Three-Story
For Sale
Contact for pricing
2008 Colerain Avenue, Cincinnati, OH 45214
Historic-district multifamily property with three existing one-bedroom units and plans for expanded layouts.
Property Size2,637 SF
Price / SF$89.12
Days on Market120
Property Features for 2008 Colerain Avenue
General Information
Standard status
Active
Size
2,637 SF
Property subtype
Retail, Multifamily
Units
Unit Mix
3 x 1BR/1BA
Multifamily Units
3
Building Details
Buildings
1
Stories
3
Listing Agency:
Comey & Shepherd
Listed By:
Tanya Roesel · License #OH 2021002775
Source:
Crexi
Added: May 5
Changed: Aug 30
Last Checked: Sep 1 at 3:26AM
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 Comey & Shepherd
Investment Insights
Based on property information with market context.
This 2,637-square-foot, three-story triplex contains three one-bedroom, one-bathroom apartments. Conversion plans call for reconfiguring each unit to provide two bedrooms and one bathroom. The property is offered as-is and may also support a single-family conversion, as described in the available project materials.
Located at 2008 Colerain Avenue in Cincinnati’s Dayton Street Historic District, the building is minutes from Findlay Market and FC Cincinnati’s stadium. The sale includes a substantial redevelopment document set with historic drawings, approved Part 2 applications through ODOD and SHPO, architectural drawings that have not yet been engineered, and a photo survey. All project materials transfer with the property.
Located at 2008 Colerain Avenue in Cincinnati’s Dayton Street Historic District, the building is minutes from Findlay Market and FC Cincinnati’s stadium. The sale includes a substantial redevelopment document set with historic drawings, approved Part 2 applications through ODOD and SHPO, architectural drawings that have not yet been engineered, and a photo survey. All project materials transfer with the property.
Key Highlights
- 2,637 SF three‑story multifamily building
- Three existing 1 bed/1 bath units
- Plans to convert each apartment to 2 bed/1 bath
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
$19,593
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
8.34%
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%
$391,860
$391.9K
Cap Rate 7%
$279,900
$279.9K
Cap Rate 9%
$217,700
$217.7K
Market Conditions
NOI Build-Up for 2,637 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
$37.7K $14.28/SF
− Vacancy
−$2.0K −$0.77/SF
EGI
$35.6K $13.51/SF
− OpEx
−$16.0K −$6.08/SF
NOI
$19.6K $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%
$391,860
Cap Rate 7%
$279,900
Cap Rate 9%
$217,700
Alternative Uses
Best Use
Multifamily LT 5
$315.6K
$276.2K – $368.3K
NOI $22,095 @ 7.0% cap · market cap 9.40%
Second Best
Apartment 5plus
$279.9K
$244.9K – $326.6K
NOI $19,593 @ 7.0% cap · market cap 8.34%
Theoretical Best
Office A
$524.2K
$458.7K – $611.6K
NOI $36,694 @ 7.0% cap · market cap 15.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
786
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
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Frequently Asked Questions
What type of property is this?
Triplex - Historic-district multifamily property with three existing one-bedroom units and plans for expanded layouts.
Where is this triplex located?
The property is located at 2008 Colerain Avenue Cincinnati, OH.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: 2,637 SF three‑story multifamily building; Three existing 1 bed/1 bath units; Plans to convert each apartment to 2 bed/1 bath
