Brick 3-Unit Multifamily
For Sale
$350,000
1712 Queen City Avenue #1-3, Cincinnati, OH 45214
Two occupied units accompany a detached garage with potential for additional residential space.
Property Size3,707 SF
Days on Market71
Property Features for 1712 Queen City Avenue #1-3
General Information
Standard status
Active
Size
3,707 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Unit Mix
1 x 2BR, 1 x 5BR
Building Details
Building Size
3,707 SF
Year Built
1895
Construction
brick
Listing Agency:
RE/MAX Preferred Group
(513) 229-7774
Listed By:
Jon Bowling · License #2003017454
Source:
Jayknowles.kw
Added: Jun 23
Changed: Aug 31
Last Checked: Sep 1 at 2:45PM
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 RE/MAX Preferred Group
Investment Insights
Based on property information with market context.
Built in 1895, this brick multifamily property contains a three-unit configuration with one 2-bedroom residence and one 5-bedroom residence. The detached garage provides potential for a third unit. Unit 1 is fully electric and has a dedicated electric water heater, while Unit 2 uses both gas and electric service and is currently leased.
Residents pay their own gas and electric costs, with water paid by the landlord. The property is located on Queen City Avenue in Cincinnati, near highways, shops, restaurants, and everyday amenities. Its stated commercial and residential zoning flexibility supports consideration of multifamily, commercial/residential conversion, or live/work use, subject to applicable approvals.
Residents pay their own gas and electric costs, with water paid by the landlord. The property is located on Queen City Avenue in Cincinnati, near highways, shops, restaurants, and everyday amenities. Its stated commercial and residential zoning flexibility supports consideration of multifamily, commercial/residential conversion, or live/work use, subject to applicable approvals.
Key Highlights
- Three‑unit multifamily configuration
- One 2‑bedroom unit and one 5‑bedroom unit
- Detached garage with potential for a 3rd unit
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
$27,543
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
7.87%
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%
$550,860
$550.9K
Cap Rate 7%
$393,471
$393.5K
Cap Rate 9%
$306,033
$306.0K
Market Conditions
NOI Build-Up for 3,707 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
$52.9K $14.28/SF
− Vacancy
−$2.9K −$0.77/SF
EGI
$50.1K $13.51/SF
− OpEx
−$22.5K −$6.08/SF
NOI
$27.5K $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%
$550,860
Cap Rate 7%
$393,471
Cap Rate 9%
$306,033
Alternative Uses
Best Use
Apartment 5plus
$393.5K
$344.3K – $459.1K
NOI $27,543 @ 7.0% cap · market cap 7.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$736.9K
$644.8K – $859.7K
NOI $51,583 @ 7.0% cap · market cap 14.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
294
Businesses Nearby
Explore this area
Business Placement
Demographics for 45214, OH
8,901
Population
5,028
Households
1.8
Avg Household Size
32
Median Age
23%
College-Educated
88%
High-School Grad
2.7 sq mi
ZIP Area
3,297
Density / Sq Mi
$26,348
Median Household Income
$27,243
Median Earnings
$762
Median Rent
$102,000
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?
Multifamily property - Two occupied units accompany a detached garage with potential for additional residential space.
Where is this multifamily property located?
The property is located at 1712 Queen City Avenue #1-3 Cincinnati, OH.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Three‑unit multifamily configuration; One 2‑bedroom unit and one 5‑bedroom unit; Detached garage with potential for a 3rd unit
