,885
Population
11,027
Households
2
Avg Household Size
33
Median Age
38%
College-Educated
90%
High-School Grad
3.7 sq mi
ZIP Area
5,915
Density / Sq Mi
$63,698
Median Household Income
$43,413
Median Earnings
$932
Median Rent
$229,400
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?
Duplex - Two tenant-occupied units offer separate utilities and distinct layouts, including a loft-style upper residence.
Where is this duplex located?
The property is located at 1701 Sherman Avenue Norwood, OH.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: 2,184‑square‑foot brick duplex built in 1913; First‑floor unit with 1 bedroom and 1 full bath; Two‑level upper unit with 3 bedrooms, 1 bath, and bonus loft/flex space
